2016 Tax Filing Season News, Updates and Information
Expecting a refund? Some Refunds must be held until Feb. 15 2017
* According to a new tax law change, the IRS cannot issue refunds before Feb. 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.
* This applies to the entire refund, even the portion not associated with these credits.
* The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely WILL NOT arrive in bank accounts or debit cards until the week of February 27.
* Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.
* You don’t need to wait until Feb. 15 to file your tax return. While the IRS must hold the refund until Feb. 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.
* File a complete and accurate return and include all known refundable credits with your original return.
* Check “Where’s My Refund” on IRS.gov or the IRS mobile app, IRS2Go, after February 15 for your personalized refund status.
Affordable CARE FORMS ACA OBAMAA CARE Forms 1095-B or 1095-C FORMS
On November 18, 2016,
The IRS extended the 2017 due date for providing 2016 health coverage information forms to individuals to March 2, 2017
This includes to Insurers, self-insuring employers, other coverage providers, and applicable large employers
now have until to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date
of January 31 2017.
IF you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.