Tax Questions: Identity Fraud & ACA's Impact on Small Businesses
We're just under two months away from the April 15th deadline for filing your income tax returns for the past fiscal year.
And if you are like most of your peers, you probably haven't yet started to fill in the boxes to indicate your earnings, allowances, and deductions.
Tax codes and forms have the reputation for being complicated – and for some this year, they are certainly living up to that reputation. Among other areas, elements of the Affordable Care Act affecting small business are now in effect, and that's causing many small business people to have questions.
Dale Hammernik is one of the people who fields those questions. He's a tax and business consultant in West Allis, and he joined Lake Effect's Mitch Teich to talk about some of the issues surrounding the Affordable Care Act. Hammernik also spoke about another issue that's been attracting attention - tax identity fraud.
With so many new electronic tax return programs Hammernick says that they have "created the ease of filing tax returns." Great! But, he warns, the programs have "also created the opportunities for thieves to enter the system."