Taxes on the go. The IRS has announced improvements in its IRS2Go app. With Version 5.2, you can use the app to make payments as well as check refund status and receive tax tips. The IRS says the Direct Pay feature is a free and secure way to pay tax bills or estimated taxes directly from a bank account.
Whistle at work. There’s a reward for whistle-blowers, but it comes at a tax price. New case: A taxpayer cut a deal with the IRS when he exposed Medicare fraud by his employer. He said the whistle-blower award should be a capital gain because he was sharing in the recovery. But the 7th Circuit has ruled that the payment is for services rendered and constitutes ordinary income. (Patrick, No. 14-2190, CA-7, 8/26/15)
Fake returns on file. Have you been victimized by tax ID theft? The IRS says you’ll be able to see the criminal’s handiwork soon. It is developing a process that will allow you to view a redacted version of your falsely filed tax return. When you see this version, you can better determine what personal information has been stolen.
ACA reprieve. A new law signed on Oct. 7 gives certain small employers a respite from a provision in the Affordable Care Act (ACA). It effectively avoids increases in the health insurance premiums these employers would likely owe, starting in 2016.
- Small Business Tax Deduction Strategies No matches