- Employers – Important Due Date Approaching
- Beginning in 2015, Applicable Large Employers are required to file a new informational return – 1095-C, Employer-Provided Health Insurance Offer and Coverage. One of these informational returns must be provided to each full-time employee and filed with the IRS, along with a Form 1094-C transmittal form, by the due dates listed below.
- Penalty for Not Having Health Insurance Surprises Many
- Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn't realize the penalty is being phased in over a three-year period between 2014 and 2016, and the increases are substantial each year.
- Don't Have a Retirement Plan? Maybe a SEP Is the Answer.
- If you are like many small business owners, you probably find the year-end period to be a very busy time. You can't close your books and determine your business's profit until after the close of the year, and if this has been a good year, you may want to establish a retirement plan and make a contribution for 2015.
- Automatic Tax Filing Extensions Available
- A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 deadline.
- IRS Gearing Up For Home Mortgage Interest Audits
- Many individuals who believe all of the interest reported by home mortgage lenders on the Form 1098 is automatically deductible may be in for a very unpleasant surprise when they file their 2016 tax returns. For many, all of the interest is not deductible, and Congress has mandated new reporting requirements for lenders that will help the IRS identify taxpayers who are deducting more than they are entitled to.
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