Failure to report health coverage will not cause tax return rejection

The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A. The IRS disclosed the change on its webpage, ACA Information Center for Tax Professionals, in response to President Donald Trump’s Jan. 20 executive order …

IRS Confirms Six Month Extensions For Calendar-Year C Corps

The IRS has confirmed on its website that an apparent anomaly in recently posted form instructions is correct: It is allowing calendar-year C corporations a six-month filing extension, instead of the five-month extension specified in the Code. The instructions to Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, raised questions …

New Rules Permanently Extend Tax Provisions

With the passage of the Protecting Americans From Tax Hikes (PATH) Act in December 2015 (part of the Consolidated Appropriations Act, 2016, P.L. 113-114), Congress took care of a large part of the problem of expired tax provisions. However, in the relief over the many extended provisions, which included such important items as the Sec. 41 research credit, the expanded …

Louisiana State Income Tax Filing Begins Monday January 23

The Louisiana Department of Revenue (LDR) will begin accepting 2016 state individual income tax returns on Monday, January 23. Additionally the state individual income tax filing deadline is Monday, May 15. LDR begins this tax season with a focus on protecting taxpayers and state government against fraud. Over the past three years, LDR has saved taxpayers more than $50 million …

Small Business Tax Deductions in 2017

In 2017, many small businesses are eligible for a bigger deduction on equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Additionally, many companies have new filing deadlines for their tax returns, and owners who use their cars for business will get a slightly smaller deduction. Here are …

New Rules May Affect Your Businesses

New laws and regulations could have an impact on how you manage your business or your tax planning. Below is a summary of important developments you should be aware of: In a change from past rules, businesses must file all Forms W-2 and W-3 and some Forms 1099-MISC with the IRS and the Social Security Administration no later than Jan. …

Some Tax Refunds Will Be Delayed in 2017

As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). In addition, new identity theft and refund fraud safeguards put in place by the IRS and the …

Congratulations Beth Goddard!

Beth Goddard is celebrating 10 years of service with Person CPA Group! She provides accounting and tax services as well as computer technical support and training for individuals, small businesses, and non-profit organizations. She specializes in small business accounting software including Peachtree, QuickBooks, PCLaw, and Champion. She has been an officer in many non-profit organizations, and has worked in industry, …

PHISHING ALERT: Fake QuickBooks Email

Several of our staff members recently received emails that claimed to be from QuickBooks and wanted us to follow a sign-in link, presumably so that we could enter our credit card information to ‘subscribe’ to QuickBooks. The email was designed to look very genuine and as you can see by enlarging this image, many of the logos and buttons were …

New I-9 Form Available November 22nd

The Immigration Reform and Control Act of 1986 required employers to verify that all newly hired employees present documentation verifying the employee’s identity and legal authorization to accept employment in the United States. The I-9 (“Employment Eligibility Verification”) form must be completed by every employee hired after November 6, 1986. On Aug. 25, the Office of Management and Budget approved …