IRS Notice N-2016-70 has extended the deadline for mailing the 2016 reporting year 1095 Forms from January 31st, 2017 to March 2nd, 2017. Importantly, the notice only extends the deadline for mailing the forms to employees and plan participants, and it does not extend the deadline for electronically transmitting the reporting data to the IRS. The…
WASHINGTON — The Internal Revenue Service announced today the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties…
Scammers claiming to be from the Internal Revenue Service are at it again, this time targeting confusion surrounding the Affordable Care Act. There are several red flags to be on the lookout for, and it starts with an email that looks legitimate. The email comes from a person claiming to be from the IRS, and…
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system. The letters were sent beginning Nov. 28 and will continue to be…
The Internal Revenue Service (IRS) has proposed updates to the minimum present value requirements for defined benefit (DB) plan distributions. The proposed regulations would provide guidance about changes made by the Pension Protection Act of 2006 (PPA) and would provide other modifications to these rules as well. They would amend the current final regulations under…
The IRS has extended the 2017 due dates to report 2016 health care coverage information to employees and insured individuals from Jan. 31 to March 2, 2017. The new reporting requirements were enacted as part of the Affordable Care Act (ACA) and became effective for the 2015 calendar year. Applicable large employers (employers with 50…
With the arrival of Thanksgiving comes the start of the peak season for giving to charity, and Americans may well set another record in 2016, as they do most years. In 2015, Americans gave a record $373.25 billion, up from $358.38 billion the year before. This year most of the guidelines are familiar: Give to…
The Internal Revenue Service has created a new Fast Track Mediation program to resolve collection cases and issues more quickly for taxpayers with outstanding tax debts. Revenue Procedure 2016-57, issued by the IRS last week, replaces the IRS’s Fast Track Mediation procedure with a new program, Fast Track Mediation—Collection. The FTMC program provides taxpayers who…
WASHINGTON – As tax filing season approaches, the Internal Revenue Service wants taxpayers who are self-employed or involved in the sharing economy to know about free resources that are available to help them with their taxes. Sole proprietors and independent contractors can get helpful information from the IRS Small Business and Self-Employed Tax Center. This…
There are said to be two certainties in life: death and taxes. The latter has apparently become a cash cow for all sorts of thieves, including sophisticated criminal enterprises. Tax-related scams tend to peak during filing season, but they are a pervasive and constantly evolving threat, cheating individuals and the federal government out of millions…
