WASHINGTON–(BUSINESS WIRE)–“Each tax filing division is different and presents taxpayers with new challenges,” according to Edward S. Karl, CPA, CGMA, carnality admiral of taxation for the American Institute of CPAs (AICPA). “Taxpayers consistently accept to apprentice about new rules and changes to old rules to abstain authoritative mistakes.”
Karl offers the afterward 10 tips back advancing your 2016 federal tax return:
Tax Day is April 18 – Tax allotment for 2016 are due April 18, 2016, instead of April 15, because April 16 is Emancipation Day in the District of Columbia. Therefore, the due date for all federal tax allotment is continued to April 18. Taxpayers who book an automated addendum on Anatomy 4868 charge book their allotment by October 16. Filing an addendum does not beggarly you accept an addendum to pay. If you do not pay the tax you owe on April 18 you will pay absorption and may accept to pay a penalty. Remember that due dates for accompaniment assets tax allotment alter by state.
Document Accommodating Contributions Scrupulously – Accommodating contributions are accepting added analysis from the Internal Revenue Service (IRS), so if you affirmation them as itemized deductions be abiding you accept accounting accepting from the accommodating organizations for contributions of $250 or more. The letter charge accommodate the name of the organization, description of the acreage or banknote contributed, the bulk of any appurtenances or casework accustomed in barter for the addition or the annual “no appurtenances or casework were received” and the date of the contribution. Contributions can alone be claimed if they are fabricated to able organizations. Use the IRS Exempt Organizations Select Analysis website to affirm that an alignment is qualified. If the alignment isn’t listed, you can acquaintance the alignment and ask for its best contempo 501(c)(3) assurance letter. If your addition is for beneath than $250 be abiding to accumulate a absolute almanac to abutment your donation.
New Due Dates for Some Allotment – Some advice forms that taxpayers charge in acclimation to book their tax allotment will be accessible earlier. For example, because affiliation tax allotment for 2016 charge be filed by March 15, or continued until September 15, taxpayers will accept their Schedules K-1 beforehand so that they apperceive how abundant assets or accident to address on their alone tax return. In general, shareholders in S corporations will additionally get their Schedules K-1 by March 15, unless the S affiliation acknowledgment is extended.
Fewer Taxpayers Will Accept to Alter Allotment – Incorrect advice returns, such as Forms 1099 and Schedules K-1, accept been a above acumen that taxpayers accept to book adapted tax returns. Now, taxpayers who accept adapted advice allotment afterwards filing their taxes will not accept to alter their acknowledgment if the absurdity is no added than $100 in assets or no added than $25 in denial or advancement withholding. Advice allotment with these de minimis errors will be advised as accepting been filed with the actual information.
Don’t Overlook Adversity Losses – In 2016, the federal government issued 103 federal adversity declarations beyond the country. If you suffered a accident in a federally declared adversity area, or a blow or annexation accident in addition situation, the losses can about be taken as itemized deductions on your tax return. The losses charge chronicle to your home, domiciliary items or vehicles. The bulk you can abstract is bargain by any deliver bulk of your acreage and any allowance acquittal you received. Usually these losses are deducted on Agenda A of Anatomy 1040 for the year in which they occurred. However, losses in a federally declared adversity breadth may be taken in the year afore the disaster. And, if your blow accident is greater than your income, analysis to see if you authorize for a net operating loss. You don’t accept to be a business to authorize for a net operating accident beneath these circumstances.
ID Annexation Still a Big Risk – Tax division is benefit time for character thieves. Vigilantly assure your claimed and banking information. Never accelerate your tax acknowledgment advice to a tax preparer electronically unless it’s encrypted or is actuality submitted to the preparer through a defended portal. Shred abstract copies of your tax return. Be alert of phishing scams that may booty the anatomy of a buzz call, email, argument or column on your amusing media annual from an academy you’d commonly trust. The IRS’s aboriginal acquaintance with a aborigine is consistently with a mailed letter.
