Health Care Tax Tip for The Individual Shared Responsibility Payment (Affordable Care Act)

The Individual Shared Responsibility Payment Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to:  Maintain a minimum level of health care coverage – known as minimum essential coverage , or Qualify for an exemption , or Make an individual

Read more

IRS’ Overhaul of Streamline & Offshore Voluntary Disclosure Program “OVDP”

On June 18, 2014, the IRS announced comprehensive changes to both the Streamlined and the Offshore Voluntary Disclosure Program (“OVDP”) programs. Such changes to the Streamline Program include: Streamlined Program 1. Expanded to include both U.S. citizens living abroad and U.S. citizens living in the United States

Read more

IRS Funding Cuts May Lead to Reductions In IRS Services

Commissioner John Koskinen recently cautioned taxpayers they should expect more reductions in IRS services because of budget cuts.  Koskinen’s warning comes as the IRS prepares for year-end tax legislation as well as implementing its voluntary return preparer education program and combatting tax-related identity theft. According to Fred

Read more