Friday, April 15, 2016

Millions Prepare for Tax Deadline

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Mega Refund
04.15.2016




Here is a brief summary over the Tax Deadline for 2015 Income Tax Reporting! Enjoy!




WASHINGTON — The Internal Revenue Service today offered last-minute advice today as more than 10 million taxpayers prepare to file tax returns in the next few days and millions more seek six-month extensions.

Millions of tax returns are expected to be filed each day as the tax deadline approaches, with more than 5 million returns possible on April 18.

According to statistics issued today, the IRS has received 107 million individual income tax returns about 70 percent of the 150.6 million the agency projects that it will receive during 2016.

The IRS reminds taxpayers that quick and easy solutions are available if they can’t file their returns by the April 18 deadline (April 19 for taxpayers in Maine and Mass.).
For those who have yet to file and need more time to finish their returns, tax-filing extensions are available. Remember, this is an extension of time to file; not an extension of time to pay. The IRS projects that it will receive 13.5 million requests for extensions of time to file, the majority of these will be e-filed.



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Source article found at IRS.GOV
For more on the latest tax updates and news, follow us online at MegaRefundIncomeTax.com! 

-Mega Refund


Wednesday, April 6, 2016

DeadLine for 2015 Filing Report!

"Better to Mega" 
Mega Refund
04.06.2016



Here is an article on the latest news from the IRS; filing date changes for the End of the Tax Season!




IRS:


When to file


Generally, April 15 of each year is the due date for filing your federal individual income tax return if you are a calendar year filer whose tax year ends on December 31. If you use a fiscal year (which is a year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day (for example, Friday, April 15, 2016, is Emancipation Day, so tax year 2015 returns are due Monday, April 18, 2016. Taxpayers in Maine and Massachusetts observe Patriots' Day on April 18, 2016, so they will have until Tuesday, April 19, 2016 to file). Your return is considered filed timely if the envelope is properly addressed and postmarked by the due date.

If you served or are serving in a combat zone or a contingency operation, or become hospitalized resulting from an injury received while serving in such an area or operation, after the end of your tax year but before the normal filing due date of your return, you may have additional time to file and pay taxes. You have at least 180 days after you leave the designated combat zone/contingency operation to file and pay taxes. See Publication 3, Armed Forces' Tax Guide. If the Service determines you to be affected by a presidentially declared disaster or a terroristic or military action, you may have up to one year after the due date of your return to file and pay taxes, depending on the deadline specified by the Service. If you are living and working outside the United States and Puerto Rico, please refer to the instructions in Form 4868 (PDF), Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and to Topic 304.

Extensions to file - If you cannot file by the due date of your return, then you can request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you can file Form 4868 by the due date of your return. See Topic 304 for more information. However, an extension of time to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-payment penalty if the payment of tax is not made by the original due date of your return.



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Source information found at IRS.GOV. 
For the latest in Tax law updates and news, follow us online at MegaRefundIncomeTax.com 

-Mega Refund 

Monday, March 28, 2016

California Refunds Update!

"Better to Mega"
Mega Refund
03.28.2016


This update is in response to the late distributions on CA tax return amounts for the 2015 Tax Year. Please take a moment to read through this information from the Franchise Tax Board!




Most Tax Refunds Arrive Within 12 Business Days; Some Take Longer as FTB Seeks To Prevent Tax Theft, Fraud


Sacramento – The Franchise Tax Board (FTB) today reported that most tax refunds are arriving within 12 business days for taxpayers who file electronically and request direct deposit.

However, some refunds can take significantly longer as FTB joins a nationwide effort to protect taxpayers’ money by preventing fraud, tax theft, and other abusive practices. According to the IRS, identity theft and other criminal schemes involving fraudulently filed tax returns are becoming more common.

“No one wants to see refunds delayed,” said Controller Betty T. Yee, FTB chair and the state’s chief fiscal officer. “However, FTB’s anti-fraud efforts help to assure all taxpayers that everything possible is being done to safeguard their hard-earned dollars.”

Since January 1, FTB has issued 4.2 million refunds with an average amount of $700. About 84 percent of all refunds were issued within seven to 12 days when the taxpayer elected to use direct deposit. That figure was down slightly from 90 percent in the past two years.

