2016 IRS Refund Guidelines
Posted by: Ted on Jan 22, 2016 in News | No Comments
https://www.irs.gov/pub/irs-pdf/p2043en.pdf
UHY LLP Reports: President Obama Signs Tax Extenders Bill Impacting 2015 Taxes for Businesses and Individuals
Posted by: Ted on Dec 31, 2015 in News | No Comments
Posted: Dec 29, 2015 3:49 PM CST
The Protecting Americans from Tax Hikes Act retroactively extends many of the tax provisions that had expired at the end of 2014
Sterling Heights, Michigan (PRWEB) December 29, 2015
Just recently, President Obama signed into law the Protecting Americans from Tax Hikes Act, which retroactively extends many of the tax provisions that had expired at the end of 2014. Rather than continuously extend many of the provisions on an annual basis, Congress elected to make certain provisions within the Act permanent extensions, while many other provisions within the Act were extended for more than one year. The retroactive enactment of this legislation will impact the 2015 taxes for many individuals and businesses.
Among the key provisions that are extended in the Protecting Americans from Tax Hikes (PATH) Act of 2015 are:
INDIVIDUAL PROVISIONS
Permanent Extensions:
Deduction for sales and use tax in lieu of state income taxes
Tax free treatment of distributions from IRA’s where the distributions are donated to charity
The American Opportunity Tax Credit
Above the line deduction for educator expenses of up to $250
Other Extensions:
Mortgage Insurance Premium Deduction for premiums paid or accrued during the tax year was extended through 2016
Exclusion from income arising from the discharge of qualified principal residence indebtedness was extended through 2016
The above the line deduction for qualified tuition is extended through 2016
BUSINESS PROVISIONS
Permanent Extensions:
Research and development credit –
Besides making the research and development (R&D) credit permanent, there are also other provisions regarding the R&D credit within the Act that may benefit taxpayers:
For tax years beginning after 2015, eligible small businesses may use the R&D credit to offset both regular and AMT taxes.
For tax years beginning after 2015, qualified small businesses may use a portion of the R&D credit against payroll taxes that the business may otherwise owe.
15 year recovery period for qualified leasehold improvement property, restaurant property, and retail improvement property
Section 179 expensing of up to $500,000 of qualifying property is permanently extended. The dollar amounts will also be indexed for inflation in the future. The Act also expands the property eligible for Section 179 to now include air conditioning units and heating units.
Reduction in period in which an S-corporation may be subject to built-in gains tax to 5 years from 10 years
100% exclusion of the gain on certain small business stock
Other Extensions:
Work Opportunity Tax Credit is extended through December 31, 2019. This credit will also apply to a new targeted group, individuals who are long-term unemployment recipients.
Bonus Depreciation on qualifying property placed in service before January 1, 2020, subject to phase-outs; 50% bonus depreciation for property placed in service in 2014 through 2017, 40% bonus depreciation for property placed in service in 2018, 30% bonus depreciation for property placed in service in 2019.
The Act relaxes the rules related to bonus depreciation related to qualified leasehold improvements. Under the new law, qualified leasehold improvements are no longer a listed category of assets eligible for bonus depreciation. Instead a new category has been added which is qualified improvement property. Qualified improvement property is an improvement to an interior of a building that is nonresidential real property if the improvement is placed in service after the date the building was first placed in service. There is no longer a requirement that the improvements be subject to a lease, nor that they be done more than three years after the date the building was first placed in service.
ENERGY – RELATED PROVISIONS
the nonbusiness energy property credit for certain energy-efficient improvements to the taxpayer’s main home; extended through 2016;
the credit for alternative fuel vehicle refueling property; extended through 2016;
the credit for two-wheeled plug-in electric vehicles; extended through 2016;
the second generation biofuel producer credit (formerly cellulosic biofuels producer tax credit); extended through 2016;
the incentives for biodiesel and renewable diesel; extended through 2016;
the renewable electricity production credit, and the election to claim the energy credit in lieu of the renewable electricity production credit (except with respect to wind facilities); extended through 2016;
the credit for construction of energy efficient new homes; extended through 2016;
second generation biofuels bonus depreciation; extended through 2016;
the energy efficient commercial buildings deduction; extended through 2016;
the incentives for alternative fuel and alternative fuel mixtures through 2016; and
the credit for new qualified fuel cell motor vehicles; extended through 2016.
