February 2015

February 26, 2015

Taxpayers Who Already Filed 2014 Returns Using Incorrect Forms 1095-A Won’t Have To Pay More Tax

The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.

February 24, 2015

IRS Asks for Comments on Proposed Rules for High-Cost Health Plans

To prepare for the new excise tax on so-called Cadillac high-cost health insurance plans, the IRS is asking for comments on proposed approaches to creating guidance on issues involving the tax when it becomes effective in 2018.

February 20, 2015

Thousands Receive Incorrect Health Care Tax Forms; Signup Period Extended

The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.

February 19, 2015

Employers Have More Time to Claim Work Opportunity Tax Credit

The IRS announced that it was extending the time employers that want to claim the work opportunity tax credit have to file Form 8850 for 2014 hires.

February 18, 2015

Sec. 4980D Excise Tax Relief Is Available for Certain Small Employers

The IRS announced transition relief from the application of the Sec. 4980D excise tax, which applies to health plans that do not meet the market reform requirements of the Patient Protection and Affordable Care Act.

February 17, 2015

Employee Consent to Employment Tax Refunds Could Be Obtained Electronically

The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid FICA and RRTA taxes to obtain their employees’ consent to the refund claims electronically.

February 13, 2015

Small Businesses Won’t Have to File Form 3115 to Comply with Repair Regs.

Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.

February 10, 2015

Most Outstanding Claims for FICA Tax Refunds Will Be Denied, IRS Announces

The IRS announced that it will disallow all refund claims filed while resolution of the issue of whether severance payments to employees are subject to FICA tax was pending, as well as the appeals filed in response to the denial of refund claims.

February 9, 2015

Final Rules Govern Foreign Tax Credit Splitter Arrangements

The IRS issued regulations that prohibit taxpayers from taking a foreign tax into account for federal foreign tax credit purposes before the tax year in which the taxpayer takes the related income into account.

February 6, 2015

2015’s Dirty Dozen Tax Scams

Phone scams, phishing, and identity theft topped this year’s IRS list of the “dirty dozen” tax scams.

February 6, 2015

IRS Issues Revised 2014 and 2015 Passenger Automobile Depreciation Limits

The IRS issued revised numbers for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2014 and the figures for 2015.