Monthly Archives: December 2016

Some Refunds Delayed in 2017

A new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review.

Some Refunds Delayed in 2017

Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns claiming the EITC or the ACTC until mid-February. The IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the agency more time to help detect and prevent fraud.

”This is an important change as some of these taxpayers are used to getting an early refund,” said IRS Commissioner John Koskinen. “We want people to be aware of the change for their planning purposes during the holidays. We don’t want anyone caught by surprise if they get their refund a few weeks later than in previous years.”

Tax Tips for Deducting Gifts to Charity

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind:

Tips for Safe Holiday Online Shopping

The holiday online shopping season is a prime time for cybercriminals and identity thieves to trick shoppers into giving up financial, identity or password information.

The IRS has launched a public awareness campaign called “Taxes. Security. Together.” and also launched a series of security awareness tips that can help protect you from cybercriminals.

Here are a few basic steps to make your shopping season safer:

IRA Year-End Reminders

Whether you are still working or retired, you should periodically review your IRAs. Here are few things to remember.

Contribution limits

If you’re still working, review the 2016 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. You can make 2016 IRA contributions until April 17, 2017.

Upcoming Tax Deadlines

December

Th 15 Corporations: Deposit the fourth installment of your 2016 estimated tax.

January

Tu 17 Pay the final installment of your 2016 estimated tax – use Form 1040-ES.

Tu 17 Farmers and fishermen: Pay your estimated tax for 2016. Use Form 1040-ES.

Tu 31 Individuals: File your tax return if you did not pay your last installment of estimated

tax by Jan 17th (see Form 1040-ES)

Tu 31 File Form W-3 with Copy A of all Forms W-2 issued for 2016.

Tu 31 Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2016. Furnish Form W-2 to employees who worked for you during 2016.

Tu 31 File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.