Update(Al Dia)

Update(Al Dia)

TAX SEASON WIL BEGIN!!!!!!!!

by CDoris Rodriguez on 12/12/16

The Internal Revenue Service said Friday that next tax season will begin on Monday,
Jan. 23, 2017, while warning some taxpayers to expect longer waits for their tax
 refunds. The tax day deadline will be April 18.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The IRS said it would start accepting electronic tax returns on January 23 and it
anticipates more than 153 million individual tax returns to be filed next year.
The IRS believes more than four out of five tax returns will be prepared electronically
using tax preparation software, as was the case last year.
However, even with the January 23 start date, the IRS also pointed out that many
 software companies and tax professionals will begin accepting tax returns before
that date and then they'll submit the returns when the IRS's systems open. The IRS
will also start processing paper tax returns on January 23. The IRS noted there
is no advantage to filing tax returns on paper in early January instead of waiting
until January 23 for the IRS to begin accepting e-filed returns.
The IRS also reminded taxpayers that a new law will require the agency to hold back
tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit
until February 15.
The IRS wishes taxpayers to be aware it will take several days
for these tax refunds to be released and processed through financial institutions.
Factoring in weekends and the President's Day holiday, the IRS is warning many affected
taxpayers may not have actual access to their tax refunds until the week of February
27.
"For this tax season, it's more important than ever for taxpayers to plan ahead,"
IRS Commissioner John Koskinen said in a statement. "People should make sure they
have their year-end tax statements in hand, and we encourage people to file as they
normally would, including those claiming the credits affected by the refund delay.
Even with these significant changes, IRS employees and the entire tax community
will be working hard to make this a smooth filing season for taxpayers."

The Internal Revenue Service said Friday that next tax season will begin on Monday,
Jan. 23, 2017, while warning some taxpayers to expect longer waits for their tax
 refunds. The tax day deadline will be April 18.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The IRS said it would start accepting electronic tax returns on January 23 and it
anticipates more than 153 million individual tax returns to be filed next year.
The IRS believes more than four out of five tax returns will be prepared electronically
using tax preparation software, as was the case last year.
However, even with the January 23 start date, the IRS also pointed out that many
 software companies and tax professionals will begin accepting tax returns before
that date and then they'll submit the returns when the IRS's systems open. The IRS
will also start processing paper tax returns on January 23. The IRS noted there
is no advantage to filing tax returns on paper in early January instead of waiting
until January 23 for the IRS to begin accepting e-filed returns.
The IRS also reminded taxpayers that a new law will require the agency to hold back
tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit
until February 15.
The IRS wishes taxpayers to be aware it will take several days
for these tax refunds to be released and processed through financial institutions.
Factoring in weekends and the President's Day holiday, the IRS is warning many affected
taxpayers may not have actual access to their tax refunds until the week of February
27.
"For this tax season, it's more important than ever for taxpayers to plan ahead,"
IRS Commissioner John Koskinen said in a statement. "People should make sure they
have their year-end tax statements in hand, and we encourage people to file as they
normally would, including those claiming the credits affected by the refund delay.
Even with these significant changes, IRS employees and the entire tax community
will be working hard to make this a smooth filing season for taxpayers."

IRS Works to Help Taxpayers Affected by ITIN Changes

by CDoris Rodriguez on 08/19/16

Renewals Begin in October

 IR-2016-100, Aug. 4, WASHINGTON — The Internal Revenue Service today announced important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October.

Who Has to Renew an ITIN

The IRS emphasizes that no action is needed by ITIN holders if they don’t need to file a tax return next year. There are two key groups of ITIN holders who may need to renew an ITIN so it will be in effect for returns filed in 2017:

  • Unused ITINs. ITINs not used on a federal income tax return in the last three years (covering 2013, 2014, or 2015) will no longer be valid to use on a tax return as of Jan. 1, 2017. ITIN holders in this group who need to file a tax return next year will need to renew their ITINs. The renewal period begins Oct. 1, 2016.

  • Expiring ITINs. ITINs issued before 2013 will begin expiring this year, and taxpayers will need to renew them on a rolling basis. The first ITINs that will expire under this schedule are those with middle digits of 78 and 79 (Example: 9XX-78-XXXX). The renewal period for these ITINs begins Oct. 1, 2016. The IRS will mail letters to this group of taxpayers starting in August to inform them of the need to renew their ITINs if they need to file a tax return and explain steps they need to take. The schedule for expiration and renewal of ITINs that do not have middle digits of 78 and 79 will be announced at a future date.

    How to Renew an ITIN

    Only ITIN holders who need to file a tax return need to renew their ITINs. Others do not need to take any action.

    Starting Oct. 1, 2016, ITIN holders can begin renewing ITINs that are no longer in effect because of three years of nonuse or that have a middle digit of 78 or 79.  To renew an ITIN, taxpayers must complete a Form W-7, Application for IRS Individual Taxpayer Identification Number, follow the instructions and include all information and documentation required. To reduce burden on taxpayers, the IRS will not require individuals renewing an ITIN to attach a tax return when submitting their Form W-7. Taxpayers are reminded to use the newest version of the Form W-7 available at the time of renewal which will be posted in September (Use version “Rev. 9-2016”).

