Issue Number: 2015-52
Inside This Issue
- IRS Extends Due Dates for 1095's
- Security Awareness Tax Tip: Using Credit Bureaus to Help Protect Your Financial Accounts
- EITC Letters 5621 and 5621-A
- Make Estimated Payments with IRS Direct Pay
- IRS Offers Free Rebroadcasts of Two Popular Webinars
1. IRS Extends Due Dates for 1095's
This week the IRS extended the due dates for new health care information reporting forms in 2016. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS. The IRS is prepared to accept filings of the information returns beginning in January 2016. However, providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016. While the due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016, for paper filers and June 30, 2016, for electronic filers, employers and other coverage providers are encouraged to furnish statements and file the information returns as soon as they are ready.
- Due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax returns.
- While these forms may assist in preparing a return, they are not required.
- Like last year, taxpayers can prepare and file their returns using other information about their health insurance.
- Individuals do not have to wait for their Forms 1095-B or 1095-C to file.
The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A. Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by Feb. 1, 2016, and should wait to file their returns until they receive Form 1095-A.
The IRS has posted a set of questions and answers that introduce the new Forms 1095-B and 1095-C. The questions and answers explain who should expect to receive the forms, how they can be used, and how to file with or without the forms.
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2. Security Awareness Tax Tip: Using Credit Bureaus to Help Protect Your Financial Accounts
If you or your client are a victim of identity theft, you should contact one of the three major credit bureaus to place a “fraud alert” on your credit account. This critically important step makes it harder for identity thieves to open new, fraudulent financial accounts, such as bank or credit card accounts, in your name.
Find other security tax tips on IRS.gov.
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3. EITC Letters 5621 and 5621-A
The IRS is sending letters to some taxpayers who may not be entitled to some or all of the Earned Income Tax Credit (EITC) claimed on their 2014 tax returns. If your client receives a letter, he or she is asked to review their 2014 tax return for accuracy and, if needed, file an amended tax return to make corrections. Taxpayers who filed questionable EITC claims may receive one or both of the following letters:
-- Letter 5621asks the taxpayer to review his/her tax return to determine if the children claimed each met all the qualifying child rules for the credit
-- Letter 5621-Aasks the taxpayer to review his/her tax return to determine if all the income and expenses reported from self-employment on Schedule C or Schedule C-EZ are complete and correct
For more information on your due diligence requirements, visit the Tax Preparer Toolkit on EITC Central.
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4. Make Estimated Payments with IRS Direct Pay
IRS Direct Pay is a free way to make Form 1040-ES estimated tax payments. Remind your clients that payments made through Direct Pay before 8 p.m. EST on Jan. 14 will meet the Jan. 15 deadline, if successfully processed.
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5. IRS Offers Free Rebroadcasts of Two Popular Webinars
Register for the Jan. 13 rebroadcast of the 2½-hour webinar “Practicing Before the IRS – Circular 230 A to Z.”
The webinar includes a live Q & A session with OPR Director Stephen Whitlock.
Also register for the 1½-hour Jan. 20 rebroadcast of the Tangible Property Regulations webinar.
Continuing education credits are available for both webinars.
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