Category Archives: Penalty

Tips on tip reporting

If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, … Continue reading

Posted in Business Owner, customer service, Employee Benefits, employees, Filing Taxes, Payroll, Penalty, tax advice, tax planning, taxes, Uncategorized | Tagged , , , , | Leave a comment

Don’t assume it’s correct, just because it’s the IRS

Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do … Continue reading

Posted in audit, Filing Taxes, Financial Planning, IRS Articles, Penalty, record keeping, Tax, tax advice, tax bill, Tax Return, taxes, Uncategorized | Tagged , , | Leave a comment

Check your credit score

If you haven’t checked your credit report lately, this may be the time. Wrong or old information on your report can affect your credit score – and not in a good way. Your credit score helps lenders determine your credit-worthiness … Continue reading

Posted in Business, Business Owner, customer, Estate, Fraud, Penalty, Tax, tax advice, tax bill, Tax Fraud, Tax Return, taxes, Uncategorized | Tagged , , , , | Leave a comment

Count employees to avoid ACA penalties

The IRS recently updated a web page explaining how to figure out if you’re an “applicable large employer,” or ALE. If you are, you may have to pay a penalty for not providing health insurance to your employees. For 2016, … Continue reading

Posted in Affordable Care Act, health insurance, Penalty, Uncategorized | Tagged , , , , | Leave a comment

What’s the penalty for not having health insurance?

Did you have health insurance in 2015? If not, you may owe a penalty on your federal income tax return. For 2015 returns, the penalty is the higher of a flat dollar amount or a percentage of your household income. … Continue reading

Posted in Penalty, Uncategorized | Tagged , , , | Leave a comment