Preparation Archives

Preparation

The Premium Tax Credit: History, Recent Developments, and Future Prospects

The premium tax credit (PTC) is a cornerstone of the Affordable Care Act (ACA), designed to make health insurance more affordable for middle-income Americans. As a refundable credit, the PTC helps individuals and families purchase health insurance through the Health Insurance Marketplace, directly impacting the affordability of healthcare coverage. This article explores the history of the PTC, recent developments, and future prospects, provid... Cody Adams, EA

Winter 2024, Preparation, Medicare, Medicaid, ARPA, American Rescue Plan Act of 2021, premium tax credit, ACA, PTC, Health Insurance Marketplace, Affordable Care Act

Preparation

Debt Basis: Is It What You Think It Is?

With the creation of Form 7203, basis has become a hot topic. In 2019, the Internal Revenue Service (IRS) started sending Letter 5969i which said: “Our research indicates you may have claimed pass-through loss o... LuSundra Everett, EA, NTPI Fellow®

Spring 2024, Preparation, Form 7203, Letter 5969, §1366(d)(1), §1.1366-2(a)(2)(i), §385(a), s corporation, Notice 94-97, basis, §1.1366-2(a)(2)(ii), §1.1366-2(a)(1)(i), loans, §1.1366-2(a)(1)(ii), debt

Preparation

Key Considerations for Enrolled Agents in the Upcoming Tax Season

The Tax Cuts and Jobs Act (TCJA) of 2017 brought substantial changes to individual income taxes, but many of these provisions are scheduled to expire at the end of 2025. As tax practitioner... Stephen Molchan, EA

Winter 2023, Preparation, c corporation, §199A, SECURE Act 2.0, partnership, Alternative minimum tax, ROTH IRA, limited liability company, LLC, sole proprietor, adjusted gross income, AGI, required minimum distribution, TCJA, RMD, Tax Cuts and Jobs Act, capital gains, s corporation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

Preparation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA

Jan/Feb 2022, Preparation, Rev. Proc. 2021-50, SBA Community Advantage loans, s corporation, SBA microloan, partnership, COVIDTRA, Restaurant Revitalization grants, COVID-19, COVID-related Tax Relief Act of 2020, subsidiary member, PPP, tax-exempt income, Bipartisan Budget Act of 2015, Paycheck Protection Program, loans, carryback, SBA loans, Rev. Proc. 2021-49, pass-through, Schedule K-1, Emergency Economic Injury Disaster Loan, Form 1065, EIDL, net operating loss, SBA 7(a) loans, NOL