The Tax Professionals Blog
Late Filing & Late Payment Penalties Relief
Posted by Lee Reams Sr. on
The Internal Revenue Manual (IRM 20.1.1.3.6.1) provides a one-time administrative abatement of late filing and late payment penalties, commonly called the “first time abatement” (FTA) penalty relief, where a taxpayer has:
The Christian Healthcare Ministry Exemption
Posted by Lee Reams Sr. on
Several students have submitted questions related to health care “insurance” obtained from the Christian Healthcare Ministry and the fact that no Form 1095-B or 1095-C has or will be issued.Overlooked Health Insurance Deductions Strategies
Posted by Lee Reams Sr. on
Self-employed individuals may take above-the-line deductions (generally limited to the net earnings from self-employment) for the amount paid during the tax year for medical insurance for the individuals, their spouses, their dependents and their children under the age of 27.
IRD Income and the Frequently Overlooked Estate Tax Deduction
Posted by Lee Reams Sr. on
When a client comes in with a 1099R or Schedule K-1 with income from an inherited individual retirement account (IRA), ask two very important questionsForcing Itemized Deductions Can Reduce the Alternative Minimum Tax
Posted by Lee Reams Sr. on
For Alternative Minimum Tax (AMT) purposes, only medical costs (net after the AGI reduction), acquisition debt interest, investment interest, charitable deductions, personal casualty losses, and tier-1 miscellaneous deductions are deductible. In addition, for AMT purposes, the standard deduction is not allowed.