Tax News

Enrolled Agent

We are THRILLED to announce that our very own Mike Ward has passed his EA Exams and is now an Enrolled Agent — the highest credential the IRS awards! Congratulations, Mike!!

Enrolled Agent Information

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before. Learn more about enrolled agents in Treasury Department Circular 230 (PDF).

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Tax Season Opens As Planned Following Extenders Legislation

IR-2014-119, Dec. 29, 2014

WASHINGTON — Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.

The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014.

“We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”

The IRS reminds taxpayers that filing electronically is the most accurate way to file a tax return and the fastest way to get a refund. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.

More information about IRS Free File and other information about the 2015 filing season will be available in January.

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Affordable Care Act

The Affordable Care Act (ACA) requires most Americans to have some form of health insurance by 2014 or face

a tax penalty. It also may provide you and your family with a generous subsidy to purchase health insurance.

The law is complex and the impact is far-reaching, but you don’t have to figure it out on your own. We can help.

Not only will we help you comply with the law, but we will ensure you receive the most benefits allowed under

the law. How? Through our Healthcare Evaluation process, we will:

Estimate your eligibility for the premium assistance credit

Estimate the amount of your premium assistance credit

Show you how the ACA might affect your tax future

Make sure you avoid any tax penalties

Explain the cost-sharing provisions of the ACA, which may reduce your out-of-pocket costs

Let us help make sense of the new healthcare mandate.

Call us today to set up your Healthcare Evaluation appointment.

 

Ocean City Tax Service

410-973-2750

 

 

Shop for insurance:

For your customers who are under age 65:

http://drakehealth.com/site/svc/egateway?sid=37790

For your customers who are 65 or older:

http://drakehealth.com/site/svc/egateway?sid=37790&AGE=65
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