Our Blog

Tag: CPA in Elk Grove Village

IRS Dirty Dozen Tax Scams for 2016

Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter in the coming months. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year’s list: 1. Identity Theft Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Taxpayers should use caution […]

IRS Launches Directory of Federal Tax Return Preparers; Online Tool Offers New Option to Help Clients

The Internal Revenue Service today announced the launch of a new, online public directory of tax return preparers. This searchable directory on IRS.gov will help Clients find a tax professional with credentials and select qualifications to help them prepare their tax returns. “This new directory will be a practical tool for the millions of Americans who rely on the services of a paid return preparer,” said IRS Commissioner John Koskinen. “Clients can also look to […]

What is the Affordable Care Act?

Under the Affordable Care Act, the federal government, state governments, insurers, employers, and individuals share responsibility for improving the quality and availability of health insurance coverage in the United States. The ACA reforms the existing health insurance market by prohibiting insurers from denying coverage or charging higher premiums because of an individual’s preexisting conditions. The ACA also creates the Health Insurance Marketplace, also known as the Marketplace or the Exchange. The Marketplace is where taxpayers […]

Charitable Giving Forecast to Grow in 2014

According to a report on charitable giving released in May 2014 by a leading forecast organization, Atlas of Giving, the U.S. is likely to see more than a 7% growth in charitable donations in 2014 compared to 2013. Atlas of Giving provides a monthly estimate of charitable giving by sector, source, and state. In 2013, Americans set a record. Fueled largely by significant gains in stock prices, charitable giving in the U.S. increased 13% in […]

It’s Not Too Late to Report Changes in Circumstances that May Affect Your Premium Tax Credit

If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits. Changes in circumstances that you should report to the Marketplace include, but are not limited to: > an increase or decrease in your income > marriage or […]