We’ll Be Back!

Dear Followers: We are focused on servicing our loyal clients this time of year. So we will not be posting any blogs. This is unfortunate because we enjoy sharing tips to help you with your financial life. This happens every year now! We are truly blessed to have a loyal …

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Happy Work Anniversary!

Kasperek & Co. Accountants honors two employees who have reached milestones in their careers with us. Carin Fedchak  is celebrating her 10th anniversary with the company. Peggy Cavaness is celebrating her 5th anniversary with the company. These tenures are perhaps becoming too rare in today’s business world. Kasperek & Co. …

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ABLE Accounts- FAQ’s

1) What is an ABLE Account? ABLE Accounts are savings accounts designed for Americans with disabilities and their families to build tax-free savings. They were created by the Achieving a Better Life Experience Act of 2014. 2) Who is eligible for an ABLE Account? An eligible individual is someone who …

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Back Taxes

Back Taxes

Do you have back taxes to file?Do not be afraid to call! You are not alone! We handle these situations all the time & you would be surprised how many people are walking around with back tax issues (especially now). MAIN THING IS FOR YOU TO TAKE CONTROL OF THE …

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Tax Season Brings Confusion Over Health Care

aca-alert

Taxpayers are confused as to how to file his/hers individual tax return because of the health care law. This confusion is understandable because forms that taxpayers were originally told were needed to file regarding health care will not be available until March 31.

This is an effort to assist taxpayers to have the correct facts to file his/hers individual tax return.

● What is the source of the confusion?

Health insurance providers are mandated to issue a form to taxpayers that serve as proof of mandated insurance coverage to the IRS. Called a Form 1095, this form was originally supposed to be in the hands of taxpayers by February 1, 2016. Because a determination was made that providers needed more time to file the Form 1095, an extension was granted to March 31, 2016.

Prior to the extension, taxpayers were led to believe that having a Form 1095 as proof of insurance was important to have to file not unlike a Form W-2.

Now that the Form 1095 will arrive only weeks before the April deadline, taxpayers are confused as to how to file a tax return.

● Must a taxpayer wait to receive a Form 1095 before filing?

The IRS is saying no unless you are expecting to claim a tax credit on your tax return.

If you have other information to provide proof of health insurance, and are not expecting a tax credit, a taxpayer does not have to wait until receiving a Form 1095 to file his/her tax return.

● What does all this mean for individual taxpayers?

The bottom line is that most individuals are not affected! Go ahead and file NOW just like last year!

After preaching all throughout 2015 about how important the IRS proof of insurance form was going to be in order to file, the IRS reversed its position just as the filing season was just beginning.

Here is the IRS ACA Q&A page where many answers on this confusion can be found:
https://www.irs.gov/Affordable-Care-Act/Questions-and-Answers-about-Health-Care-Information-Forms-for-Individuals

Kasperek & Co. Accountants has been concerned about how this “about- face” by IRS may be confusing taxpayers. Kasperek & Co. Accountants is providing this information as part of our continuing efforts to share our knowledge of the health care law and help taxpayers!

 

 

Consumer Alert! IRS Fraud!

2014 was an unusual tax year. Fraud was not only prevalent in the business world. It also affected the individual tax filings of many individuals whose return or refund was delayed because of possible fraud and identity theft.This fraud, however, was not limited to the individual or the business world.   …

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The Blog Returns

To our followers: There has not been much activity as of late with the busy season and so forth. We hope to be putting some information out there as we head into the summer. John J Kasperek

It is 2015! Now What?

The Extenders expired on December 31, 2014. Yes, Washington, D.C. in its infinite wisdom passed a bill just prior to Christmas break that extended many popular tax incentives (commonly referred to as “Extenders”) for a only few short days. It is now 2015 so what should a taxpayer do? There …

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Resolutions

The madness and hectic rush, the good times, the children’s laughter, the children’s crying, all the food, family and good cheer – it’s over for another year. The holidays are spent, our pockets are to let and now we can kick back and relax. Oh, but wait! It’s that time …

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Holiday Crazes

Holiday crazes change from year to year, decade to decade. Let’s take a fun look at the crazes of the Yuletides past: Sixties Seventies Eighties Nineties 2000s Remember? Remember? Remember? Remember? Remember? Bob Hope performing Waiting for Polaroid Cutting down your Merry Christmas gives Deciding whether to get for the …

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