November 2, 2017
The IRS updated its page on health care reporting requirements to inform taxpayers and tax practitioners that it will not accept electronically filed 2017 individual income tax returns unless taxpayers indicate that they and everyone on their return had health care coverage, qualified for an exemption from coverage, or will make a shared-responsibility payment (under Sec. 5000A). The IRS also said that any returns filed on paper that do not address the health coverage requirements may be suspended until the Service receives additional information, and any refund due may be delayed.
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information. Last filing season, President Donald Trump’s administration issued an executive order directing the government to limit any burdens imposed by the Patient Protection and Affordable Care Act, P.L. 111-148, pending repeal. In response, the IRS did not enforce the health care reporting requirement on 2016 returns filed in 2017, although taxpayers were still required to pay the shared-responsibility payment if they did not have coverage or qualify for an exemption.
This year, however, the IRS and the Taxpayer Advocate Service have determined that enforcing the rule when taxpayers file will make return filing easier on taxpayers and also reduce refund delays.
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.
New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020: