Inside the ACA replacement act

House Republicans released a bill, the American Health Care Act, on Monday night to begin making good on their promise to repeal and replace the Affordable Care Act.

The ACA repeal bill proposed in the House on Monday would immediately repeal the individual and employer mandates, and modifies the current premium tax credit for 2018 and 2019 before replacing it with a new tax credit in 2020, according to Nicole Elliot, former IRS senior director of operations for the Affordable Care Act and current partner with law firm Holland & Knight.


Non-Cash Income IRS Requires To Be Reported On Your Taxes

At tax time, it’s easy to remember your wages, since you receive a Form W-2. It’s also easy to remember income reported on Forms 1099. You probably get many Forms 1099, so don’t lose them. But what isn’t so clear is if you get income without cash, and it is more common than you might think. A variety of events can give you taxable income even though you’ve seen no cash. For example, consider constructive receipt. This tax rule requires you to pay tax when you have a right to payment even though you do not actually receive it.


IRS has $1B in unclaimed tax refunds waiting

The Internal Revenue Service said Wednesday it has a total of $1 billion worth of unclaimed tax refunds waiting for people who have not filed a 2013 income tax return.

The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing a 2013 federal return by Tuesday, April 18, 2017, the filing deadline for this year.


3 Homeowner Tax Breaks That Ended in 2016—and May Not Come Back

Perhaps you didn’t realize it, but like the average house mouse, or your driver’s registration, many tax breaks have a life span of only one year. Technically, a lot of those tax credits and deductions expired on  Dec. 31, 2016—which means that if you’re a homeowner, you might want to lock in whatever home-related tax benefits you can when you file last year’s return.