In June, the Internal Revenue Service joined with representatives of tax preparation and software firms, tax financial product processors, and state tax administrators to announce a new collaborative effort to combat identity theft refund fraud and protect the taxpayers. This will include validating taxpayer and tax return information at the time of filing. This effort […]
Taxpayers frequently state my business is “just a hobby”. Well the IRS wants to remind you that you need to follow certain guidelines and truly determine whether your activity is a business or a hobby. This will determine where you will report the income and expenses on your tax return! The best way to approach […]
The Affordable Care Act, is also known as Obamacare. Under Obamacare’s individual shared responsibility provision, you must let the IRS know when you file that you had the required minimum essential health care coverage or were exempt. If you have qualified coverage, you’ll get a Form 1095-C from your employer or a Form 1095-B from […]
Have you recently received a telephone call from a person claiming to be from the Internal Revenue Service? If you have not, you are one of the few. Many taxpayers are receiving threatening phone calls by a criminal impersonating an IRS agent. These phone calls threaten you with police arrest, deportation, license revocation, closing of […]