There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe

There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for many taxpayers at this time of year.

The biggest gaffe came when the Obama administration announced in February that as many as 800,000 taxpayers who followed directions and purchased their health insurance through the government marketplace had received invalid tax statements. The government mailed out Form 1095-A, which showed healthcare credits, to millions. However, up to 800,000 of the forms that the government sent contained the wrong information.

The good news is that only about 50,000 people among the 800,000 had field their taxes before the mistake was discovered. So what about those 50,000? Will they be penalized? There’s more good news. The Department of Treasury has announced that anyone who has already filed their taxes with the incorrect information will not have to file an amended return. Therefore, even those who would have ended up owing more if they had filed their tax return with the correct information will not have to worry about re-filing.

Posted in

Myths About Trusts

Myths About Trusts Trusts are a dependable way to arrange for the management of family funds. Yet even financially sophisticated people settle for less satisfactory alternatives. Lack of knowledge isn’t the problem. It’s the assorted myths about trusts handed down over the years. Myth #1. Only the very rich use trusts. Because what the superrich…

CALCULATING CAPITAL GAINS TAX ON THE SALE OF A COLLECTIBLE

Calculating Capital Gains Tax on the Sale of a Collectible

Calculating Capital Gains Tax on the Sale of a Collectible Uncle Sam takes a tax bite out of almost every asset sold and collectibles are no exception. Indeed, collectibles are currently subject to one of the highest rates of federal taxation on an investment property. Long term Capital gain from the sale of a collectible…

tax return; tax scam

Don’t Get Scammed on Your 2015 Tax Return

Don’t Get Scammed on Your 2015 Tax Return By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP It’s tax season and for a lot of people that can be a very scary time of year. Some people will attempt to go it alone and use an online tax program, while…

Sales Tax Deduction Option, State and Local

[vc_row][vc_column][vc_column_text] Sales Tax Deduction Option, State and Local The Tax Relief and Health Care Act of 2006 extended the election to deduct state and local general sales taxes for 2006. The act was enacted after Schedule A (Form 1040), Itemized Deductions, and its instructions were printed. Because we were not able to include the instructions…