There are some new forms for 2014 that are related to the affordable care act (ACA) that tax preparers need to be aware of. See this posting in Accounting Today by Roger Russell: http://www.accountingtoday.com/news/tax-season/aca-updates-tax-preparers-should-know-about-72109-1.html One of the biggest issue is going to be form 1095-A from the insurance exchange showing people covered by the exchange in the household and subsidies paid by the exchange for the insurance. You use this to calculate how much subsidy you are actually eligible for and whether you have to pay some of the subsidy back. There are other forms also related to the ACA that you will need, but this form is the most important. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: IRS May Shift W-2 Deadlines to Combat Identity Theft and Tax Fraud
Well the Government Accounting Office (GAO) is pushing the IRS to require W2s be filed with the Social Security Administration by January 31 and that Efiling of W2s be required when more than 5 to 10 (no specific number yet) are filed. This will allow the IRS to match W2s before refunds are issued (hopefully) and cut down on identity thieves filing for false refunds. See the details in this article in Accounting Today by Micheal Cohn: http://www.accountingtoday.com/news/irs-watch/irs-shift-w2-deadlines-combat-identity-theft-tax-fraud-72062-1.html Never mind the pressure this will put on payroll services and accountants to get W2s done that much earlier – with the IRS barely into the 21st century as far as computers and tech , will they really be able to match things that much sooner? Also there are rumblings that Congress is being asked by the Treasury Department to accelerate the W2 filing deadline; I will believe that when I see it. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: Deducting Student Loan Interest (Even If You Don’t Pay It)
Time for everyone to go back to school. Also you are probably making those student loan payments. Remember that the interest on these payments may be a tax deduction. See this posting in Forbes by Kelly Phillips Erb for more details on the writeoff: http://www.forbes.com/sites/kellyphillipserb/2014/09/19/back-to-school-2014-deducting-student-loan-interest-even-if-you-dont-pay-it/ The only potential issue is there are some qualifications (Surprise!) But because this interest is deducted on the front of the form 1040, you don’t have to have itemized deductions to take advantage of it. So take a look at it when you file your taxes. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa