The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the
Category: Tax Update
3rd Quarter 2014 Estimated Taxes Due
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 16, 2014. What are the filing dates for federal quarterly estimated tax payments?
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 Gives Tax Relief To Oklahoma Tornado Victims
Return Filing and Tax Payment Deadlines Extended to Sept. 30, 2013 WASHINGTON –– After the devastating tornado in Moore and Oklahoma City, the Internal Revenue Service has provided tax relief to individuals and businesses affected by this and other severe storms
IRS Gives Boston Taxpayers 3-Month Extension
TACCT extends our thoughts and prayers to all who have been affected by the events that occurred at the Boston Marathon. The Internal Revenue Service granted a three-month tax filing and payment extension to Boston-area taxpayers and others affected by
IRS Swamped
The Internal Revenue Service said Tuesday that its Modernized e-File Prouction system is taking longer to generate federal acknowledgments for tax return filings. The IRS said the situation “may continue throughout the remainder of the day as receipts increase” of
Business e-File Starts February 4
Many businesses will be able to file their 2012 federal income tax returns starting Monday, February 4. The Monday opening covers non-1040 series business returns for calendar year 2012, including Form 1120 filed by corporations, Form 1120S filed by S
Education Tax Credit Returns on Hold until Mid-February
Taxpayers using Form 8863, Education Credits, can begin filing their tax returns after the IRS updates its processing systems. It was discovered during testing that programming modifications are needed to accurately process Form 8863. Form 8863 is used to claim two higher
IRS Annual Inflation Adjustments for 2013
WASHINGTON — The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.