Thursday 9 June 2016

New Tax Laws for 2015

Posted at 1:02 PM

We keep you informed of the most important changes:

  • The Affordable Care Act (ACA) Tax Provisions - The health care law addresses health insurance coverage and financial assistance options for individuals and families, including the premium tax credit. It also includes the individual shared responsibility provision and exemptions from that provision.The IRS administers the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and assistance. Open enrollment closes March 31, 2015
  • In 2015, if you do not have health insurance coverage the penalty will be $325 per person, or 2 percent of your household income, whichever is greater.
  • The IRS is cracking down on IRA rollovers - It was an easy way to “borrow” retirement money for up to 60 days. Taxpayers could withdraw money from one IRA and wait up to 60 days before they moved it into another IRA. As of 2015, clients can only do that once from an IRA in a 12-month period. If your clients want to move IRA funds using "trustee-to-trustee" transfers, they can still do that as often as they want.
  • Please schedule an appointment to learn more about important changes in tax law.

IRS ALERTS

The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never:

  1. Call to demand immediate payment, nor will we call about taxes owed without first having mailed you a bill..
  2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
  4. Ask for credit or debit card numbers over the phone.
  5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:

  • If you know you owe taxes or think you might owe, call the IRS at 1.800.829.1040. The IRS workers can help you with a payment issue.
  • If you know you don’t owe taxes or have no reason to believe that you do, report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or at www.tigta.gov.