Recent Tax Updates

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Tax Updates 2022

Form 8962 premium tax credit health insurance

Form 8962 Reminders for Tax Season 2023

Tax preparers must remember that if a taxpayer received an advance premium tax credit (subsidy) to help pay for their health insurance that they obtained through an Exchange, they must complete (including the reconciliation of the advance premium tax credit) and include the Form 8962 (Premium Tax Credit) with their federal return.

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Premium Tax Credit

Premium Tax Credit

What is the Premium Tax Credit? The Premium Tax Credit is a refundable tax credit for certain people who enroll, or whose family member enrolls,

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Form 8615

Form 8615 is required to be used when a taxpayer’s child had unearned income over $2,200 and is

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Why is my tax refund so low?

Why is My Tax Refund So Low

Many taxpayers may be surprised that the amount of their 2022 tax return is lower this filing season, leaving them to wonder, “Why is my tax refund so low?”

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Form 1099-K

Understanding Form 1099-K

Form 1099-K is an IRS information return used to report payment card and third-party network transactions on a federal tax return for businesses, sole proprietors, individuals, and gig economy workers.

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Tax Updates 2021

Tax Law Changes 2021

The 2021 Consolidated Appropriations legislation that was passed last December and the American Rescue Plan included the following changes to federal tax provisions and extended expiring provisions so that they are still applicable for 2021.

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Child and Dependent Care Tax Credit

For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.

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Identity Protection

2021 IRS Tax Identity Theft Campaign and Tax Preparers

Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.

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Taxpayer Authorizations and Tax Pro Online Account

The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.

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