February 8, 2017

Health Care Information Forms for 2016

The IRS has posted the following information about forms 1095-A, 1095-B and 1095-C: Because of the health care law, you might receive some new forms this winter providing you with information about the health coverage you had or were offered in 2015.  The information below is intended to help individuals understand these new forms, including who should expect to receive them and what to do with them. The Basics 1. Will I receive any new health care tax forms in […]
February 8, 2017

Document Retention-What should you really keep?

As you prepare your current tax paperwork, it’s an opportunity to go through the piles of paper and files you’ve saved for years. Here’s some guidelines on what to keep. To start, we advise you to keep originals of all legal documents, loan satisfactions, and notarized documents indefinitely. Most of the rest can be scanned and saved digitally. Income Tax Returns: Keep all federal and state income tax returns and the supporting documents for at least three years. If your […]
February 8, 2017

What is an Enrolled Agent?

You may have noticed that, in addition to our Certified Public Accountants (CPAs), we have staff at Fox & Company with the “EA” designation after their names. These specialists are known as “Enrolled Agents”. What the heck is that? We’re glad you asked! “Enrolled” means to be licensed to practice by the federal government, and “agent” means authorized to appear in the place of the taxpayer at the IRS. The enrolled agent profession dates back to 1884 when, after questionable […]