Tax Alerts and Tips
Recent Tax Changes
New Law "Cures" Small Employer Health Insurance Dilemma -- The 21st Century Cure Act has passed Congress which the President has just approved and signed. The legislation provides for an exception from group health plan requirements for qualified small employer health reimbursement arrangements. Beginning in 2017, a small employer may again reimburse employees for individual health insurance premiums without fear of the onerous $100 per day per employee penalty assessed for violation of health care reform. Click here for more information.
Direct Pay -- The IRS has launched a new
way for taxpayers to pay their tax liability online. The
IRS Direct Pay website allows taxpayers to pay their Form
1040 tax bill or make estimated tax payments directly
from their checking or savings account at no cost. The
taxpayer receives instant confirmation that a tax payment
has been submitted. Bank account information is not
retained in the IRS systems after payments are made.
How to Pay Federal Taxes by Credit Card.
- When is Tax Day next year?
- Health Savings Accounts Limitations
The Basics on How the U.S. Income Tax System Works --
A simplified explanation of our tax
Understanding Your IRS Notice or Letter: This helpful page,
on the IRS website, gives valuable information about the
different notices and letters that the IRS may send to
taxpayers regarding a federal return that they filed with
the IRS. The information includes a list of
eight things every taxpayer should know, a list of individual filer notices and of business filer notices.
Delaying RMDs While You Are Still
When you work beyond age 70 ½, you can delay the
Required Minimum Distributions from your retirement plan
until you retire from that company. The
“still working" rule applies only to the plan
under which you are covered by your current employer and
it cannot be an IRA plan i.e. a SEP or SIMPLE plan does
not qualify. Also, you cannot be a greater
than 5% owner of the company your work for. If you
have other plans, IRAs etc., at age 70 ½ you must
take RMDs from them, even if you do not take a RMD from
your employer's plan. However, if your
employer plan allows it, you may rollover monies from
other plans into your employer's plan to delay RMDs
on those plans. There is no minimum hours that have
to be worked, unless the company's plan document
stipulates a minimum hours worked requirement, so as long
as you are covered by the plan, you can delay RMDs until
April 1 of the year after you retire, as long as you are
getting a W-2 from the company.
What if…? The IRS answers questions about
many financial difficulties taxpayers may experience
during these tough economic times.
At your wits end in dealing with the IRS?
If you are having problems with the
-Your problem is causing financial difficulties for you,
your family, or your business.
-You face (or your business is facing) an immediate
threat of adverse action.
-You've tried repeatedly to contact the IRS but no
one has responded to you, or the IRS hasn't responded
by the date promised.
--- Click here to get the contact info for your
Taxpayer's Advocate who can help with these types of
this map to get your state's local
IRS offices contact information.
Want to tell Congress how you really feel about
To get the contact info for your senators and
click here and then click
your state on the map.