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Tax Tips from the NSA Federal Taxation Committee

  

 

 

 

 

Tax Tips from the NSA Federal Taxation Committee

 

 

 

 

 

Individuals who received the Affordable Care Act Advanced Premium Credit for the insurance they received in 2014 and have not filed their 2014 income tax returns have been receiving letters urging them to file their returns or risk losing their credit for 2016 or at least having it delayed.   They are receiving these letters because (1) they received an extension to file or (2) they thought they were not required to file

þTax Tip:  These individuals should file their 2014 income tax returns as soon as possible and, after giving the return time to post, contact the ACA Market Place no later than November 15, 2015, and inform them that they have filed for 2014 and give them any information they need to be eligible for the 2016 Advanced Premium Credit.

Individuals receiving the Advanced Premium Credit for 2015 must reconcile their ability to qualify for the credit.  This must be done by filing a 2014 income tax return whether or not you are otherwise required to file.

 

 

The IRS has indicated that they plan to increase visits to taxpayers and small businesses in the areas of payroll tax collection and compliance. Most of our individual and small business clients are not prepared or qualified to deal with such a visit.

þTax Tip: It's a good time to remind our clients that they are not required to deal with the IRS alone. If an IRS agent shows up at their door, they may politely tell the agent that they wish to have someone represent them and decline to grant an interview or give immediate access to their files. IRC 7521(b)(2) requires the IRS to suspend the interview at any time this request is made by the taxpayer.

Every taxpayer has the Right to Retain Representation. Taxpayers who cannot afford representation may be eligible for assistance from a Low Income Taxpayer Clinic.

NSA Federal Taxation Committee

James Holmes, EA
Elon, NC

Paul J. Cannataro, CPA, CFP, MST
Drexel Hill, PA

Timothy J. Sundstrom, CPA
Newtown Square, PA

Peggy Johnson, CPA,EA, ABA, ATA, ARA
Coweta, OK

Gene Bell, EA, ATP, CFP
Bellingham, WA



#NewsandInformation #Tax #IRS
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