Qualifying for a Health Insurance Coverage Exemption

The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment when filing his or her federal income tax return.

You may be exempt from the requirement to maintain qualifying health insurance coverage, called minimum essential . . . → Read More: Qualifying for a Health Insurance Coverage Exemption

Eight Facts About Penalties for Filing and Paying Late

April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are . . . → Read More: Eight Facts About Penalties for Filing and Paying Late

CFPB Orders Bank of America to Pay $727 Million in Consumer Relief For Illegal Credit Card Practices

FOR IMMEDIATE RELEASE: April 9, 2013

CONSUMER FINANCIAL PROTECTION BUREAU ORDERS BANK OF AMERICA TO PAY $727 MILLION IN CONSUMER RELIEF FOR ILLEGAL CREDIT CARD PRACTICES Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Credit Card Billing Practices

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Bank . . . → Read More: CFPB Orders Bank of America to Pay $727 Million in Consumer Relief For Illegal Credit Card Practices

IRS Intensifies Work on Identity Theft and Refund Fraud; Criminal Investigation Enforcement Actions Underway Across the Nation

WASHINGTON — As the April 15 tax deadline approaches, the Internal Revenue Service announced today it has started more than 200 new investigations this filing season into identity theft and refund fraud schemes. IRS Criminal Investigation has started 295 new identity theft investigations since January, pushing the number of active cases to more . . . → Read More: IRS Intensifies Work on Identity Theft and Refund Fraud; Criminal Investigation Enforcement Actions Underway Across the Nation

Four Tips If You Can't Pay Your Taxes on Time

If you find you owe more than you can pay with your tax return, don’t panic. Make sure to file on time. That way you won’t have a penalty for filing late.

Here is what to do if you can’t pay all your taxes by the due date.

1. File on time and . . . → Read More: Four Tips If You Can’t Pay Your Taxes on Time

IRS Debunks Frivolous Tax Arguments

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 . . . → Read More: IRS Debunks Frivolous Tax Arguments

Ten Facts about Amended Tax Returns

Did you discover that you made a mistake after you filed your federal tax return? You can make it right by filing an amended tax return. Here are the top ten things to know about filing an amended tax return.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors . . . → Read More: Ten Facts about Amended Tax Returns

New Law Offers Special Tax Option for Philippines Relief Donations; Cash Contributions Until April 14 Can Be Claimed On 2013 Returns

WASHINGTON — Taxpayers who make cash contributions on or before April 14, 2014, for Philippines typhoon relief can get an immediate tax benefit by choosing to claim them on their 2013 returns, according to the Internal Revenue Service.

Under special legislation enacted last week, taxpayers can choose to treat cash contributions made on . . . → Read More: New Law Offers Special Tax Option for Philippines Relief Donations; Cash Contributions Until April 14 Can Be Claimed On 2013 Returns

This Week at the CFPB

Bank of America Near Credit Card Deal With U.S. Regulator One Payday Loan Likely To Lead To Another In a related topic . . .Payday Loans Today, Online Loans Tomorrow

Supreme Court Corner

Supreme Court Denies Certiorari in Sinkfield – Chpt 7 lien strip case (Not password protected)