Ever wonder which past due debts can reduce your federal tax refund? Find out here…

The Treasury Offset Program, which is run by Bureau of the Fiscal Services (BFS), can use all or part of your federal refund to settle certain unpaid federal or state debts. Offsets to Pay Certain Debts.  Past due federal tax debt may reduce your tax refund. The BFS may also use part or all of …

The date for many retirees to take required minimum distributions (RMD) approaches!

"Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions" The IRS released a reminder to taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to …

Taxpayers not expected to pay additional taxes based on corrected Form 1095-A.

Statement from a Treasury Spokesperson on Forms 1095-A 3/20/2015 WASHINGTON - In light of today’s announcement—regarding additional incorrect information on certain Marketplace tax statements (Forms 1095-A)—the Department of the Treasury is expanding the relief it announced previously on February 24,which will mitigate any harm to tax filers.  Any individual who enrolled in qualifying Marketplace coverage, received …

You have until April 15, 2015 to contribute to an IRA for 2014!

Issue Number:    IR-2015-50 Tax Time Guide: Still Time to Contribute to an IRA for 2014 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. Though contributions to Roth IRAs are not …

IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2011 Federal Income Tax Return!

IR-2015-44, March 11, 2015 WASHINGTON — Federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011, the Internal Revenue Service announced today. To collect the money, these taxpayers must file a 2011 tax return with the IRS no …

Did you know unemployment benefits are taxable? Five key facts about unemployment benefits…

1. Unemployment is taxable.  You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, Certain Government Payments by Jan. 31 of the following year. This form will show the amount paid to you and the amount of any federal income tax withheld. 2. Paid under U.S. or state law.  There …

Does the Net Investment Income Tax (NIIT) apply to you?

IRS Tax Tip 2015-27 How to Determine if the Net Investment Income Tax Applies to You If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are …

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