While most California taxpayers will see no delay, some will be asked by the FTB for more information to confirm the figures reported on their returns. Other returns will go through additional reviews to check for accuracy, completeness, and common indicators of fraud or identity theft.

The IRS reports that scammers have tried to trick taxpayers via threatening phone calls in which they impersonate tax agents and through phishing schemes aimed at stealing sensitive tax information. The U.S. Inspector General last weekurged taxpayers to stay on high alert through the end of the 2016 tax filing season.

The reviews can mean extended processing times for some taxpayers. FTB has taken this action to make sure the correct refund amount is issued to the right person.

Taxpayers may track the status of their refunds at ftb.ca.gov or download the FTB Refund Mobile App available for iPhone.




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Source information at ftb.ca.gov

For the latest in tax news and updates, please follow us on social media or our website at MegaRefundIncomeTax.com ! 

-Mega Refund

Thursday, March 24, 2016

Home Based Business Deductions!

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Mega Refund
03.24.2016

Please take a moment to read one of the latest articles on business deductions for the 2015 tax year. Enjoy!


Tax Time Guide: Many Home-Based Businesses Can Use Simplified Method for Claiming Home Office Deduction; Taxpayers May Deduct up to $1,500 a Year.


WASHINGTON — The Internal Revenue Service today reminded people with home-based businesses filling out their 2015 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home.

This is the fourth in a series of 10 IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as this year’s April 18 deadline approaches.

In tax year 2013, the most recent year for which figures are available, more than 3.4 million taxpayers claimed deductions totaling just over $9.6 billion for business use of a home, commonly referred to as the home office deduction.

Introduced in tax year 2013, the optional deduction is designed to reduce the paperwork and recordkeeping burden for small businesses. The optional deduction is capped at $1,500 per year, based on $5 a square foot for up to 300 square feet.

Normally, home-based businesses are required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers of unused deductions. Instead, taxpayers choosing the simplified method need only complete a short worksheet in the tax instructions and enter the result on their tax return. Self-employed individuals claim the home office deduction on Schedule C, Line 30; farmers claim it on Schedule F, Line 32 and eligible employees claim it on Schedule A, Line 21.

Though homeowners using the simplified method cannot depreciate the portion of their home used in a trade or business, they can claim allowable mortgage interest, real estate taxes and casualty losses on the home as itemized deductions on Schedule A. These deductions need not be allocated between personal and business use, as is required under the regular method.

Business expenses unrelated to the home, such as advertising, supplies and wages paid to employees, are still fully deductible. Long-standing restrictions on the home office deduction, such as the requirement that a home office be used regularly and exclusively for business and the limit tied to the income derived from the particular business, still apply under the simplified method. 


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Source information found at IRS.GOV 

For more on the latest in tax news and updates, please follow us online at MegaRefundIncomeTax.com! 

-Mega Refund

Saturday, March 19, 2016

Tax Time Guide!

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Mega Refund
03.19.2016

The IRS has recently updated and released several tools to help you and your loved ones find the answers you are looking for with ease! Here is a brief article on the updates for this coming year! 




IRS Releases Tax Time Guide: Use IRS.gov Tools for Quicker Answers


WASHINGTON — With a month left before the tax deadline, the Internal Revenue Service today encouraged taxpayers working on their 2015 tax returns to take advantage of the numerous online tools and resources available on IRS.gov.

This is the first in a series of 10 IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as this year’s April 18 deadline approaches. It will offer taxpayers tips on how to get help along with important options and issues to keep in mind as the tax deadline approaches.

The IRS has a wide variety of easy-to-use, online tools on IRS.gov. Through these, taxpayers can check the status of their refund, request a copy of their tax transcript or get an answer to their tax questions around the clock.

“We are doing everything we can to help taxpayers get the assistance they need this tax season," said IRS Commissioner John Koskinen. "IRS.gov and its online tools, such as the Interactive Tax Assistant, can answer most taxpayer questions — getting them the tax help they need, when they need it.” IRS information and some tools also are in Spanish.

The Interactive Tax Assistant takes taxpayers through a series of questions and provides them with responses to tax law questions about credits, deductions and general filing issues. Taxpayers get the same answers as if they’d called and spoken with an IRS representative, and they can print out the answers for their records.


