None of us wants to end up in Tax Court. But if you go, it might be a good idea to a) meet your filing deadlines and b) actually show up. TC Memo 2016-93 just came out, showing us an example of a taxpayer who did neither.
Well, dontcha know it. We here at Moseley & Associates were about to write a post on this topic and found someone else beat us to it. Check out this article on new 1099 reporting penalties that came along with the recent Trade bill.
Yes, indeed the Affordable Care Act is here, encouraging all of us to obtain health insurance. Whether or not you have health insurance will impact your 2014 tax return filings. You may be eligible for a credit to help you pay your premiums. Or, you may be penalized for not having insurance with what is called the Shared Responsilibty Provision. Heck, you can even have both in the same year!
The IRS has some publications and web pages to help you decipher. Check out:
At Moseley & Associates, we get questions all the time about how long to keep your tax documents. A recent Tax Court Case (Koriakos, TC Summary Opinion 2014-70TC Summary Opinion 2014-70) gives us some nice reminders about how long to keep the materials supporting the deduction claims on your tax return. In this case, the taxpayers tried to deduct charitable contributions and business expenses without substantiation.
The latest Tax Tip from the IRS has some nice reminders about what to do when you get married. I especially like the reminders about changing your name with the Social Security Administration. You want to make sure your name is up to date with every agency, but especially with Social Security -- if you want to get credit for all of the payroll taxes you pay into Social Security, your name will need to be up to date.