From IRS.gov

Return Preparer Fraud Is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid During the 2016 Filing Season

WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. 

When Congress took up the task of adopting a federal budget, nobody expected the effect it would have on partnership taxation.  In fact, though, in passing the Bipartisan Budget Act of 2015 (the Budget Act), which President Obama signed into law on November 2, 2015, two provisions were included affecting partnerships and their partners, as follows –

The IRS recently announced an extension of due dates for information reporting requirements both for filing with the IRS and for providing forms to individuals under the Affordable Care Act (ACA) for health insurance carriers, self-insured employers and payroll service providers.  For these filers, the due date extension provides additional time to compile the required  information, as well as to furnish and file the ACA reporting forms for the 2015 calendar year.

The deadline for filing 2015 Form 1095-C (offer of health coverage) and Form 1095-B (report of health coverage) has been extended from February 1, 2016 to March 31, 2016.  In addition, the deadline for submitting electronic 2015 Forms 1094-C  and 1094-B (employer transmittal forms) has been extended from March 31, 2016 to June 30, 2016. If not filed electronically, the deadline has been extended from February 29, 2016 to May 31, 2016.

With the recent news regarding the data breach at Cleveland's RITA, many have inquired as to what proactive steps can be taken to reduce the risk of identity theft or, as in the case of a company breach, what steps should be taken to remedy any damages that could occur or may have already occured. 

Our CPAs and management consultants are ready to help.

First, download our FREE Identity Theft Guide, What To Do If Your Identity is Stolen, next, read 7 Ways to Protect Yourself from Identity Theft  and finally, contact us to learn how we can help you build a solid--and safe--financial foundation. 

During a recent year-end Firm address, Managing Partner Robin Baum announced the appointment of Brett W. Neate, CPA, M.Tax, to Partner and the promotions of several of the Firms professional staff:

The law requires you and your dependents to have health care coverage, an exemption, or make a payment with your return.  If you purchased coverage from the Health Insurance Marketplace, you may be eligible for the premium tax credit.

(For healthcare coverage options, visit the marketplace at https://www.healthcare.gov/). 

For many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.

Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15. 

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind:

The end of year brings about changes, extenders and provisions in the world of individual and business taxation. One of the IRS changes announced for 2016 is the 3.5 cent reduction in standard mileage rates for business use of a vehicle.