- Important Due Date: Foreign Account Reporting Requirements (FBAR)
- U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 by April 18, 2017 if the aggregate value of the accounts exceeds $10,000 at any time during 2016. Failure to file can result in draconian penalties.
- Did you end up owing taxes this year and can’t pay them?
- Nothing can be more stressful than finding out you owe the IRS when calculating your taxes when you already are struggling. The issue of course, is even though you can’t pay the tax, you still must file your tax return by the deadline.
- Health Reimbursement Arrangements Approved For Qualified Small Employers
- Under the Affordable Care Act (ACA or Obamacare), a health reimbursement arrangement (HRA) is treated as a group health plan, and as such, it has to meet all of the ACA’s market-reform requirements, which is not possible for the typical HRA. Stand-alone HRAs do not meet two key requirements of the ACA in that they:
- GOP Unveils Its Obamacare Repeal and Replace Legislation
- On March 6, the House Republicans unveiled their draft legislation that would repeal and replace the Affordable Care Act (ACA). In general, the GOP’s plan would continue the ACA’s premium tax credit through 2019 and then replace it in 2020 with a new credit for individuals without government insurance and those who are not offered insurance by their employer. However, most of the ACA’s insurance mandates and penalties would be repealed after 2015. Other provisions will be overturned periodically through 2019.
- Didn't File in 2013? Last Chance to Get Your Refund
- If you have not yet filed your 2013 federal tax return and if you are due a refund on that return, your time is running out! The IRS estimates that more than 1 million taxpayers have not filed their 2013 tax returns and that more than $1 billion of unclaimed refunds are available for those taxpayers. The IRS estimates that these taxpayers will have an average refund of $763. If you fall into this category, you need to act quickly because your 2013 return must be filed by April 18, 2017, if you are to claim a refund for that year. Otherwise, you forfeit your refund, and the money becomes the property of the U.S. Treasury.
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