Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

ACA Reporting Requirements for Employers

by TaxGenuity Tax Experts | Feb 14, 2020 | Tax Advice

The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of...

2020 Tax Withholding: the new Form W-4

by TaxGenuity Tax Experts | Feb 11, 2020 | Tax Advice

Form W-4, Employee’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4,...

Six Facts About Form 1040-SR

by TaxGenuity Tax Experts | Feb 10, 2020 | Tax Advice

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know: 1. Form 1040-SR is designed...

Tax Extenders, Retirement Plan Changes, and Repeals

by TaxGenuity Tax Experts | Feb 8, 2020 | Tax Advice

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes....

Watch Out for Gift Card Scams

by TaxGenuity Tax Experts | Feb 6, 2020 | Tax Advice

There’s never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes. While scam attempts typically peak...

Tax Filing Season Begins

by TaxGenuity Tax Experts | Feb 5, 2020 | Tax Advice

January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s...

Got Debt? Tips to Improve Your Financial Situation

by TaxGenuity Tax Experts | Jan 30, 2020 | Tax Advice

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If...