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2016 FILING REQUIREMENTS FOR MOST TAXPAYERS
2016 FILING REQUIREMENTS FOR DEPENDENTS: If the taxpayer’s parents (or someone else) can claim him or her as a dependent, use this chart to see if you must file a return. In this chart, unearned income includes taxable interest, ordinary dividends, and capital gain distributions. Earned income includes wages, tips, and taxable scholarship and fellowship […]
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2017 New Tax Returns Due Dates
President Obama signed the short-term highway funding extension, H.R. 3236, into law on Friday, July 31, 2015. Included in that law were a series of revised filing deadlines for numerous taxpayers. The most notable are as follows: Partnerships (and entities taxed as partnerships) filing Form 1065: Calendar year filers will be due March 15th (previously […]
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Due to requirements for certain taxpayers to renew their Individual Tax Identification Number (ITIN), the IRS has released an updated Form W-7. A new screen has been added to Drake Software 2015 that allows the completion of the updated version of the form. (See How to Renew in Drake, below.) Who Needs to Renew ITIN […]
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Changes in ITIN Rules on the Way
Taxpayers with Individual Taxpayer Identification Numbers (ITINs) will have a different set of rules for the 2017 income tax filing season. The changes are the result of the Protecting Americans from Tax Hikes Act, better known as the PATH Act, which was passed in 2015. The revisions center around those ITINS that may have gone […]
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Expect Refund Delays for 2016 Tax Year
Last December, the PATH Act made permanent several tax extensions and incentives, including the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). It also included a provision that will delay refunds related to those two now-permanent tax credits. When Congress increased the IRS budget by $290 million at the end of last […]
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