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Latest in Tax News (links to: tax news articles)

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PROPS TO COPS: Campaign encouraging Alabamians to support police goes viral

• written by Elizabeth BeShears
• on May 7, 2015 at 2:23 pm CDT
• http://yellowhammernews.com
  

BIRMINGHAM, Ala. — A series of high profile incidents around the country has heightened racial tensions and sparked a national debate over police use of force.

But while police officers have become a favorite target of the national media and opportunistic politicians, many citizens remain supportive and appreciative of the cops who put their lives on the line everyday.

In an effort to give Alabamians an opportunity to express their support for the police, Crawford Broadcasting in Birmingham decided to launch the “Props to Cops” campaign.

“Through the Month of May, if businesses want to show appreciation to our police by offering free or discounted services or products, we will give them on-air shout outs and promotion on all of our local shows,” explained Leland Whaley, Crawford Broadcasting’s Birmingham Station Manager. “We want the cops to know they are appreciated and we want people to know about the businesses that step up.”

Individuals or organizations who want to participate can email propstocops@101wyde.com. Stations involved in the promotion include WDJC, WXJC and WYDE, which is also the flagship station for Yellowhammer Radio with Cliff Sims.

The promotion is only days old, but has already sparked a massive outpouring of support from small businesses who want to offer discounts or free services or products to police officers.

“I wanted to use the power of our medium and the quickest way to do that was to basically say, ‘We’ll give away our product if you’ll give away yours.’ So we give air time to businesses who support police by giving them discounts,” said Whaley, who also hosts “Leland Live” on Superstation WYDE. “The response has been overwhelming. We've had car dealers, junk haulers, a linen cleaning service — you name it. There are so many people out there who have been frustrated with how our police officers are being treated, they just didn’t know what to do. We’re using the power of radio to channel the goodwill that is already out there.

“I got fired up about this because I was watching the news and realized this war on police is not about justice, it’s about politics,” he continued. “It’s wrong for our justice system to be abused like this. Police have to get up every day, put on a badge and risk their lives. There’s such a hostile environment right now and they’re being targeted by political opportunists. It’s time to defend our defenders and show appreciation to our police.”

Over a dozen talk shows across three different Crawford Broadcasting stations are participating in the campaign. For more information or to offer “Props to Cops” through your business, email propstocops@101wyde.com.

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Moving Can Affect Your Premium Tax Credit (September 12, 2014)

If you moved recently, you’ve probably notified the U.S. Postal Service, utility companies, financial institutions and employers of your new address.  If you get health insurance coverage through a Health Insurance Marketplace, the IRS reminds you about one more important notification to add to your list – the Marketplace.

If you are receiving advance payments of the premium tax credit, it is particularly important that you report changes in circumstances, including moving, to the Marketplace. There’s a simple reason. Reporting your move lets the Marketplace update the information used to determine your eligibility for a Marketplace plan, which may affect the appropriate amount of advance payments of the premium tax credit that the government sends to your health insurer on your behalf.

Reporting the changes will help you avoid having too much or not enough premium assistance paid to reduce your monthly health insurance premiums. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your taxes. On the other hand, getting too little could mean missing out on monthly premium assistance that you deserve.

Changes in circumstances that you should report to the Marketplace include, but are not limited to:

• an increase or decrease in your income
• marriage or divorce
• the birth or adoption of a child
• starting a job with health insurance
• gaining or losing your eligibility for other health care coverage

Many of these changes in circumstances – including moving out of the area served by your current Marketplace plan – qualify you for a special enrollment period to change or get insurance through the Marketplace. In most cases, if you qualify for the special enrollment period, you will have sixty days to enroll following the change in circumstances. You can find information about special enrollment periods at HealthCare.gov.

More Information

Find out more about the health care law, the premium tax credit and the individual shared responsibility provision at IRS.gov/aca 

Find out more about the Health Insurance Marketplace at HealthCare.gov, or by calling (800) 318-2596.

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IRS Debunks Frivolous Tax Arguments (April 11, 2014)  


WASHINGTON – The Internal Revenue Service today released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The 2014 version includes numerous recently-decided cases that demonstrate that the courts continue to regard such arguments as illegitimate.

Examples of frivolous arguments include contentions that taxpayers can refuse to pay income taxes on religious or moral grounds by invoking the First Amendment; that the only “employees” subject to federal income tax are employees of the federal government; and that only foreign-source income is taxable.

Frivolous Arguments appeared on the IRS annual “Dirty Dozen” list of tax scams that was released on February 19.

Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims to avoid paying the taxes they owe. While taxpayers have the right to contest their tax liabilities, no one has the right to disobey the law or disregard their responsibility to pay taxes. The penalty for filing a frivolous tax return is $5,000. The penalty is applied to anyone who submits a tax return or other specified submission, if any portion of the submission is based on a position the IRS identifies as frivolous.

Those who promote or adopt frivolous positions also risk a variety of other penalties.  For example, taxpayers could be responsible for an accuracy-related penalty, a civil fraud penalty, an erroneous refund claim penalty, or a failure to file penalty. The Tax Court may also impose a penalty against taxpayers who make frivolous arguments in court.  

Taxpayers who rely on frivolous arguments and schemes may also face criminal prosecution for attempting to evade or defeat tax. Similarly, taxpayers may be convicted of a felony for willfully making and signing under penalties of perjury any return, statement, or other document that the person does not believe to be true and correct as to every material matter.

Persons who promote frivolous arguments and those who assist taxpayers in claiming tax benefits based on frivolous arguments may be prosecuted for a criminal felony.

A Dozen Deductions for Your Small Business (March 17, 2014)

Married couples at disadvantage under ObamaCare (November 30, 2013)

5 Social Security Tax Truths (November 27, 2013)

SEC Charges Audit Firm and Accountants with Failing to Properly Audit Chinese Companies (November 7, 2013)

House committee votes to fire federal workers who owe back taxes (March 21, 2013)

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While the Internal Revenue Service may be forthcoming with its rules and regulations, there is certain information the IRS simply won't tell you. (March 19, 2013)

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Audit Tips for Small Business Owners (May 25, 2012)

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