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Professional Tax News & Advice

Some Tax Penalty Relief for 1095 Mix-Ups

The IRS is giving clients who got a wrong 1095-A limited relief from tax penalties. Notice 2015-30 provides limited penalty relief for taxpayers who received a Form 1095-A, Health Insurance Marketplace Statement, that was incorrect or delayed and who timely filed their 2014 income tax return, including extensions. [More]

IRS Calls off Employee Furloughs

The Internal Revenue Service is canceling the two days of unpaid employee furloughs it had planned in response to budget cuts. IRS commissioner John Kosknen informed IRS employees that they would not have to worry about the furloughs in a message Wednesday. “Thanks to your efforts to contain costs and other steps taken during the past three months, I am pleased to announce the IRS will not need to shut down later in the year,” he wrote. [More]

Letters Being Sent to Verify Taxpayer Identities

The Internal Revenue Service is sending letters to verify the identity of taxpayers as part of its effort this tax season to combat the growing problem of identity theft.Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a real taxpayer’s name and/or Social Security number. Only those taxpayers receiving Letter 5071C should access idverify.irs.gov. [More]

IRS Issues Revised Publications this Week, 3 out of 5 taxpayers Still Need to File

With almost 59 million tax returns filed so far, the Internal Revenue Service estimates that three out of five taxpayers have yet to file their tax returns, according to statistics released today.
For taxpayers still working on their taxes, the Internal Revenue Service added three revised publications to IRS.gov just this week. These publications will help businesses and individuals understand how to figure depreciation as well as pension options. [More]