Author: heybill99

Author: heybill99

January 7, 2015 Accounting, Advisory & Consulting, Compliance, Taxes

What to Do if You Receive a Dreaded IRS Letter

Article Highlights: CP2000 Series Notices Automated Frequently Issued In Error What You Should Do   hen the IRS thinks it has found an issue with your tax return, it will contact you via mail with a CP series notice (most commonly CP2000). Please note that the IRS will never call or e-mail you initially about a tax delinquency. This is a trick used by scammers that has become quite prevalent. Most commonly, these notices will include a proposed tax due and any interest or penalties. The notice will include an explanation of the examination process and how you can respond. These automated notices are sent out year-round and are quite

Accounting, Advisory & Consulting, Taxes

Family, Income, and Residence Changes Can Affect Your Premium Tax Credit

Article Highlights: Advance premium tax credit (APTC) Repayment avoidance Things you should report Special enrollment period f you get health insurance coverage through a government Health Insurance Marketplace, it is very important that you keep the Marketplace aware of any changes in household income, marital status, and family size. If you are receiving advance payments of the premium tax credit, it is particularly important that you report changes in circumstances, including moving, to the Marketplace. There’s a simple reason: reporting these income and life changes lets the Marketplace update the information used to determine your eligibility for a Marketplace plan, which may affect the appropriate amount of advance payments of

Accounting, Taxes, Uncategorized

2015 Standard Mileage Rates Announced

Article Highlights: 2015 standard mileage rates Business, charitable, medical and moving rates Possible mid-year adjustments The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile for business miles driven (includes a 24 cent per mile allocation for depreciation); 23 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations. CAUTION: With the recent substantial