Archive for the ‘2016 Tax Season’ Category.
February 24, 2017, 8:00 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 recovery of $9.9 billion
Click here for more
February 29, 2016, 1:59 pm
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
Click here for more
February 1, 2016, 2:20 pm
Where’s My Refund?
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 approaches,
Click here for more
January 25, 2016, 3:41 pm
Should I File A Tax Return? Six Tips
“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
Click here for more
January 25, 2016, 2:51 pm
IRS, States and Tax Industry Deploy New Safeguards for 2016
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. As the threat has changed, so has the
Click here for more
January 25, 2016, 2:32 pm
Six Reasons to E-file your Taxes in 2016
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.
Click here for more
January 18, 2016, 3:02 pm
IRS Ready to Start 2016 Tax Season; Encourages use of IRS.gov and e-File; Works with States, Industry on Identity Theft Refund Fraud
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 until Monday, April
Click here for more
January 11, 2016, 5:11 pm
Know the new tax laws; 2016 Season Launches
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 of heartburn, they might want
Click here for more
December 28, 2015, 1:49 pm
Tax extender legislation introduced in Congress
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 on the bill on Friday, and, if it
Click here for more
December 24, 2015, 12:59 pm
2016 Tax Season Opens Jan. 19 for Nation’s Taxpayers
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. The IRS expects to receive
Click here for more
December 21, 2015, 1:14 pm
Tax Inflation Adjustments for HSAs Released for 2016
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 health plans (Rev. Proc. 2015-30). Under Sec. 223, individuals
Click here for more
December 18, 2015, 6:21 pm
Standard Mileage Rates for Business, Medical & Moving Announced for 2016
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 car (also vans, pickups or
Click here for more
December 2, 2015, 3:15 pm
Top Year-End IRA Reminders from IRS
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
Click here for more
November 2, 2015, 1:42 pm
Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31
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 payments normally must be made by the end of 2015.
Click here for more
October 26, 2015, 12:27 pm
Some Tax Benefits Increase Slightly Due to Inflation Adjustments in 2016
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 items for tax year 2016 of greatest interest to most
Click here for more
October 26, 2015, 12:17 pm
IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016
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-of-living index did not meet the statutory thresholds
Click here for more
October 23, 2015, 10:44 am
Tax Preparedness Series: Employees Should Take Time to Check Withholding
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 it will be to get the right amount of tax withheld. Besides wages, income tax is often
Click here for more