Many areas of Vermont have seen severe flooding over the past couple of weeks. The area has been declared a federal disaster area. The IRS announced today that impacted individuals have an extra month to file returns on extension (until November 15th); business returns on extension are also now due on November 15th. Unfortunately, today’s weather forecast for Vermont includes more thunderstorms and possible severe weather that might exacerbate an already bad situation.
Archive for the ‘Vermont’ Category
Vermont Flood Victims Get an Extra Month to File their Returns
Thursday, July 13th, 2023Out With the Fed Mandate; In With State Mandates
Wednesday, November 13th, 2019Once upon a time there was the federal mandate to have health insurance; per the US Supreme Court, a “tax.” Well, beginning with 2019 tax returns (filed in 2020) the federal mandate is no more. Unfortunately, tax professionals and taxpayers aren’t done with insurance mandates: Several states have implemented their own mandates.
Massachusetts, New Jersey, and the District of Columbia have their own mandates for the 2019 tax year (tax returns filed in 2020); Massachusetts’ mandate began in 2007. California, Rhode Island, and Vermont have implemented mandates for the 2020 tax year (tax returns filed in 2021).
If you are a resident of one of these states, we’ll be asking you about health insurance when we prepare your 2019 returns. Additionally, if you do receive insurance through the Exchange (e.g. healthcare.gov) and receive a Form 1095-A, you must provide a copy of the form to your tax professional.
There’s no reason for tax professionals to be in the health insurance field. But thanks to Obamacare, we are…and will be for the foreseeable future.
