IRS Business Rule F8962-070
IRS Description
“The e-File database indicates that Form 8962 or a binary attachment with description containing “ACA Explanation” must be present in the return.”
This E-File reject is triggered if the IRS has information that indicates that either you, your spouse or one of your dependents has received health insurance from the Market Place.
California’s MCTR has raised a lot of questions in the tax industry. At this point I don’t think anyone has a definitive answer and honestly, I see valid arguments on both sides of the ultimate question of whether it is taxable.
One take away I did have from this topic is that this is another example of how relevant you are as a tax professional verses DIY software being the tax preparer. Having you as a resource to talk through the pros and cons with the taxpayer, in a way they can understand, so they can be part of the overall decision. In my opinion, this is something that can’t be replaced.
Below you will find all the recordings, additional information as well as a list of the prize winners for each session. This page will be updated with additional recordings and information over the week of the seminar.
Taxware Systems Family,
We are thrilled to announce that we will be taking balance due payments through our new payment processing systems. HYFIN, a division of Heartland, is the credit card processing company that will generate emails and text links to process your account payments. Your account will be updated within 1 business day to reflect your payment. You will receive a receipt immediately after completing transactions. Read more
WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. Read more
The IRS, state tax agencies and the tax industry – working together as the Security Summit recently concluded its summer series, Protect Your Clients; Protect Yourself. This campaign was a reminder for tax pros to focus on fundamentals of security and watch out for emerging issues when using cloud-based services for their practice. Read more
WASHINGTON — The Security Summit partners today concluded a special summer education campaign by outlining steps tax professionals can take to help clients from becoming statistics in identity-theft related tax-fraud scams. Read more
WASHINGTON — With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. Read more
We’ve all had clients that forget to bring in a form or two and then we are faced with the seemingly arduous task of completing an amended tax return.
WASHINGTON – With tax season in full swing, the Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.
