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 IRS. In a new era […]
“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: […]
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 six […]
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 18, to file their 2015 […]
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 to check out “2015 Tax […]
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 passes, the White House has […]
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 more than 150 million individual […]
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 who participate in a health […]
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 panel trucks) will be: 54 […]
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 deduction limits. You cancontribute up to
