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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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FAQs: How are qualified longevity annuity contracts reported?
The required minimum distribution (RMD) rules require participants to start taking distributions when they turn age 70½. Treasury and the IRS have developed a new concept to enable retirees to preserve some of their retirement assets... Read More
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How Do I Compute a late payment penalty?
Beginning January 1, 2014, the Affordable Care Act (ACA) required individuals to carry minimum essential health coverage or make a shared responsibility payment, unless exempt.
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Filing Season Opens, IRS Budget Cuts May Impair Taxpayer Services
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The 2015 filing season is now underway and the IRS, taxpayers and tax professionals are expecting some challenges. In addition to the huge number of returns the IRS must process, the agency also must ensure that individuals are in compliance with new requirements under the Affordable Care Act and prevent the growing problem of refund fraud. The IRS has cautioned that its resources this filing season are stretched thin because of budget cuts.
Filing season
As 2014 drew to a close, there was concern that the filing season would be delayed because of late tax legislation. In past years, the IRS had delayed the start of the filing season in order to reprogram its return processing systems for new tax laws. Congress passed, and President Obama signed, the Tax Increase Prevention Act of 2014 in mid-December... Read More
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More Information Coming to Help Taxpayers with ACA Requirements
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The IRS and the U.S. Department of Health and Human Services (HHS) are planning outreach efforts during filing season to remind taxpayers about new requirements under the Affordable Care Act. These projects will highlight the individual shared responsibility requirement, exemptions to the individual mandate, and more. The IRS has already posted information about the Affordable Care Act on its website for taxpayers and tax professionals. The agency reported it will continue to work with tax professionals to give individuals the information they need to file their returns.
Shared responsibility payment
Unless exempt, individuals without minimum essential coverage will make a shared responsibility payment. For 2014, the individual shared responsibility payment is the greater of: one percent of household income that is above the tax return filing threshold for the individual’s filing status; or the individual’s flat dollar amount, which is $95 per adult and $47.50 per child, limited to a family maximum... Read More
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