On October 29, the IRS released part of their “Tax Preparedness Series” aimed at “taxpayers born before July 1, 1945,” reminding them that the deadline for required minimum distribution payments (RMD) is December 31, 2015. [Read more…]
No Columbus Day Downtime for Modernized e-File
Responding to concerns, the IRS will keep Modernized e-File in operation over the Columbus Day weekend. However, other services will be brought down for maintenance.
IRS Offers Advice for Those with Extensions Expiring on October 15
October 15 is the deadline for 13 million taxpayers with a tax-filing extension, and the IRS wants to make sure those individuals check to see if they qualify for tax benefits before submitting a return. The press release covers different types of credits and deductions, as well as advice related to health care reporting, e-filing, and payment.
Disaster Declaration Means Tax Relief for Affected California Residents and Businesses
After the President declared California’s Lake and Calveras counties federal disaster areas, the IRS reported plans to provide relief for victims of the Valley and Butte fires. This means some deadlines between September 12, 2015 and January 15, 2016 will be postponed until the latter date, which includes the following:
New Guide Helps With Low Income Housing Credit
Last Friday the IRS released the Low Income Housing Credit Audit Technique Guide, which – as the article states – “explains examination techniques, as well as unique issues, business practices, and terminology to help tax professionals [report] various items related to the Low Income Housing Credit.”
What You Need to Know When Deducting Job-Hunt Expenses
Last week the IRS released information pertaining to deducting job search costs, including a list of nine “key tax facts” on the subject.
Deep Analysis of “Get Transcript” Incident Finds 220,000 Additional Breaches
Yesterday, the IRS issued a press release detailing new findings related to the “Get Transcript” data breach that was reported in May. The investigation following the initial discovery of the incident targeted the entire 2015 filing season, finding an additional 220,000 potentially compromised taxpayer accounts and another 170,000 accounts exhibiting suspicious activity.
Reconcile Premium Tax Credit Before October 15 Deadline for 2016 Eligibility
Some of your clients who received advanced payment of their Premium Tax Credit may have received an IRS Letter 5591 or 5596 regarding the filing status of their Form 8962, the former to taxpayers who haven’t filed the form and the latter to those who requested an extension but haven’t filed. They will need a copy of their Form 1095-A to complete the 8962, which can be downloaded from their Marketplace account at Healthcare.gov. [Read more…]
If your client, her spouse, or one of their dependents are attending college in the fall, the IRS has several back-to-school education tax credits available for families considering higher education. [Read more…]
IRS Tax Tips Cover Filing Deadline and Self-Insured Employers
This week, the IRS released tips for taxpayers: the first regarding the deadline for those with an automatic six-month filing extension, and the second involving employers who are self-insured.