Unlike the past few tax seasons, you have a few extra days to file your taxes in 2016. This is because 2016 is a leap year and Emancipation Day, a recognized Washington, D.C. holiday, is on Friday, April 15th. In addition to having until April 18th to file your taxes, the following tips can provide additional help in wrapping up your 2016 tax season.
The Premium Tax Credit is a refundable tax credit designed to assist eligible people with moderate incomes afford health insurance purchased through the Health Insurance Marketplace. In California the agency is known as “Covered California.”
The Internal Revenue Service has again issued an urgent warning about telephone scams that continue to claim victims. The pattern seems to be that the thieves make unsolicited phone calls, claiming to be from the IRS and demanding immediate payment of taxes by credit card or wire transfer. The Treasury Inspector General for Tax Administration has received 90,000 complaints about these scams. He estimates that thieves have stolen an estimated $5 million in these scams.
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“Forbes” magazine recently published an informative (and somewhat humorous) article about tax myths widely held by many. We hear these false beliefs every day from tax clients. They deserve repeating. (Thanks, “Forbes”.)
The IRS has announced a new appeals process to begin September 2nd, which hopefully will benefit taxpayers trying to settle their cases. At the 2014 IRS Nationwide Tax Forum in August, it was announced that “the focus is going to be on settling cases” and that “the Appeals staff will not raise new issues.” The stated goal is to enhance customer perceptions of a fair, impartial, and independent Office of Appeals.