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Source information found at IRS.gov. 

For the latest in tax news and updates follow us on social media & on our website at MegaRefundIncomeTax.com !

-Mega Refund

Monday, March 7, 2016

IRS Alerts for Businesses!

"Better to Mega"
03.07.2016
Mega Refund



 Another alert from the IRS! Helpful tips to aid you in the fight against digital theft in the business sector! Enjoy! 


IRS:


WASHINGTON — The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees.

The IRS has learned this scheme — part of the surge in phishing emails seen this year — already has claimed several victims as payroll and human resources offices mistakenly email payroll data including Forms W-2 that contain Social Security numbers and other personally identifiable information to cybercriminals posing as company executives.

“This is a new twist on an old scheme using the cover of the tax season and W-2 filings to try tricking people into sharing personal data. Now the criminals are focusing their schemes on company payroll departments,” said IRS Commissioner John Koskinen. “If your CEO appears to be emailing you for a list of company employees, check it out before you respond. Everyone has a responsibility to remain diligent about confirming the identity of people requesting personal information about employees.”

IRS Criminal Investigation already is reviewing several cases in which people have been tricked into sharing SSNs with what turned out to be cybercriminals. Criminals using personal information stolen elsewhere seek to monetize data, including by filing fraudulent tax returns for refunds.

This phishing variation is known as a “spoofing” email. It will contain, for example, the actual name of the company chief executive officer. In this variation, the “CEO” sends an email to a company payroll office employee and requests a list of employees and information including SSNs.

The following are some of the details contained in the e-mails:
Kindly send me the individual 2015 W-2 (PDF) and earnings summary of all W-2 of our company staff for a quick review.


Can you send me the updated list of employees with full details (Name, Social Security Number, Date of Birth, Home Address, Salary).


I want you to send me the list of W-2 copy of employees wage and tax statement for 2015, I need them in PDF file type, you can send it as an attachment. Kindly prepare the lists and email them to me asap.

The IRS recently renewed a wider consumer alert for e-mail schemes after seeing an approximate 400 percent surge in phishing and malware incidents so far this tax season and other reports of scams targeting others in a wider tax community.

The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics. E-mails can seek information related to refunds, filing status, confirming personal information, ordering transcripts and verifying PIN information.


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Source information found at IRS.gov. 

For more on the latest in tax news and updates, follow us online at MegaRefundIncomeTax.com! 

-Mega Refund

Thursday, February 25, 2016

LITC Announcement

"Better to Mega"
Mega Refund
02.25.2016





Here is some information from the IRS about the announcement for LITC qualifications! 





WASHINGTON — The Internal Revenue Service today announced it will accept applications for a part-year Low Income Taxpayer Clinic (LITC) matching grant from qualified organizations, in certain identified geographic areas, to provide representation to low income taxpayers and education about taxpayer rights and responsibilities to individuals who speak English as a second language.

The supplemental application period will run from March 1, 2016, to April 1, 2016.

Geographic Underserved Areas in Need of LITC Services

Alabama – Statewide

California – El Dorado, Imperial, Nevada, Placer, Riverside, Sacramento, San Bernardino, Sutter, Yolo and Yuba counties

Colorado – Statewide

Georgia - Statewide

Illinois – Southern Part of the State

Mississippi – Statewide

Nevada – Statewide

New Mexico – Statewide

New York – Nassau and Suffolk counties

North Carolina – Statewide

North Dakota – Statewide

Oklahoma – Statewide

Puerto Rico – Commonwealth-wide

South Carolina – Statewide

Tennessee – Eastern Part of the State

Texas – Statewide

Utah – Statewide

Washington – Central Part of the State




Grants will cover the last six months of the 2016 grant year, from July 1, 2016, to Dec. 31, 2016. Organizations currently receiving grants are not eligible. Grant funds may be awarded for start-up expenditures incurred during the grant year. An organization awarded a part-year grant will be expected to submit a separate application for full-year funding for the 2017 grant year during the 2017 grant application period, when announced later this year.


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Source information at IRS.gov

For the latest in tax law updates and news, please follow us on social media or our website at MegaRefundIncomeTax.com 

-Mega Refund