Missouri enacted a program to grant tax amnesty to certain delinquent taxpayers. Those taxpayers who qualify and apply for the program will have interest, fees, and other penalties waived if the tax is paid is paid in full during the amnesty period September 1, 2105 to November 30, 2015. The unpaid Missouri tax must have [...]

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit for hiring individuals from certain “targeted” groups who have faced significant barriers to employment, such as food stamp recipients, temporary assistance for needy families recipients, and unemployed veterans. The credit for most targeted groups had expired at the end of 2013, however the Tax [...]

While you normally cannot deduct contributions for specific individuals, legislation enacted this week allows deductions for contributions made to charities to benefit the families of the Detectives Wenjian Liu and Rafael Ramos – the New York police officers who were slain in December. Also, if you make the donation on or before April 15, 2015, [...]

Remember in February it was reported that 800,000 people received an incorrect Form 1095-A regarding subsidies to help pay health insurance premiums? Yesterday CMS (The Centers for Medicare & Medicaid Services) provided an update on the situation. The “vast majority” who needed an updated form now have access to a corrected form. Additionally, the IRS [...]

Many taxpayers are receiving a letter from the IRS that starts something like this…. “Dear TAXPAYER, We received your Form 1040, federal individual income tax return, for the tax year listed above, but need more information to process the return.” This is known as a “5071C” letter. You will see LTR 5071C in the upper right [...]

IRS issued FAQs on the new regulations dealing with capitalizing or expensing purchases Today the IRS provided FAQs (frequently asked questions) on the new tangible property final regulations. These are the regulations that were issued in 2014 which deal with capital expenditures, materials and supplies, repairs and maintenance, asset dispositions, and other major accounting items. [...]

Is sales Tax on Internet Purchases Coming? Just read a blog from the Tax Foundation about the US Supreme Court ruling in Direct Marketing Association v. Brohl, a challenge to Colorado’s “Amazon tax.” The US Supreme Court’s ruling allows the lawsuit to continue. The Tax Foundation notes in its blog that the petitioners shouldn’t celebrate [...]

ATTENTION Farmers and Fishermen – The IRS issued more relief for farmers and fishermen waiting to receive corrected premium tax credit forms (Forms 1095-A) The IRS will give farmers and fishermen who are waiting to receive a corrected Form 1095-A relating to the health insurance premium tax credit until April 15 to file their tax [...]

800,000 incorrect Forms 1095-A regarding health insurance subsidies If you are one of the 800,000 people who received an incorrect Form 1095-A regarding subsidies to help pay health insurance premiums, and if you already filed your tax return, you may be off the hook for needing to file an amended tax return based on recently [...]