DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Extension for Form 1095 Reporting

Extension for Form 1095 Reporting
What everyone needs to know

For 2015 tax returns, everyone employed by a company with 50 or more employees will receive a new Form 1095. This form is in addition to the Form 1095’s received by other taxpayers using the Marketplace to purchase their health insurance. You need this form to file your taxes as it provides the necessary proof that you have adequate health insurance for the year.

A recent announcement by the IRS provides a delay for the issuing of this form due to complications in creating the proper form by employers and insurers.

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Ideas to Help Audit Proof Your Return

Ideas to Help Audit Proof Your Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.

  1. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099’s, W-2’s, and 1095-A’s in the mail. The IRS receives them too. If your tax return does not meet or exceed this reported income you can count on receiving a notice from the IRS. Some hints:
    • Make a list of the forms received last year
    • Update the list with any new vendors or employers
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