John E. Morin, CPA

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IRS Tax TipsJuly 27, 2016

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Issue Number:    IRS Summertime Tax Tip 2016-11

Inside This Issue


  How to Request a Transcript or Copy of a Prior Year’s Tax Return
You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year’s tax return. You often need them when you apply for a loan to buy a home or to start a business. Or, you may need them to apply for student financial aid. If you can’t find your copies, the IRS can give you a transcript of the information you need, or a copy of your tax return. Here’s how to get your federal tax return information from the IRS:
  • Transcripts are free. You can get them for the current year and the past three years. In most cases, a transcript includes the tax information you need.

  • A tax return transcript is a summary of the tax return that you filed. It also includes items from any accompanying forms and schedules that you filed. It doesn’t reflect any changes you or the IRS made after you filed your original return.

  • A tax account transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income. It also includes any changes that you or the IRS made to your tax return after you filed it.

  • The quickest way to get a copy of your tax transcript is to use the Get Transcript application. Once you verify your identity, you will be able to view and print your transcript immediately online. This Fact Sheet provides details on how to complete this step. 

  • If you're unable or prefer not to use Get Transcript Online, you may order a tax return transcript and/or a tax account transcript using the online tool Get Transcript by Mail or by calling 800-908-9946. Transcripts arrive at the address we have on file for you in five to 10 calendar days from the time IRS receives your request.
oTo order by phone, call 800-908-9946 and follow the prompts. You can also request your transcript using your smartphone with the IRS2Go mobile phone app.
o Businesses that need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.

  • If you need a copy of your filed and processed tax return, it costs $50 for each tax year. You should complete Form 4506, Request for Copy of Tax Return, to make the request. Mail it to the IRS address listed on the form. Copies are generally available for the current year and past six years. You should allow 75 days for delivery. 

  • If you live in a federally declared disaster area, you can get a free copy of your tax return. Visit IRS.gov for more disaster relief information.
You can get tax forms anytime at www.irs.gov/forms
IRS Tax Tips provide valuable information throughout the year. IRS.gov offers tax help and info on various topics including common tax scams, taxpayer rights and more.
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ACA and Employers: How Seasonal Workers Affect Your ALE Status
When determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees.  However, there is an exception for seasonal workers.
If an employer’s workforce exceeds 50 full-time employees for 120 days or fewer during a calendar year, and the employees in excess of 50 who were employed during that period of no more than 120 days were seasonal workers, the employer is not considered an applicable large employer. 
A seasonal worker for this purpose is an employee who performs labor or services on a seasonal basis. For example, retail workers employed exclusively during holiday seasons are seasonal workers.
The terms seasonal worker and seasonal employee are both used in the employer shared responsibility provisions, but in two different contexts. Only the term seasonal worker is relevant for determining whether an employer is an applicable large employer subject to the employer shared responsibility provisions.  For this purpose, employers may apply a reasonable, good faith interpretation of the term seasonal worker.
To learn more about this topic and about when the definition of a seasonal employee is applicable, see our Questions and Answers page
See the Determining if an Employer is an Applicable Large Employer page on IRS.gov/aca for details about counting full-time and full-time equivalent employees.
 

Issue Number:    HCTT-2015-40

Inside This Issue

 
 
File Your 2014 Tax Return Now to Receive Timely Advance Payments in 2016
 
If you received advance payments of the premium tax credit in 2014 under the health care law, you should file your 2014 tax return as soon as possible this summer to ensure you can timely receive advance payments next year from your Marketplace.
 
If advance payments of the premium tax credit were paid on behalf of you or an individual in your family in 2014, and you do not file a 2014 tax return, you will not be eligible for advance payments of the premium tax credit or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016.  This means you will be responsible for the full cost of your monthly premiums and all covered services.   In addition, we may contact you to pay back some or all of the 2014 advance payments of the premium tax credit.   
 
Because Marketplaces will determine eligibility for advance tax credit payments and cost-sharing reductions for the 2016 coverage year this fall, it will substantially increase your chances of avoiding a gap in receiving this help if you file your 2014 tax return with Form 8962 electronically as soon as possible. 
 
If you missed the April 15 deadline or received an extension to file until Oct. 15, you should file your return as soon as possible.  You should not wait to file. File now to reconcile any advance credit payments you received in 2014 and to maintain your eligibility for future premium assistance.
 
Remember that filing electronically is the best and simplest way to file a complete and accurate tax return as it guides you through the process and does all the math.
 
For more information about the Affordable Care Act and the premium tax credit, visit IRS.gov/aca.