IRS urges taxpayers not to rush; choose return preparers wisely
00:37, Apr 13, 2017
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Affordable Care Act tax penalties have increased for people who do not have qualified health care coverage.
The IRS is alerting consumers to a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. "Thanks to an extensive review by our Account Processing staff during the tax offseason, we have dramatically improved processing operations for the 2017 tax season, allowing us to return tax refund processing times to their historical average, while continuing to fortify security protocols".
Once you've filed, you can track your refund through the IRS - I've put a link to that on my website as well.
But it hasn't happened as often this year, despite more people showing up for tax service.
More than 4 million taxpayers have already filed their 2016 IL individual income tax returns and have received refunds totaling over $760 million. She also was accused of having her clients make checks for taxes owed directly to her, rather than the IRS, and using that money for herself.
If a taxpayer can't pay the balance due all at once, he or she may request a short-term extension to pay, make an installment agreement or even pay with a credit card. This new practice goes against many news reports stating that the IRS doesn't make phone calls. If you don't pay, the amount you owe will be charged interest by the federal government. If you do not have a USA bank account, ask whether your financial institution has a USA affiliate that can help you make same-day wire transfers.
In a small gesture of goodwill, when the failure-to-file and the failure-to-pay penalty both apply to the same month, the failure-to-file penalty is lowered by the amount of the failure-to-pay penalty. If you were looking for fast cash to pay bills in the first place, it's especially important to be careful about how you spend your money.
In general, he said, the IRS penalty for late filing is 5 percent a month up to a total of 25 percent of the unpaid tax.
Myth: My tax return was audited last year and again this year. That spreads the taxes out in roughly the right time period.
"If you have healthcare through the ACA, you have to show you have insurance through the Marketplace", he said.
Remember, you do not have to like the IRS to "like" the IRS. The IRS will give taxpayers and their representative written notice when their account is being transferred to a private collection agency.
You might want to consider changing your tax withholding to reduce the chance that you'll get a refund.
This article was provided by our partners atMoneyTips.