The Affordable Care Act was enacted on March 23, 2010.  It contains several tax provisions that are currently in effect and several that are due to expire during the next few years.  For a detailed description concerning each of the tax provisions enacted, please click here. Additional Links: Instructions for Form…

Taxpayers who have insurance through the Health Insurance Marketplace, may be receiving advance payments of the premium tax credit.  The credits are paid directly to the taxpayer’s insurance company to lower their monthly premium.  Changes in income or family size may affect the premium tax credit.  If a taxpayer’s circumstances have changed,…

If your client receives a letter from the IRS requesting information to reconcile Advance Payments of the Premium Tax Credit, (Letter 0012C), as per the IRS: the Health Insurance Marketplace notified the IRS that advance payments of the premium tax credit were made on behalf of the taxpayer or their…

If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the “penalty,” “fine,” or “individual mandate.”) You owe the fee for any month you, your spouse, or your tax dependents don’t have…

Affordable Care Act – Overview  What is the Affordable Care Act? The Affordable Care Act (ACA) was enacted on March 23, 2010. The intended purpose of the ACA, (among many other items), was to expand health care coverage by imposing a mandate on individuals to maintain minimum essential health coverage and create…

E-file Utilities Menu To access the E-file Utilities Menu from the Main Menu of the program: E-file E-file Utilities

If Keystone Tax Solutions software is used on more than one computer in your office, and the computers are NOT connected by a network, you will need to designate one computer as your transmitting computer.This machine will be used to transmit tax returns to Keystone Tax Solutions and to the…

If you are filing a return for a married couple, you have two choices for filing status: Married Filing Jointly or Married Filing Separately.  To be sure that your clients pay the lowest tax, you may want to figure the return both ways.  It’s usually more advantageous for a married couple to file…

To remove or delete an individual client from the program, from the transmitting computer Main Menu of Keystone Tax Solutions select: Utilities Remove an Individual Client You will be prompted to enter the SSN of the client to remove or choose one from the pick list You will be asked Are you sure you…

Paid Preparer Due Diligence Requirements A preparer complies with the due diligence requirements set forth in Treasury Regulations for the EIC, the CTC/ACTC or the AOTC claimed on a return or claimed for refund if they do the following: Complete Form 8867 truthfully and accurately and complete the actions described on…