01/04/2016
Happy New Year!
We hope that 2015 was a great year for you. Your business last year was greatly appreciated, and we look forward to providing you with the same exceptional service in 2016.
We will begin preparing tax returns on January 4, 2016. The Internal Revenue Service (IRS) will open the 2016 filling season and begin receiving tax returns on Tuesday January 19, 2016. Once prepared and all required documents, (W2’s, 1099's, 1095's etc.) are received, we will be able to transmit returns to the IRS. Our office will begin transmitting tax returns prior to January 19, however the IRS will not pull them into their computers to begin processing until January 19. This is true throughout the entire United States.
The Affordable Care Act (ACA) Impacts Your Taxes:
1) Based on the total number of persons (including yourself) on the tax return and the Income earned during the year, the following taxpayers will NOT be penalized for NOT having health insurance:
Persons on tax return:
1 $16,105
2 $21,707
3 $27,310
4 $32,913
5 $38,516
6 $44,119
7 $49,721
8 $55,324
2) If you purchased insurance for 2015 from the Marketplace/Exchange, you'll receive IRS Form 1095-A in January 2016. This information MUST be entered on your tax return in order to prevent delays in the processing of your refund. The IRS Form 1095-A includes information about healthcare premiums paid and is used to calculate your premium healthcare credit.
3) If you had employer-provided insurance for at least 11 months of 2015, or you purchased coverage through a private exchange or directly from an insurance company for at least 11 months, the ACA's insurance mandate won't impact you.
4) If you did not have insurance for 2 or more months in 2015, you may be subject to a penalty that you must pay on your tax return. The penalty is 2% of your 2015 income or $325 per adult - whichever is HIGHER - and $162.50 per uninsured dependent under the age of 18, up to $975 total per family. We will work to identify any qualifying deductions that may help offset this fee.
New Bank Product:
We will offer a new bank product this year called "E-Advance". There will be two levels of advance amounts, $400 and $750. Depending on the results of the banks underwriters, some taxpayers will qualify for $400, others qualify for $750 and a few may not qualify for either amounts. The bank is expecting an approval rate up to 80%. If you do qualify for the loan, you may receive your qualified amount in the same day you file your return in our office. The bank will begin processing these loan request on the IRS's opening day, Tuesday January 19, 2016.
Dependent Children Who File Tax Returns:
If you claim you child as a dependent, that child cannot claim themself as a dependent on their own return. Bring your dependent child's tax documents in with you and we will prepare their return for FREE!
Warn your family, friends and co-workers of return-preparer fraud and scams!
There are some dishonest preparers who set up shop each filing season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers. These unscrupulous preparers will prey on unsuspecting taxpayers with outlandish promises of overly large refunds. It is important to choose carefully when hiring an individual or firm to prepare your return. Well-intentioned taxpayers can be misled by preparers who don’t understand taxes or who mislead people into taking credits or deductions they aren’t entitled to in order to increase their fee.
With great regard,
Shirley Gaus, CPA
Jerald Gaus, EA
