The Tax Professionals Blog — tax
Obama Care Adds New Levels Of Complexity To The Tax Return
Posted by Lee Reams Sr. on
The insurance mandate, along with its low-income subsidies available from the insurance marketplaces and penalties for not being insured, is going to involve a massive amount of information reporting that must be fed into the tax return by the preparer. So get yourself a white smock, because you are now part of the U.S. health care system!
Affordable Care Act (ACA) Legal Challenge
Posted by Lee Reams Sr. on
This case challenges the medical insurance subsidies (Premium Assistance Credits) provided to low-income families under ACA.
CTEC Raises Registration Fee to $33
Posted by Wendy Claypool on
Effective August 1, 2014, the California Tax Education Council (CTEC) will increase its annual registration fee for tax preparers from $25 to $33.
Franchise Tax Board Contacting Business Tax Non-filers
Posted by Lee Reams Sr. on
The Franchise Tax Board (FTB) is sending letters to more than 45,000 California businesses that have not filed their 2012 state income tax returns.
Each year FTB reviews more than 5 million income records received from the IRS, the State Employment Development Department, the State Board of Equalization, financial institutions, and other businesses.
Any Gambler's In Your Tax Practice Clientele?
Posted by Lee Reams II on
If so, you should take note of a tax court case (Hom (DC CA /6/4/2014)) decision requiring an on-line gambler to file an FBAR for an on-line gaming account with an out-of-the-country on-line casino. He was fined for not making an FBAR reporting of his online account and the tax court sided with the government.