Posts Tagged ‘2016 tax season’

Readers Were Happy To Leap Into Tax Season This February

Friday, March 4th, 2016

Upon reviewing our most popular blog posts for the month of February we are left to conclude that it is once again that time of year – tax season.

February’s most read blog posts were mostly tax related. From additional insight into the Affordable Care Act, to recommendations about how to report your fantasy football winnings and updates about Ohio’s identity theft quiz; one thing is certain – this is shaping up to be another busy year in the world of taxes.

Read on to find out what others were reading in February.

  1. Are Your Employees Skimming From The Top? A question from one of our readers: As a new business without a cash register, what is the best way (accounting method-wise or other) to protect cash receipts from sales against employee theft or dishonest activity? Want the answer? Keep reading to find out how to prevent fraud in your small business.
  2. Five Reasons To Fall In Love With Your Financial Advisor While your financial advisor is probably the last person you are thinking about during those romantic holidays, you may want to reconsider and here’s why
  3. Don’t Miss Your Chance To Secure Tax-Free Wealth We already know that making contributions to tax deferred retirement accounts (i.e. deductible IRAs, SEPs, SIMPLEs and 401(k) plans) is the most obvious way to reduce your current year taxes, but with a little planning, you could develop a strategy to avoid paying future taxes as well. Take a look at these five tax advantage savings ideas and discover how easy it can be to hold on to more of your money.
  4. How Far Back Can The IRS Go For Tax Auditing? As usual, this is a pretty critical topic for our readers, which is why it’s a top blog post again this month! Read on to learn how far back the IRS can audit your tax return.
  5. Theft Safeguards To Cause Tax Return Delays In Ohio Get ready to watch your mailbox – at least if you want to make sure you get your state tax refund. The Ohio Department of Taxation will once again ask some Ohioans to confirm their identity before their refunds are issued. Why? Keep reading to find out.

We have a lot more tips and tidbits coming up in March, so make sure you have subscribed to our blog so you don’t miss a single post.

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IRS Gives Business Owners The Gift Of More Time

Monday, January 4th, 2016
Form 1095 Deadline Extended - Ohio CPA Firm

Failure to comply with provisions set forth in the ACA can lead to catastrophic penalties, which is why we have actively sought to inform business owners of their responsibility to file Form 1095-C. Unfortunately, we knew that while we could successfully inform many businesses in advance of the original deadline – some were going to be left behind. Time, it seemed, just wasn’t on our side. But the IRS saw this threat and, as 2015 came to a close, took action to delay the 1095-C reporting deadline – (hopefully) keeping many small businesses intact.

While some taxpayers may be rejoicing after learning that the IRS has delayed 1095-C reporting deadline, it’s important to remember that this late Christmas gift may not be as great as it seems – especially when it comes to meeting the deadline to file your individual tax return.

Read Also: Make BIG Changes Or Face BIG Fines

1095-C Reporting Deadline Postponed

As you may already know, failure to comply with provisions set forth in the Affordable Care Act can lead to catastrophic penalties, which is why we have actively sought to inform business owners of their responsibility to file Form 1095-C. Unfortunately, we knew that while we could successfully inform many businesses in advance of the original Jan. 31 deadline – some were going to be left behind. Time, it seemed, just wasn’t on our side. But the IRS saw this threat and, as 2015 came to a close, took action to delay the 1095-C reporting deadline – (hopefully) keeping many small businesses in tact.

Employers now have until March 31 to provide employees with Form 1095-C and the deadline to file the form electronically with the IRS was moved to June 30. The IRS also extended the deadlines for 1095-Bs to these new dates as well.

Remember, all 2014 large employers are required to file these forms, based on 2015 data. Per employee penalties will accrue for those who file late or fail to file. Some businesses may be considered large employers under the ACA, and not even know it; but there are ways to determine your employer status before it’s too late.

That Sounds Great, Except …

Now for the bad news – there will be some individual tax payers who may not get these forms to us until the first week of April. For most taxpayers, this will simply require some additional due diligence with no delay to filing their tax return. However, there will be some individuals who will likely have to file an extension if they do not get their forms in time. Don’t be afraid of tax extensions. As long as you work proactively with your tax advisor, there is absolutely nothing to worry about. In fact, filing a tax extension could be very helpful. Click here to get “The Truth About Tax Extensions”

You Do Not Have Permission To Do Nothing

You’ve been given extra time. Now let’s make the most of it. Rea & Associates is still accepting new clients for 1095-C Form preparation projects, And, as we have previously stated, the top payroll companies are already booked to capacity with wait lists growing by the day. If you haven’t started on this project yet and know that you should, take advantage of this delay and email me for help. My team here at Rea can also help you determine if your business is considered a large employer – which can keep you from being blindsided when the IRS determines that you do, indeed meet the large employer qualifications.

By Joe Popp, JD, LLM (Dublin office)

Want to learn more about your responsibilities under the ACA? These articles will provide you with more insight:

The Cost Of Reimbursing Employees For Health Care

Obamacare: Discrimination Is Not An Option

Secure Form 1095-C Help Now And Avoid Penalties

 

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What companies can do now to get ready for the 2016 tax season

Monday, October 5th, 2015

It’s time to do your business tax planning and, just like a doctor’s check-up, if you decide to skip it, you may regret it.

You could face a larger tax bill because you weren’t in close enough contact with your advisers when you did a transaction, changed a policy or practice, or amended what you are doing with insurance. You may encounter wide swings in income and tax due from one year to the next if you don’t check in with your advisers.

Smart Business recently interviewed Tracy Kaufman and Joe Popp about tax strategies business can implement now to prepare for the upcoming 2016 tax season. Want to learn more and see what you can start doing now? Check out the interview on Smart Business’s website.

What to read more posts about tax planning strategies? Check these out:

The Truth About Tax Extensions

Is Simplicity Worth The Cost Of Peace Of Mind?

5 Tax Deductions To Ease Your Business’s Tax Burden

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