The hardest part of the 2015 tax season is over. Certainly, there are Form 990s to be filed for non-profits that took an extension back in May. There are still quarterly filings for small businesses, and corporate filings that will come due.
As everyone gets ready for another tax season, it’s important to find and utilize tools that simplify and streamline new and complex aspects of tax preparation. The Taxpayer Advocate Service on IRS.gov provides ACA estimation tools, where tax preparers can refer clients to predict and adjust estimated tax charges and credits associated with health care. Understanding the function of each estimator* and when to use it may reduce client stress and the time needed to prepare the return.
The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.
Next week, the IRS will begin hosting the Nationwide Tax Forums, a series of three-day conferences covering ethical and legal issues facing the tax industry. Attendees can earn CPE, attend live seminars, and learn more about upcoming products.
There is no question that identity theft – particularly as it relates to taxes – is a major criminal activity and a serious threat. The Federal Trade Commission (FTC) notes that last year this segment of fraudulent crimes topped its list of consumer complaints for the 15th consecutive year.
The IRS announced that roughly 44,000 tax return preparers earned a record of completion after participating in the first Annual Filing Season Program. As previously reported, those individuals obtaining the record of completion are now listed in the IRS.gov Directory of Federal Tax Return Preparers with Credentials and Select Qualifications, aims to help protect taxpayers and tax preparers alike.
Today, the IRS reminded taxpayers that money spent on summer day camps can be eligible for a tax credit if the attending child or dependent qualifies under the rules outlined in Publication 503. This special edition tax tip includes a checklist for those who might be interested in filing.
Today, the IRS announced that it will increase the amount of information shared between the tax preparation industry and the government to safeguard taxypayers from identity theft and tax refund fraud. The IRS, states, and industry leaders agreed to form three separate groups that would improve taxpayer authentication, fraud identification, information assessment, cybersecurity frameworks, and communication with taxpayers.
Yesterday, the IRS released a tax tip pertaining to the upcoming June 15 deadlines for U.S. citizens living abroad and foreign financial accounts. The reminder provides basic instructions for taxpayers who might be affected by the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank and Financial Accounts Report (FBAR), which – if applicable – might require the filing of Forms 8938 and 114, respectively.
On the heels of catastrophic flooding in Oklahoma and Texas and the official start of hurricane season, the IRS issued a tax tip reminding taxpayers and preparers that there are multiple ways the agency can help in the event of natural disasters. The release includes various links referencing planning, refunds, and those providing disaster relief.