Posts tagged "filing requirements"

FTB Changed Tax Return Due Dates for Business Entities

Remember: The California Franchise Tax Board (FTB) changed the tax return due dates for returns filed by business entities. The original return date is now April 15 for calendar-year filers (one month later than it used to be), and the 15th day of the 4th month following the close of the taxable year for fiscal-year filers. The extended due dates remain unchanged.

Chief of Staff May Serve Prison Time for Failure to Pay Income Taxes

What happens when the chief of staff to a Congressman (and former Democratic staff director for the Homeland Security Committee) fails to file or pay income tax for six or more years in a row? It appears, not much.

IRS Filing Deadline for Employers and Health Coverage Providers

Self-insured employers, applicable large employers, and health coverage providers must electronically file their Forms 1094-B and 1095-B by June 30, 2016. Paper returns were due May 31, 2016.

IRS Webinar: Overseas Filing for US Taxpayers

The Internal Revenue Service is presenting "Overseas Filing for US Taxpayers" in webinar format on May 25, 2016 from 1:00pm-3:00pm EDT. You must register to attend this webinar. The session will be recorded. To register, click here.

Foreign Account Tax Compliance On the Rise

A record number of US taxpayers are coming into compliance with their foreign filing requirements, with 1,163,229 Forms 114 (Report of Foreign Bank and Financial Accounts, or FBAR) filed for 2015---an 8 percent increase from 2014. FBAR filings have increased at an average rate of 17 percent per year for the last five years.

IRS Owes Taxpayers $950 Million in Refunds for 2012

On March 10, 2016, the Internal Revenue Service ("IRS") announced that it has $950 million unpaid tax refunds due to an estimated one million tax payers who did not file their federal income tax return for 2012. The IRS estimates the midpoint value of a potential refund is $718---half of the refunds will be less and half will be more.

Confusion Over IRS Identity Protection PINs

Taxpayers have been receiving letters with incorrect Identity Protection PIN numbers from the IRS. Notices are listing an incorrect filing year, the agency reported, which has created confusion for many taxpayers and tax professionals. According to a statement updated on January 15, 2016, the PIN numbers issued are, in fact, valid for filing year 2015 (despite the filing year being listed as 2014).

2014 State Tax Brackets Released

The California Franchise Tax Board announced that with the 0.5 percent increase in inflation over the last fiscal year, adjustments have also been made to income tax brackets, filing requirement thresholds, the standard deduction and certain credits for tax year 2014.

Contact the Law Office of Williams & Associates

For more information about our tax law services, or to discuss your tax matter, call our Sacramento office at (916) 488-8501 or toll free at (800) 684-7147. You may also send us an inquiry via email.

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