The permanent and annual extensions provided in the Protecting Americans from Tax Hikes Act will be very helpful as you plan your business and personal finances. These provisions will provide more certainty in the important decisions you make in the future.
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The IRS announced today that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address.
These third parties gained sufficient information from an outside source before trying to access the IRS site, which allowed them to clear a multi-step authentication process, including several personal verification questions that typically are only known by the taxpayer. The matter is under review by the Treasury Inspector General for Tax Administration as well as the IRS’ Criminal Investigation unit, and the “Get Transcript” application has been shut down temporarily. The IRS will provide free credit monitoring services for the approximately 100,000 taxpayers whose accounts were accessed. In total, the IRS has identified 200,000 total attempts to access data and will be notifying all of these taxpayers about the incident.
As always, the IRS takes the security of taxpayer data extremely seriously, and we are working aggressively to protect affected taxpayers and continue to strengthen our protocols.
Additional information
The IRS announced today it will be notifying taxpayers after third parties gained unauthorized access to information on about 100,000 accounts through the “Get Transcript” online application.
The IRS determined late last week that unusual activity had taken place on the application, which indicates that unauthorized third parties had access to some accounts on the transcript application. Following an initial review, it appears that access was gained to more than 100,000 accounts through the Get Transcript application.
In this sophisticated effort, third parties succeeded in clearing a multi-step authentication process that required prior personal knowledge about the taxpayer, including Social Security information, date of birth, tax filing status and street address before accessing IRS systems. The multi-layer process also requires an additional step, where applicants
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must correctly answer several personal identity verification questions that typically are only known by the taxpayer.
The IRS temporarily shut down the Get Transcript application last week after an initial assessment identified questionable attempts were detected on the system in mid-May. The online application will remain disabled until the IRS makes modifications and further strengthens security for it.
The matter is under continuing review by the Treasury Inspector General for Tax Administration and IRS offices, including Criminal Investigation.
The IRS notes this issue does not involve its main computer system that handles tax filing submission; that system remains secure.
On the Get Transcript application, a further review by the IRS identified that these attempts were quite complex in nature and appear to have started in February and ran through mid-May. In all, about 200,000 attempts were made from questionable email domains, with more than 100,000 of those attempts successfully clearing authentication hurdles. During this filing season, taxpayers successfully and safely downloaded a total of approximately 23 million transcripts.
In addition, to disabling the Get Transcript application, the IRS has taken a number of immediate steps to protect taxpayers, including:
- Sending a letter to all of the approximately 200,000 taxpayers whose accounts had attempted unauthorized accesses, notifying them that third parties appear to have had access to taxpayer Social Security numbers and additional personal financial information from a non-IRS source before attempting to access the IRS transcript application.
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Although half of this group did not actually have their transcript account accessed because the third parties failed the authentication tests, the IRS is still taking an additional protective step to alert taxpayers. That’s because malicious actors acquired sensitive financial information from a source outside the IRS about these households that led to the attempts to access the transcript application.
- Offering free credit monitoring for the approximately 100,000 taxpayers whose Get Transcript accounts were accessed to ensure this information isn’t being used through other financial avenues. Taxpayers will receive specific instructions so they can sign up for the credit monitoring. The IRS emphasizes these outreach letters will not request any personal identification information from taxpayers. In addition, the IRS is marking the underlying taxpayer accounts on our core processing system to flag for potential identity theft to protect taxpayers going forward — both right now and in 2016.
These letters will be mailed out starting later this week and will include additional details for taxpayers about the credit monitoring and other steps. At this time, no action is needed by taxpayers outside these affected groups.
The IRS is continuing to conduct further reviews on those instances where the transcript application was accessed, including how many
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of these households filed taxes in 2015. It’s possible that some of these transcript accesses were made with an eye toward using them for identity theft for next year’s tax season.
The IRS emphasizes this incident involves one application involving transcripts — it does not involve other IRS systems, such as our core taxpayer accounts or other applications, such as Where’s My Refund.
The IRS will be working aggressively to protect affected taxpayers and strengthen our protocols even further going forward.