February 2, 2016
Another tax season is now in full swing, and as in previous years this means the usual tasks of getting all of your tax information organized and brought in to your tax preparer so that timely and accurate tax returns can be filed. There are some additional topics for this season that our clients will need to be aware of in order to help make filing their tax returns as efficient as possible:
Health Insurance Coverage
Be sure to provide any and all Form 1095s received from health insurance providers for the current tax year, whether they are from private insurers or government sponsored providers. Anyone who gets health insurance through Medicaid, Medicare, Tricare, VA or any provider from the state health insurance marketplaces will most certainly be receiving a 1095. This is especially important for those participating in the state marketplaces and are receiving premium tax credits. For more information on this topic, please visit the IRS website here.
The state of Colorado now requires driver’s license information as part of the state tax return filing. This provision was put in place to help fight against the growing issue of ID theft and tax fraud. Please be sure to provide this information when you meet with your tax preparer if you are required to file a tax return with Colorado. For more info on this please read the announcement on the Colorado Department of Revenue website here.
We are excited to announce the recent launch of our firm’s new website! We’ve been working very hard to enhance our site and give our firm a major facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look around our new website and...
Another tax season has begun, and as every year before has proven to us, there are new issues, new rules and new challenges that must be dealt with during tax preparation and filing. Not least of which is the on-going issue of taxpayer identity theft and tax fraud scams which have increased both in occurrence and sophistication.
The IRS, in their continuing efforts to combat...
We have a growing number of clients who are donating to non-profit civic league activities and expect to be able to take such contributions as a tax deduction on their returns. These civic activities are typically the non-profit branch of an affiliated political lobbying activity and as such must organize themselves as a 501(c)(4) non-profit.
The tax code makes it clear that...