Internal Revenue Service.Tax
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The National Taxpayers' Advocate Service released its annual report to Congress on January 14, 2015. The big takeaway for taxpayers? Budgetary cuts over the past few years mean taxpayers with questions are going to have a hard time getting answers. Nina Olson wrote: “Taxpayers who need help are not getting it, and tax compliance is likely to suffer over the longer term if these problems are not quickly and decisively addressed,"
What does this mean? Here are some projections for fiscal year 2015:
The decline in taxpayer services spells danger for the average American. If you can't get the IRS to answer your tax questions, be sure to contact us with questions or reach out to a local chapter of the AICPA or NSA or another accounting society as they may be able to refer you to non-profit help centers.
These tips will help you learn about how the Health Care Act may affect your tax return and taxes.
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Who qualifies for OVDP?
The offshore voluntary disclosure program is designed for NRI taxpayers who earn income from overseas while living in the US, and have not previously reported this income.
How to file OVDP or Streamlined OVDP?
Filing OVDP or streamlined OVDP is a complex task. It may include filing amended returns. Taxpayers are usually required to file 6 years of FBAR. A signed certificate stating full disclosure is also required.
Benefit to filing now vs after the window closes?
There is significant risk in filing undisclosed overseas assets after the OVDP window closes. Penalties include 27.5% of each bank account balance as well as other fines. The IRS can also request tax records going back several years. Criminal prosecution is a risk, as well having your passport revoked
The Obamacare site has been improved. If you were unable to enroll during the last Open Enrollment period due to technical errors, you will not face the same issues during the Open Enrollment Period for 2015.
What is the Affordable Care Act telephone number?
You can also reach the Obamacare help line at 1-800-318-2596
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