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What Are 2016 Form 1095-B and Form 1095-C?

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What Are 2016 Form 1095-B and Form 1095-C?

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Form 1095-B

Form 1095-B is a health insurance tax form which reports a taxpayer’s type of coverage, dependents covered by the insurance policy, and the period of coverage for the immediately prior year. This form is used to verify on a tax return that taxpayers and their dependents have at least minimum qualifying health insurance coverage. Those who have health insurance that meets the standards of the law may receive Form 1095-B directly from their health care insurer and from employers who have less than 50 full-time employees (small businesses).

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Tax Issues For Small Business Owners In 2016

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Each year brings a new opportunity for progress and ways to increase income for small business owners. New tax laws appear annually and often present challenges to customary profitable legal ways of doing business. Staying informed of all of these changes requires the assistance of an experienced and knowledgeable tax professional.

  1. Detailed Reporting of Employee Healthcare Coverage 
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2016 Affordable Care Act Changes For Individual Taxpayers

Leave a comment Affordable Care Act, Filing Status

The Affordable Care Act (“ACA”) imposes the requirement that all Americans acquire health insurance that qualifies as “minimum essential coverage” under the Act. Otherwise, taxpayers may have to make a shared responsibility payment to the IRS when they file their tax return in April. The ACA also allows for a tax credit known as the premium tax credit for taxpayers that purchase health coverage through the Health Insurance Marketplace.

Known as the individual shared responsibility provision, it requires a taxpayer, his or her spouse, and their dependents to have health insurance minimum essential coverage for the entire reporting year. Most taxpayers already have qualifying health care coverage, and will simply report this fact on their return by checking a box.

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WHAT IS AN OFFER-IN-COMPROMISE?

Leave a comment Civil Liabilities, Civil Penalties, Delinquent Taxes, Offer-In-Compromise, Representation, Settlement

Taxpayers that are unable to pay their tax bill have several options. All is not lost. Taxpayers who can’t pay their tax liability or who create a financial hardship by paying this liability may take advantage of a federal tax program in which they utilize a mechanism known as an “Offer In Compromise” to resolve and settle these tax problems with finality. The Offer in Compromise (or “OIC” in IRS and legal jargon) program is not for everyone and the IRS advises that taxpayers explore all other payment options before submitting an OIC. An experienced tax professional is absolutely essential in all steps of the process of formulating, making, and awaiting the IRS to accept, an OIC.

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PAYROLL TAX: THE TRUST FUND RECOVERY PENALTY

Leave a comment Business Expense, Civil Liabilities, Civil Penalties, Representation, Trust Fund Recovery Penalty

Employers must deduct taxes fromPAYROLL TAX: THE TRUST FUND RECOVERY PENALTY their employees’ wages. Employers must make tax deposits and payments on time or they are subject to a Trust Fund Recovery Penalty (“TFRP”). To avoid the TFRP, employers must make sure that all employment taxes are collected, accounted for, and paid to the IRS when required . There are three parts or types of payroll or employment taxes withheld from the employee and reported on form 941, filed quarterly:

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REPORTING GAMBLING LOSSES AND INCOME

Leave a comment Form 1040, Income, Tax fraud & evasion, Taxable Income

Americans love to gamble. Humans love to gamble for that matter. Whether you bet on football, play poker or bet on the horses, your winnings are taxable and you must report them on your tax return. The rules apply even to casual gamblers. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and trips.

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TEN WAYS TO PREVENT IDENTITY THEFT

Leave a comment Criminal Liabilities, Damages, Emotional Distress, Fraudulent Return, Identity Theft, Refund Theft

TEN WAYS TO PREVENT IDENTITY THEFTThe damages caused by identity theft may take years to fully remedy. Here are ten tips for avoiding identity theft:

1) Protect and monitor your credit. Regularly check your credit report to see if any fraudulent credit cards or accounts have been opened in your name. Monitor your credit by taking advantage of free credit reports and consider purchasing additional intermittent reports for continuous oversight of your credit. If and when necessary, place fraud alerts and credit freezes on your account.

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TOP TEN TAX FACTS ABOUT HOME SALES

Leave a comment Capital Gains, Tax Credit, Taxable Gain

Selling a home is a stressful experiences, but when you consider all of the tax issues related to such a sale, it may be an overwhelming one. In most cases, gains from the sale of property, both personal and real, are taxable. However, the seller of a home may not always have to pay taxes. if you sell your home this year, here are ten facts to know.

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HOW MUCH OF MY MORTGAGE CAN I REALLY DEDUCT?

Leave a comment Deductions, Form 1040, Mortgage Interest Deduction, News, Standard Deductions

What can taxpayers deduct from their mortgage payments? What portion of a payment consisting of principal, interest, taxes and insurance, if any, is deductible? To deduct the expenses of owning a home, at least those costs paid in your mortgage payment, taxpayers must first itemize deductions.

Simply put, interest paid on a mortgage is tax deductible. Points that are paid to lower the interest rate are also deductible. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay generally isn’t deductible.

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BACK TO SCHOOL EDUCATION CREDITS

Leave a comment Education Tax Credit, Lifetime Learning Credit, Qualified Expenses, Tax Credit

If you or a loved one like a spouse or child is enrolling in college in the near future, remember that there are tax credits which may reduce your tax bill. Before reviewing these credits, it is important to note that you can claim only one type of education credit per student on your tax return each year. If more than one student qualifies for a credit in the same year, you can claim a different credit for each student.

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