Category: Tax
URGENT: Wait to file taxes if you received a Form 1095-A from Healthcare.gov
Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when...
Summary of changes for sales, use and withholding taxpayers in 2015
Last month, the Michigan Department of Treasury will begin to process current-year Sales, Use, and Withholding (SUW) tax returns with a new online system. As a result of this new processing system, there will be changes to the SUW forms...
IRS addresses mortgage interest deduction when property is owned by more than one taxpayer
The IRS recently addressed the issue of who is entitled to claim a home mortgage interest deduction where the underlying property is owned by more than one taxpayer, and mortgage payments are made by one or both of them. In general, a...
IRS warns of tax refund delays
Due to recent IRS budget cuts, individuals who file paper tax returns could wait an extra week for their refund this year or possibly longer. And filers with errors or questions that require additional review will also face delays. These budget cuts...
Four reasons to file your taxes early
Beginning today, the IRS will begin accepting tax returns electronically and paper return will begin processing at the same time. Even though you have until the April 15 deadline, there are many advantages to filing your taxes early. Early filing...
IRS offers rules on hardship exemptions related to Affordable Care Act
The Internal Revenue Service has issued a notice, regulations and other guidance related to the Affordable Care Act, including information on getting a hardship exemption from the individual mandate for health insurance coverage. Notice 2014-76 provides a list of the...
IRS raises standard mileage rate for businesses
The Internal Revenue Service recently issued Notice 2014-79 which outlines the 2015 optional standard mileage rates that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the...
IRS adjusts tax rate and deduction levels for 2015
For tax year 2015, the Internal Revenue Service recently announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. A list of the more significant items that are increased for 2015...
Mortgage interest deduction is limited to interest paid during the year
As our clients prepare for year-end, we like to remind them that the mortgage interest deduction is limited to the amount of interest actually paid on the loan during the year. Here’s an example from a recent tax court case: A...
IRS sets direct deposit limits
In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. The fourth and subsequent refunds automatically...