Newsletter

Upcoming Tax Deadlines

September

Th 15 Pay the third installment of your 2016 estimated tax – Use Form 1040-ES.

Th 15 Partnerships: File Form 1065 if you timely requested a 5-month extension.

Th 15 Corporations: File calendar year Form 1120 or 1120S if you timely requested a 6-month extension.

Th 15 Corporations: Deposit the third installment of your 2016 estimated tax.

Fr 30 File Form 730 and pay tax on wagers accepted during August.

Fr 30 File Form 2290 and pay the tax for vehicles first used during August.

October

Mo 17 File Form 5500 if you timely requested an extension on Form 5558.

Mo 17 Individuals: File Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension.

Mo 17 Electing Large Partnerships: File Form 1065-B if you timely requested a 6-month extension.

Mo 31 File Form 720 for the third quarter.

Mo 31 File Form 730 and pay tax on wagers accepted during September.

Mo 31 File Form 2290 and pay the tax for vehicles first used during September.

Mo 31 File Form 941 for the third quarter.

Mo 31 Deposit FUTA owed through Sep if more than $500.

November

Th 10 File Form 941 for the third quarter if you timely deposited all required payments.

We 30 File Form 730 and pay tax on wagers accepted during October.

We 30 File Form 2290 and pay the tax for vehicles first used during October.

Tax Relief to Louisiana Storm Victims

Louisiana storm victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief.

Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in East Baton Rouge, Livingston, St. Helena and Tangipahoa parishes will receive this and other special tax relief. Other locations in Louisiana and other states may be added in coming days, based on damage assessments by FEMA.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 11, 2016. As a result, affected individuals and businesses will have until Jan. 17, 2017 to file returns and pay any taxes that were originally due during this period. This includes the Sept. 15 deadline for making quarterly estimated tax payments. For individual tax filers, it also includes 2015 income tax returns that received a tax-filing extension until Oct. 17, 2016. The IRS noted, however, that because tax payments related to these 2015 returns were originally due on April 18, 2016, they are not eligible for this relief. A variety of business tax deadlines are also affected including the Sept. 15 deadline for corporation and partnership returns on extension and the Oct. 31 deadline for quarterly payroll and excise tax returns.

In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due on or after Aug. 11 and before Aug. 26 if the deposits are made by Aug. 26, 2016.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer can seek to have the penalty abated.

New Factors Increase Importance of Withholding Check-Up

There are several new factors that could affect refunds in 2017. A new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against fraud. Taking a closer look at the taxes being withheld can help ensure the right amount is withheld, either for tax refund purposes or to avoid an unexpected tax bill next year.

By adjusting the Form W-4 (the form employers use to figure the amount of federal income tax to be withheld from pay), you can ensure that the right amount is taken out of your pay throughout the year so that you don’t pay too much tax and have to wait until you file their tax return to get a refund (if applicable).

IRS Warns of Back-to-School Scams

The IRS is warning against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”

People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the nation prepare to re-open, it is important for taxpayers to be particularly aware of this scheme going after students and parents.

 

Scammers are constantly identifying new tactics to carry out their crimes in new and unsuspecting ways. This year, the IRS has seen scammers use a variety of schemes to fool taxpayers into paying money or giving up personal information. Some of these include:

  • Altering the caller ID on incoming phone calls in a “spoofing” attempt to make it seem like the IRS, the local police or another agency is calling.
  • Imitating software providers to trick tax professionals — see IR-2016-103.
  • Demanding fake tax payments using iTunes gift cards — see IR-2016-99.
  • Soliciting W-2 information from payroll and human resources professionals — see IR-2016-34.
  • “Verifying” tax return information over the phone — see IR-2016-40.
  • Pretending to be from the tax preparation industry — see IR-2016-28.

If you receive an unexpected call from someone claiming to be from the IRS, here are some of the telltale signs to help protect yourself.

The IRS will never:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

If you get a suspicious phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:

  • Do not give out any information. Hang up immediately.
  • Search the web for telephone numbers scammers leave in your voicemail asking you to call back. Some of the phone numbers may be published online and linked to criminal activity.
  • Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
  • Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
  • If you think you might owe taxes, call the IRS directly at 800-829-1040.