It will come as no surprise to tax professionals that there were problems submitting returns to the IRS on Tax Day. Early yesterday morning, IRS systems experienced an issue that prevented the agency from accepting e-filed returns or tax payments—Direct Pay was also down for most of Tuesday.
The Internal Revenue Service is reminding taxpayers that time is short to file their 2014 income tax return for a refund. Some $1 billion in refunds is yet unclaimed from TY2014. In order to claim a refund due, taxpayers must file their 2014 federal return by April 17.
The House Ways and Means Committee on Monday issued a press release announcing a discussion draft for the Taxpayer First Act, a bipartisan effort aiming to “redesign the Internal Revenue Service (IRS) for the first time since 1998.” The reform legislation comes after three years of public hearings and round-table discussions and “incorporates provisions from at least 18 different bills.”
Income tax professionals from preparers to CPAs and EAs are being reminded to maintain and monitor their various identification numbers that enable them to e-file. The reminder comes from the Security Summit, the joint effort between the IRS, state taxing agencies and tax industry partners that’s been tasked with helping to find winning strategies against identity theft and income tax refund fraud.
Somewhere between the time we start our work careers and the time we finally retire, life happens. During that time span, many taxpayers feel the need to dip into their Individual Retirement Account (IRA) or their retirement plan in order to pay expenses.