Question on IRS Penalties for Underestimation of Income

Discussion in 'Health Care Reform Forum' started by Nikita, Sep 7, 2017.

  1. FLM2
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    I guess those of us who do this for hundreds of clients a year for virtually nothing in compensation actually do know the system, huh?:yes::yes::yes:
     
  2. walthamny
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    Most CPA's would not want to answer this because it gets political. Republicans did not fund the part of Obamacare that allows IRS to collect the health care tax penalty. So IRS does not have the man power to just collect this tax. However, if you are due a refund now or in the future, they can apply it against that. Now we don't know if IRS can use the non payment of health care tax as an excuse to look at other things on your return. Legally, they can make you substantiate every deduction item line by line for the last 3 years. Do you want to take the chance. Do you want to take the chance as a CPA and advise this to one client and have the IRS come back against CPA' whole client list.
     
  3. kgmom219
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    Thats not my problem. I didn't take the CPA exam, I took the insurance and FFM exams. If your CPA chooses not to advise you on tax questions, I would get a new CPA.
     
  4. Yagents
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    The is about aptc clawback. Not the penalty for being uninsured. Full money owed back up to limits if below 400% still. Unlimited clawback if above. Period. Every cpa must know how to file form 8329 if they do 1040's.
     
  5. taterpeeler
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    we have some stupid arse agents... this is simpler than wiping your butt after a doodle do..... this is not a penalty... its a dang reconciliation of projected income as it relates to federal exchange plans.... there is an entire chapter on this, read the law.... lord help this industry... please go sell cars or some such
     
  6. FLM2
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    The only ones who understand this are those of us who do it for a living, period. Each of us says the same thing, IT'S NOT A PENALTY, IT'S A RECONCILIATION!
     
  7. LostDollar
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    Income Tax: Fraud vs. Negligence - FindLaw

    Lack of answers is not too surprising, you're just asking a CPA to tell you it is ok to evade payment of income taxes (ie evade paying in the bottom line due on the return-tax, clawback, penalty whatever) because the government won't bother to collect what's due.
     
    Last edited: Sep 8, 2017
  8. FLM2
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    Mr Irrelevant posts again, did it take 10 days to do all that research? :SLEEP::SLEEP:
     
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