Until recently, large employers (generally with 50 or more full-time employees) that provide workers with minimum essential health care coverage were required to furnish them with proof of coverage once a year. However, an alternative method is available as part of the Paperwork Burden Reduction Act. Instead of providing individual statements to all employees, employers […]

On the evening of Feb. 25, the U.S. House of Representatives approved a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending cuts over 10 years. Approving the resolution was the first step for Republicans to pass a wide-ranging bill using reconciliation, which requires a simple majority vote. If […]

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link […]

The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later […]

Certain taxpayers who can’t pay their entire tax liabilities may seek an Offer in Compromise (OIC) from the IRS. An OIC agreement settles the debt for less than owed if a taxpayer can show verifiable financial hardship. One married couple that operated an education facility owed $605,597 but proposed to pay only $75,000, citing “exceptional […]

A vital tax deadline is coming up on March 3 (due to the weekend) for certain farmers and fishers. To avoid estimated tax penalties, they must file their 2024 federal tax returns and pay all taxes due by March 1 if they didn’t make estimated tax payments by Jan. 15, 2025. According to the IRS, […]