Scammers Target Tax Pros with Fake Software Update Email
(CPA Practice Advisor) - The IRS is warning tax pros that scammers are now using fake emails that pretend to be from tax software providers and tries to trick recipients into clicking on a bogus software update link.
CPE Standards Update Accommodates New Forms of Learning
(JofA) - CPAs will be able to receive continuing professional education (CPE) credit for instruction received in nano-learning and blended learning platforms under new standards issued Tuesday.
How to Recover a Lost or Corrupt Document in Microsoft Word 2016
(How-to-Geek) - Have you ever had a troublesome .doc or .docx file Word that you can’t seem to open? Or even lost a document completely, with all your hard work gone with it?
Man Shocked To Receive Tax Notice Advising He Might Owe Trillions
(Forbes) - Although we are changing your tax code you may still not pay enough tax by 5 April 2017. We think the amount you owe HMRC is £14,301,369,864,489.03.... Hembrough said that it would take him 369 million years to pay off that much in tax on his current salary.
Ford to offer self-driving cars without steering wheels by 2021
(Computer World) - The autonomous vehicles would be for ride-hailing or ride-sharing services; vehicles for consumers would come later

FAQs about Affordable Care Act Implementation Part XI

Premium Tax Credit:

Federal Poverty Level

 

Phase-in of Penalty

 

 

The following source domuments will be used to support ACA computations starting 2015 tax year

• Form 1095-B Health Coverage Statement
• Form 1095-C, Employer-Provided Health Coverage Statement
• No Changes for Form 1095-A

Form 1095-B

Health Coverage Statement

• Issued by a government-sponsored program, eligible employer-sponsored plan, individual market plan or miscellaneous coverage plan
• All employers that provide self-insured health coverage to their employees are treated as coverage providers
• Information about whether taxpayer, spouse and dependents had qualifying health coverage for some or all months during year
• Individuals with minimum essential coverage not subject to individual shared responsibility payment

Form 1095-C

• Employer Provided Health Insurance Offer and Coverage Statement
• Employers with 50 or more full-time employees required to file Form 1095-C with employee and IRS
• Includes information about whether employer offered qualifying health coverage to employee, spouse and dependents for some or all months during the year

Small Business Health Care Credit

• Available to small businesses that offer insurance
• Help with cost of providing health care coverage for low and moderate income workers
• Maximum credit is 50% of premiums paid for small business employers and 35% for small tax- exempt employers
• Small employer must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace
• Credit available to employers for 2 consecutive taxable years

USSC Rules on Marriage Equality

• All states now must license a marriage between two people of same sex
• Same sex married couples must file returns as married
• No longer have to file a married return for federal purposes and 2 individual returns in state that didn't adopt same sex marriage
• We're not sure if domestic  partnerships and civil unions will fade away (these were marriage subsistutes)

Direct Deposits of Refund to a myRA® Account

• Starter retirement account offered by Department of Treasury
• Can have refund directly deposited to new retirement savings program called myRA®
• Must already have a  myRA® account
• For more information and to open a myRA® account online, visit
  myRA| my Retirement Account

Adjusted Filing Deadlines for TY16

 

• C corporations with tax years ending on June 30, current filing date (September 15) remains in effect until TY beginning after 12/31/25 and will be extended to October 15 thereafter
• Calendar year C corporations: automatic extension is 5 months (September 15) until TY beginning after 12/31/25, then extension is increased to 6 months (October 15)