    There are three methods taxpayers can use to submit their W-7 application package to renew their ITIN. They can:

  • Mail their Form W-7 — along with the original identification documents or certified copies by the agency that issued them — to the IRS address listed on the form (identification documents will be returned within 60 days),

  • Use one of the many IRS authorized Certified Acceptance Agents or Acceptance Agents around the country, or  

  • In advance, call and make an appointment at an IRS Taxpayer Assistance Center in lieu of mailing original identification documents to the IRS.

IRS Works to Help Taxpayers Affected by ITIN Changes

by CDoris Rodriguez on 08/19/16

Renewals Begin in October

 IR-2016-100, Aug. 4, WASHINGTON — The Internal Revenue Service today announced important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October.

Who Has to Renew an ITIN

The IRS emphasizes that no action is needed by ITIN holders if they don’t need to file a tax return next year. There are two key groups of ITIN holders who may need to renew an ITIN so it will be in effect for returns filed in 2017:

  • Unused ITINs. ITINs not used on a federal income tax return in the last three years (covering 2013, 2014, or 2015) will no longer be valid to use on a tax return as of Jan. 1, 2017. ITIN holders in this group who need to file a tax return next year will need to renew their ITINs. The renewal period begins Oct. 1, 2016.

  • Expiring ITINs. ITINs issued before 2013 will begin expiring this year, and taxpayers will need to renew them on a rolling basis. The first ITINs that will expire under this schedule are those with middle digits of 78 and 79 (Example: 9XX-78-XXXX). The renewal period for these ITINs begins Oct. 1, 2016. The IRS will mail letters to this group of taxpayers starting in August to inform them of the need to renew their ITINs if they need to file a tax return and explain steps they need to take. The schedule for expiration and renewal of ITINs that do not have middle digits of 78 and 79 will be announced at a future date.

    How to Renew an ITIN

    Only ITIN holders who need to file a tax return need to renew their ITINs. Others do not need to take any action.

    Starting Oct. 1, 2016, ITIN holders can begin renewing ITINs that are no longer in effect because of three years of nonuse or that have a middle digit of 78 or 79.  To renew an ITIN, taxpayers must complete a Form W-7, Application for IRS Individual Taxpayer Identification Number, follow the instructions and include all information and documentation required. To reduce burden on taxpayers, the IRS will not require individuals renewing an ITIN to attach a tax return when submitting their Form W-7. Taxpayers are reminded to use the newest version of the Form W-7 available at the time of renewal which will be posted in September (Use version “Rev. 9-2016”).

    There are three methods taxpayers can use to submit their W-7 application package to renew their ITIN. They can:

  • Mail their Form W-7 — along with the original identification documents or certified copies by the agency that issued them — to the IRS address listed on the form (identification documents will be returned within 60 days),

  • Use one of the many IRS authorized Certified Acceptance Agents or Acceptance Agents around the country, or  

  • In advance, call and make an appointment at an IRS Taxpayer Assistance Center in lieu of mailing original identification documents to the IRS.

NEW RULES IRS 2016

by CDoris Rodriguez on 01/29/16

NEW RULES IRS 2016

FILING END  4/18

PIN(LETTER- 2014   ERROR)

REFUND 21 DAYS

TWO YEARS APROVED  2015-2016

MORTGAGE DEBT

QUALIFIED TUITION

RESIDENTIAL ENERGY

PERMANENT

     AMERICAN OPORTUNITIES

     SALES TAX

     CHILD TAX CARE

      EIC(DUE DILIGENCE)

     TEACHER $250(ELEMENTARY AND SECUNDARY)

      PARKING   $20

ITIN   5 YEARS

ONE ROLLOVER (365) DIAS

INSURANCE

 PENALTIES   325 O 2%     PUEDE APLICAR EXEMPTION

      1095 A (OBAMA)

      1095 B (insurance company)

INCREASE CREDITS

   STANDARD 

     SINGLE   6300

     MARRIED    12600

    HEO    9250

EXEMPT FOR EACH     4000

CHANGES DATE

1065 3/15(BEFORE 4/15)

SCORP 3/15

CCORP   CLOSET  YEAR 4/15

IF CLOSET NOT YEAR AFTER 3 MONTHS  

FISCAL   4 MONTHS AFTER

W-2 AND 1099  AGENCY    2/28   ELECT 3/31

 

IRS Reminds Truckers: For Most, Highway Use Tax Return is due Aug. 31

by CDoris Rodriguez on 08/18/15

IRS Reminds Truckers: For Most, Highway Use Tax Return is due Aug. 31

WASHINGTON — The Internal Revenue Service today reminded truckers and other owners of heavy highway vehicles that in most cases their next federal highway use tax return is due Monday, Aug. 31, 2015.

The deadline generally applies to Form 2290 and the accompanying tax payment for the tax year that begins July 1, 2015, and ends June 30, 2016. Returns must be filed and tax payments made by Aug. 31 for vehicles used on the road during July. For vehicles first used after July, the deadline is the last day of the month following the month of first use.

Though some taxpayers have the option of filing Form 2290 on paper, the IRS encourages all taxpayers to take advantage of the speed and convenience of filing this form electronically and paying any tax due electronically. Taxpayers reporting 25 or more vehicles must e-file. A list of IRS-approved e-file providers can be found on IRS.gov.

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes trucks, truck tractors and buses. Ordinarily, vans, pick-ups and panel trucks are not taxable because they fall below the 55,000-pound threshold. The tax of up to $550 per vehicle is based on weight, and a variety of special rules apply, explained in the instructions to Form 2290.