The IRS recently published notices concerning gross income and waivers for farmers and fishermen who received erroneous Forms 1095-A:
On Tuesday, the IRS released unemployment benefits information that can help tax preparers keep their clients informed of available compensation. The article discusses whether recipients need to report this income on their taxes, if their benefits are paid by the state or federal government, where they can go for further help, and more.
IRS Press Release: IRS Provides Estimated Tax Penalty Relief to Farmers and Fishermen Receiving Corrected Premium Tax Credit Forms
WASHINGTON ― Farmers and fishermen who miss this year’s March 2 tax deadline because they are receiving corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace will have until April 15, 2015, to file their 2014 returns and pay any tax due, the Internal Revenue Service recently announced.
The IRS recently released information about early retirement distributions that could prove useful to tax preparers, covering additional taxes on early withdrawals, nontaxable withdrawals, check exceptions, and more:
WASHINGTON — The Internal Revenue Service recommended and the Department of Treasury approved the selection of 29 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee charged with providing taxpayer suggestions to improve IRS customer service.
The new TAP members will join 46 returning members to round out the panel of 75 volunteers for 2015. The new members were selected from more than 400 interested individuals who applied during an open recruitment period last spring and the pool of alternate members who applied in prior years.
IRS Press Release: IRS Warns Tax Preparers to Watch out for New Phishing Scam; Don’t Click on Strange Emails or Links Seeking Updated Information
WASHINGTON — The Internal Revenue Service warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes.
“I urge taxpayers to be wary of clicking on strange emails and websites,” said IRS Commissioner John Koskinen. “They may be scams to steal your personal information.”
WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released yesterday. The average refund is $3,120.
The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this year, with almost 83 percent of those returns resulting in refunds. More than 92 percent of refunds have been directly deposited into taxpayer accounts. The IRS recommends direct deposit as a safe, quick way for taxpayers to get their refunds.
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax:
WASHINGTON — The Internal Revenue Service says more taxpayers are visiting its Web site this year to get tax help and information.
According to the IRS, the number of visitors to IRS.gov is up almost 20 percent compared with last year. The IRS web site has been visited more than 100 million times so far this year compared with 85 million for the same time last year.
If a taxpayer is enrolled in a policy with a person not in the taxpayer’s tax family (a shared policy), the taxpayer may have to allocate the items on Form 1095-A (the enrollment premium, the premium for the applicable SLCSP, and the advance credit payments) with another taxpayer. This is what’s called a Shared Policy Allocation.