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If I worked with TN Visa in the USA last year, Am I eligible for a penalty if I did not have a health insurance? read more

Phishing and malware incidents are up 400% this tax season, according to the IRS, as more and more people receive official-looking emails from fraudsters purporting to be from the IRS or other tax-related entities, including software companies. read more

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Internal Revenue Service has concentrated efforts in recent years to ensure reporting of the existence of foreign holdings, and of income earned abroad or through foreign assets. read more

Proposed Tax Changes in President Obama’s Fiscal Year 2016 Budget:

Although these are not law yet, the following proposals, some of which may have a major effect on the economy have been proposed:
– Increase of the top capital gains rate from 23.8% to 28%;
– Elimination of stepped up basis on death;
– Implementation of the “Buffet Rule” to tax high income earners a minimum of 30%;
– Imposition of a Bank Tax of .07% on bank liabilities over $50 billion;
– Increase Estate Tax to 45%;
– Reduce estate tax exemption to $3.5 million;
– Disallow retirement savings once retirement account reaches $3.4 million;
– Levy self employment tax on all pass through business income (like S corporations);
– Reduce foreign tax credit to 85% of foreign taxes paid;
– Tax foreign earnings at a minimum of 10%, regardless of the earned income exclusion; read more

Department of Treasury Internal Revenue Service
104 Brookridge Drive #5000
Waterloo IA 50702

Date November 07, 2015 read more

You only have a few weeks if you want your refund as soon as possible.

1. All of the relevant financial information about your job in 2015
Anyone who worked in 2014 will need to know key figures like how much income they earned, as well as how much they had withheld from their paychecks for things like federal and state income taxes. But to avoid problems, you can’t simply add up your gross income, because many people have deductible expenses like health insurance contributions automatically taken from their paychecks.
Tax W read more