IRS May Need More Information Because of Affordable Care Act

irs-logoThe IRS may need more information from some income tax filers this year due to provisions of the Affordable Care Act. Taxpayers who signed up for coverage through the Health Insurance Marketplace chose to either have advance payments of the premium tax credit paid directly to their insurance provider in order to reduce their premiums throughout the year or to get their assistance at tax time as a premium tax credit. Continue reading

IRS Officials Offer Tips to Hang Up on Scammers

IRS logoTelephone scam artists pretending to be with the IRS call claiming you owe money or have a refund trying to trick you into releasing important information. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. Fake names and incorrect identification badge numbers are given to make you think they are who they say they are. Continue reading

Indiana Senator Introduces Bill to Help Charities

U.S. Sen. Dan Coats
U.S. Sen. Dan Coats

A bill sponsored by an Indiana lawmaker would require the Internal Revenue Service to notify nonprofit organizations before revoking their tax-exempt status. U.S. Sen. Dan Coats says the lack of notification creates uncertainties for charities, their donors and the people they serve. Under current federal law, charities and other nonprofits automatically lose their tax-exempt status if they do not file annual information returns for three consecutive years. The returns must be filed, even if the charity receives minimal money. According to Coats, 11,600 charities and nonprofits in Indiana have lost their tax-exempt status since 2010 because of this provision. It was originally enacted to clear defunct nonprofit organizations from the government’s tax rolls. Coats adds many community and faith-based organizations have stepped in to fill voids left by government spending reductions. If they lose their nonprofit status they have to file for tax-exempt status again and run the risk of losing donors while waiting for approval.