Archive for the ‘2016 Tax Season’ Category.
February 24, 2017, 12:00 am
For the third year, the IRS has compiled an official list of top tax scams, dubbed the Dirty Dozen. And again, offshore tax cheating has earned a place on the list. Recently, the IRS boasted of obtaining more than half a million disclosures of unreported offshore money from dodgers and...
Click here for more December 19, 2016, 12:00 am
WASHINGTON – As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season.
For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, chari...
Click here for more October 3, 2016, 12:00 am
Extension Deadline
Millions of taxpayers ask for an extra six months to file their taxes every year. If you are one of them, then you should know that Monday, Oct. 17 is the extension deadline in 2016. This is so because Oct. 15falls on a Saturday. If you have not yet filed, here are so...
Click here for more February 29, 2016, 12:00 am
There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years. If you don’t have your copy, the I...
Click here for more February 1, 2016, 12:00 am
WASHINGTON — The Internal Revenue Service today reminded taxpayers that it issues 90 percent of refunds in less than 21 days. The best way to check the status of a refund is online through the “Where’s my Refund?” tool at IRS.gov or via the IRS2Go phone app.
"As February approache...
Click here for more January 25, 2016, 12:00 am
Are you one of the few tax filers who still file a paper return? If so, now may be the best time to switch to e-file. Last year almost 129 million taxpayers filed their taxes electronically. They chose to e-file because it’s the fastest and safest way to file.
Here are the top s...
Click here for more January 25, 2016, 12:00 am
IRS Safeguards for Identity Theft new this year.
Because of improved protections in recent years, the Internal Revenue Service stops the vast majority of fraudulent tax returns using stolen identities. But identity thieves and criminal syndicates continue to persist and evolve.
A...
Click here for more January 25, 2016, 12:00 am
"Should I file a tax return?" Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return:
1. General F...
Click here for more January 18, 2016, 12:00 am
WASHINGTON — The Internal Revenue Service announced that the nation’s 2016 individual income tax filing season opens Jan. 19, with more than 150 million tax returns expected to be filed this year.
People will have several extra days to file their tax returns this year. Taxpayers have ...
Click here for more January 11, 2016, 12:00 am
By Paul Bonner
January 1, 2016 By now, CPA tax practitioners will have fired up their tax return preparation software, installed updates, conducted staff training, and otherwise readied their tax practices to start preparing tax year 2015 returns. (And if that software is a source ...
Click here for more December 28, 2015, 12:00 am
By Alistair M. Nevius, J.D.
December 16, 2015 A large number of expired tax provisions would be extended—some permanently—as part of the omnibus spending bill, the Consolidated Appropriations Act, 2016, that was introduced in Congress on Wednesday. Congress is expected to vote ...
Click here for more December 24, 2015, 12:00 am
WASHINGTON ― Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced today that the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016.
The IRS will begin accepting individual electronic returns that day....
Click here for more December 21, 2015, 12:00 am
By Sally P. Schreiber, J.D.
May 5, 2015 The IRS on Monday issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible...
Click here for more December 18, 2015, 12:00 am
WASHINGTON — The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a ...
Click here for more December 2, 2015, 12:00 am
Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA reminders from the IRS:
Know the contribution and deductio...
Click here for more November 2, 2015, 12:00 am
WASHINGTON — The Internal Revenue Service today reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
Known as required minimum distributions (RMDs), these pay...
Click here for more October 26, 2015, 12:00 am
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-o...
Click here for more October 26, 2015, 12:00 am
WASHINGTON — For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes.Revenue Procedure 2015-53 provides details about these annual adjustments. The tax item...
Click here for more October 23, 2015, 12:00 am
IRS YouTube Videos:
IRS Withholding Calculator – English | Spanish | ASL
IRS Podcasts:
IRS Withholding Calculator – English | Spanish
WASHINGTON — TheInternal Revenue Service reminds taxpayers that the earlier in the year they check their withholding, the easier i...
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