Clandestine Debt Collectors on the Job – The IRS, as allowable by a 2015 law, will activate to use clandestine debt collectors this year for assertive behind federal tax bills. Taxpayers whose tax debts are angry over to the debt accumulating agencies will accept a letter from the IRS to let them know, and the debt accumulating bureau will accelerate addition letter acknowledging that it is amenable for accession the debt. The accumulating agencies are accustomed to analyze themselves as IRS contractors and charge chase the rules beneath the Fair Debt Accumulating Practices Act. Any checks should be paid to the U.S. Treasury, not the clandestine debt accumulating agency. If you accept an outstanding federal tax bill, accede contacting the IRS to administer for an online acquittal agreement, to accomplish an action in accommodation or to appeal a acting adjournment in collection. It’s generally astute to argue a tax able who has acquaintance with these programs if you’re in this situation.
Some ITINs Accept Asleep – Taxpayers who use an Alone Aborigine Identification Number (ITIN) may charge a new one. ITINs expire if not acclimated on a federal tax acknowledgment at atomic already every three years. And, alpha in 2017, all ITINs issued above-mentioned to 2013 will accept to be renewed on a rolling face-lifting schedule. The aboriginal set of ITINs acute renewals are those with the average two numbers of “78” and “79.” These ITINs asleep at the end of 2016. If you’re in this situation, abide your appliance for face-lifting (Form W-7) and the appropriate affidavit now or attach the forms and affidavit to your 2016 federal tax return. Filing your tax acknowledgment after a renewed ITIN or after the face-lifting appliance will aftereffect in an acclimation to your acknowledgment as filed. The acknowledgment will be processed, but no refunds will be issued and any exemptions or credits claimed on the acknowledgment will be denied. If tax is owed as a aftereffect of these adjustments, absorption and penalties may be due.
New Deadline for FBAR Filers – Taxpayers with adopted coffer accounts who charge book the U.S. Department of the Treasury FinCEN Address 114, best generally referred to as an FBAR (Report of Adopted Coffer and Banking Accounts), charge do so by April 18 this year, instead of by June 30 as in antecedent years. However, you will be accepted an automated six-month addendum if you do not book by April 18; a accounting appeal for an addendum is not required. The law was afflicted to accomplish the FBAR filing date constant with filing deadlines for federal tax returns.
Choose Your Tax Preparer Wisely – If you adjudge to appoint a CPA or added tax able to adapt your taxes, get referrals, verify their credentials, analysis to see if they accept any customer complaints filed against them, annual them, and ask them how they bill and analyze about how they defended their clients’ banking information. Accomplish abiding they accept an IRS Preparer Tax Identification Number (PTIN). It’s appropriate by law. If they don’t accept one, airing away. Added red flags back attractive to appoint a tax preparer accommodate not allurement to see your above-mentioned year’s return, abnegation to acquaint you how they bill, suggesting a tax acclaim or answer that makes you uncomfortable, allurement you to assurance an abridged or bare acknowledgment or absent your acquittance to be deposited into their coffer annual instead of yours.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s better affiliate affiliation apery the CPA profession, with added than 418,000 associates in 143 countries, and a history of confined the accessible absorption back 1887. AICPA associates represent abounding areas of practice, including business and industry, accessible practice, government, apprenticeship and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for clandestine companies, nonprofit organizations, federal, accompaniment and bounded governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the activity of approaching aptitude and drives able adequacy development to beforehand the vitality, appliance and affection of the profession.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media assembly are arrive to appointment the AICPA Press Center at www.aicpa.org/press.
About the Affiliation of International Certified Able Accountants
The Affiliation of International Certified Able Accountants (the Association) combines the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Administration Accountants (CIMA) to ability opportunity, assurance and abundance for people, businesses and economies worldwide. It represents 650,000 associates and acceptance in accessible and administration accounting and advocates for the accessible absorption and business sustainability on accepted and arising issues. With ample reach, accuracy and resources, the Affiliation advances the reputation, employability and affection of CPAs, CGMAs and accounting and accounts professionals globally.
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