Jennifer Ruth

About Jennifer Ruth

Jennifer works on a wide variety of clients including extensive work with real estate investors and management firms as well as other closely held businesses and nonprofit clients that require a combination of financial accounting and tax services.

Protecting Yourself from Predatory Emails and Phone Calls

Mail program on computer screen

In addition to our own personal experiences, our clients have been contacting us regarding predatory emails and phone calls that they have received.  These emails and phone calls are placed with the purpose of intimidating or tricking you into giving up personal information, placing you at risk for identity theft.  They appear to come from trusted places like the IRS, law enforcement agencies and your own family and friends.

The IRS has been very vocal about the fact that they will not send out unsolicited emails and will not make phone calls threatening lawsuits or jail.  They have published an informative article about ways you can protect yourself from these phishing scams.  Click here for the IRS article.

They have also […]

By |January 26th, 2016|Categories: Announcements, BCo Community News, IRS|Tags: , , , , |Comments Off on Protecting Yourself from Predatory Emails and Phone Calls

Affordable Care Act Employer Reporting Requirements for 2015

As part of the continued roll out of the Affordable Care Act, beginning in 2015 large employers must file Forms 1094-C and 1095-C with the IRS.  A large employer is typically one with 50 or more full-time and full-time equivalent employees.  The information returns are due by February 29, 2016 or March 31, 2016 if filing electronically.

  • Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns

 

  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

 

Even though employers with 50 to 99 full-time employers are not subject to the employer mandate for health insurance coverage until 2016, they are still required to comply with the reporting requirements for 2015.  Additional information can be found on IRS.gov.

By |August 18th, 2015|Categories: Business Operations, Business Tax, IRS|Tags: , , , , , , , , , , |Comments Off on Affordable Care Act Employer Reporting Requirements for 2015

Reimbursement of Employee Health Insurance Premiums (Including S Corporation Shareholders)

A little known and very under-publicized change to the insurance tax laws that took place on January 1, 2014, has exposed employers to a potentially heavy excise tax if they reimburse employees for health insurance premiums vs. enrolling in group plans.  This includes employee shareholders.

Employer reimbursements or direct payment of health insurance premiums for individual policies or coverage under a spouse’s policy may be deemed a group health plan subject to the Affordable Care Act’s (ACA) market reforms if they are made for more than 1 employee.  The deemed group health plan would not comply with the ACA’s benefit mandates for group health coverage and would be subject to excise taxes of $100 per day, per employee with no limit.

While the new […]

By |August 18th, 2015|Categories: Business Operations, Business Tax|Tags: , , , , , , , , , , , , |Comments Off on Reimbursement of Employee Health Insurance Premiums (Including S Corporation Shareholders)

Tax Return Transcripts Available to Individual Taxpayers *Updated*

The IRS’ “Get Transcript” application has been temporarily disabled.  Recently, criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information through the IRS’ “Get Transcript” application.  The application will remain disabled until security modifications are made.

The information gained allowed the criminals to clear the multi-step authentication process, including several personal verification questions that typically are only known by the taxpayer.

The IRS will be sending letters to all of the approximately 200,000 taxpayers whose accounts had attempted unauthorized accesses.  They will also be providing free credit monitoring services for the approximately 100,000 taxpayers whose accounts were accessed.  The letters received by taxpayers will address details of the unauthorized access and instructions for obtaining the free credit monitoring services.

The IRS […]

By |June 18th, 2015|Categories: Individual Tax, IRS|Tags: , , , , , |Comments Off on Tax Return Transcripts Available to Individual Taxpayers *Updated*

IRS Sending Letters to Verify Taxpayer Identities

In an effort to battle the problem of identity theft, the IRS is sending letters to taxpayers, who may be possible identity theft victims, asking them to verify their identity in order to complete the processing of their return.  The letter is known as “Letter 5071C” and gives taxpayers two options to contact the IRS and confirm whether or not they filed the return that has been submitted.  Taxpayers can use the IRS-sponsored website or a toll-free number on the letter.

The website will ask a series of questions that only the taxpayer can answer.  Taxpayers should have their prior year tax return, their current year tax return and any supporting documents available (Forms W-2, 1099 and Schedules A and C).

The IRS […]

By |April 30th, 2015|Categories: Individual Tax, IRS|Tags: , , , , , , |Comments Off on IRS Sending Letters to Verify Taxpayer Identities
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