March 2018 - HBL CPAs

Mar
27
2018

Federal Budget

The Trump administration’s 2019 budget proposal includes repeal of the Affordable Care Act. Released on Feb. 12, the proposal also includes establishing HSAs for Medicare beneficiaries, providing incentives for states to build unemployment insurance reserves, and providing the IRS with $11.1 billion in “base funding.” That includes $2.3 billion for “running key tax filing and compliance IT applications” and $110 million for “IT modernization efforts.” Although many of the proposals are unlikely to become law,

Mar
20
2018

Calling the IRS

Calling the IRS? Be sure you can verify your identity. The IRS issued a reminder to taxpayers, and those who are authorized to speak on their behalf, that before they call the tax agency they should have the following ready: 1) Social Security number (SSN) and birthdate for those named on the tax return in question; 2) an Individual Taxpayer Identification Number if the individual has one in lieu of an SSN;

Mar
13
2018

Affordable Care Act

The IRS has released updated questions and answers (Q&A) that provide guidance on the employer shared responsibilities under the Affordable Care Act, including 2018 penalties. Applicable large employers (ALEs) must offer health insurance to full-time employees and are generally assessed penalties for failing to do so. Whether an employer is an ALE depends on the size of its workforce. Here are the Q&As: http://bit.ly/28MZtKE

Mar
06
2018

Watch out for Tax Scams

Be on alert for new tax scams. The IRS is warning about new ways thieves are stealing from taxpayers. In one scam, criminals pose as debt collection agency officials acting on behalf of the IRS. They contact taxpayers to say refunds were deposited in their accounts in error. They ask the taxpayers to send the money back. In another scam, taxpayers receive automated calls saying erroneous refunds were deposited and threatening criminal charges and “blacklisting”

Mar
02
2018