The IRS has a few important reminders as the May 15 filing deadline for many tax-exempt organizations fast approaches. Make sure you file Form 990 if you are required to file. Filing the form is very important for many groups
Category: Tax News
2015 HSA Deduction Limits
The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments. In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the
IRS Scam Warning
IRS Reiterates Warning of Pervasive Telephone Scam WASHINGTON — As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent
EITC Awareness Day
The Internal Revenue Service (IRS) invites community organizations, elected officials, state and local governments, employers, and other interested parties to join a nationwide effort on Earned Income Tax Credit (EITC) Awareness Day, January 31, 2014. IRS estimates four of five eligible
1099-G Online Form Requests
Residents of Connecticut, Missouri, New Jersey, New York and Pennsylvania (and possibly other states) will no longer receive a mailed copy of Form 1099-G, Certain Government Payments, for state and local income tax refunds. These states now require the taxpayer
Business Tax Filing Season Begins January 13
The IRS will begin accepting 2013 business tax returns on Monday, January 13, 2014. This start date applies to both electronically-filed and paper-filed returns. Business returns include any return that posts on the IRS Business Master File (BMF). BMF returns include a variety of income tax and
2014 Tax Season to Open January 31
The Internal Revenue Service announced plans to open the 2014 filing season on January 31 for all 1040 filers filing their 2013 income tax return. This includes all small business owners that file on Schedule C as sole proprietors, Schedule F as Farmers, or Schedule
Expect More Online Self-Services from the IRS
The Internal Revenue Service plans to transition more of its services for taxpayers to online, automated self-service options next tax season to save money and manpower. The IRS said the changes were made following input from stakeholders in the tax community
2014 Standard Mileage Rates
The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from the 2013 rates. The optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical,
Health Insurance
Affordable Care Act Information On March 23, 2010, President Obama signed the Affordable Care Act (ACA) into law, putting in place comprehensive reforms that improve access to affordable health coverage for everyone and protect consumers from abusive insurance company practices. The open enrollment period to purchase health insurance