Thursday, April 28, 2016

For Small Business Week, IRS Features Series of Webinars for Entrepreneurs

WASHINGTON — The Internal Revenue Service is marking National Small Business Week, May 1 to 7, by encouraging small business owners and self-employed individuals to check out several products to help them understand and meet their tax obligations.

The products include a series of educational webinars to help them not only be tax compliant, but also to help their businesses thrive. The webinars start at 2 p.m. Eastern (11 a.m., Pacific; noon, Mountain; 1 p.m., Central). Each webinar topic has a tax tip or fact sheet with more information:
Other Small Business Products
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Reminder for Employers and Providers: File Health Coverage Information Returns

If you are a self-insured employer, applicable large employer or health coverage provider, remember that the deadlines to file information returns with the IRS are approaching. The deadline to provide information returns to employees or responsible individuals was March 31 but for some the deadline to file them with the IRS just over one month away.

This chart provides a reminder about the upcoming filing requirements and the 2016 deadlines.

Reporting Due Dates in 2016 for…

Applicable Large Employers – Including Those That Are Self-Insured
Self-insured Employers That Are Not Applicable Large Employers
Coverage Providers – Other Than Self-Insured Applicable Large Employers*
File 1094-B and  1095-B with the IRS
Not Applicable **
Paper: May 31
E-file: June 30*
Paper: May 31
E-file: June 30*
File 1095-C and 1094-C with the IRS
Paper: May 31
E-file: June 30*
Not Applicable **
Not Applicable **

*If you file 250 or more Forms 1095-B or Forms 1095-C, you must electronically file them with the IRS. Electronically filing ACA information returns requires an application process separate from other electronic filing systems. Additional information about electronic filing of ACA Information Returns is on the Affordable Care Act Information Reporting (AIR) Program page on and in Publications 5164 and 5165.

**Applicable large employers that provide employer-sponsored self-insured health coverage to non-employees may use either Forms 1095-B or Form 1095-C to report coverage for those individuals and other family members.

This chart applies only for reporting in 2016 for coverage in 2015.  In future years, the due dates will be different; see IRS Notice 2016-04 for information about these dates.

Thursday, April 21, 2016

Now is a Good Time to Plan for Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes:
  • Take action when life changes occur.  Some life events can change the amount of tax you owe. Examples  include a change in marital status or the birth of a child. When these happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4, Employee's Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on to help you fill out the form.
  • Report changes in circumstances to the Health Insurance Marketplace.  If you enroll in insurance coverage through the Health Insurance Marketplace for  2016 coverage, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size. Doing so will help you avoid getting too much or too little financial assistance.
  • Keep records safe.  Print and keep a copy of your 2015 tax return and supporting records together in a safe place. This includes  W-2 Forms, Forms 1099, bank records and records of your family’s health care insurance coverage. If you ever need your tax return or records, it will be easier for you to get them. For example, you may need a copy of your tax return if you apply for a home loan or financial aid for college. You should use your tax return as a guide when you do your taxes next year.
  • Stay organized.  Make tax time easier. Have your family put tax records in the same place during the year. That way you won’t have to search for misplaced records when you file next year.
  • Shop for a tax preparer.  If you want to hire a tax preparer to help you with tax planning, start your search now. Choose your tax preparer wisely. Use the Directory of Tax Return Preparers tool on to find tax preparers in your area with the credentials and qualifications that you prefer.
  • Think about itemizing.  You may be able to lower your taxes if you itemize deductions instead of taking the standard deduction. Owning a home, paying medical expenses and qualified donations to charity could mean more tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.
  • Stay informed.  Subscribe to IRS Tax Tips to get emails about tax law changes, how to save money and much more. You can also get Tax Tips on or IRS2Go, the IRS mobile app. You’ll receive Tips each weekday in the tax filing season and three days a week in summer. You will also get Special Edition Tax Tips at other times during the year.
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on

Additional IRS Resources: