March 2, 2015
As part of the tax return filing process for 2014, taxpayers who received advance payments of the premium tax credit must reconcile the amount of credit they are eligible for with the amount of advance credit received. For some taxpayers, the reconciliation process may result in an excess advance payment that must be repaid as an additional tax. This additional tax may come as a surprise to many unsuspecting taxpayers who are unable to pay the balance due when filing their return. In response, the IRS has provided penalty relief for taxpayers that have a balance due for the 2014 tax year due to excess advance payments of the premium tax credit. Penalty abatement is available for the failure to pay penalty and the underpayment of estimated tax penalty.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.