IRS has issued a news release announcing that the 2017 tax filing season will begin Jan. 23, 2017. Additionally, due to the Emancipation Day holiday, the filing deadline to submit 2016 tax returns will be Apr.
Ohio employees making minimum wage are entitled to an extra five cents per hour in 2017. Due to inflation, Ohio’s minimum wage rate increased from $8.10 to $8.15 for non-tipped workers and $4.08 for tipped workers. The wage rate applies to all employers with annual receipts of at least $299,000 (up from $297,000 in 2016).The federal minimum wage remains at $7.25 per hour.
There are changes to the Free Application for Federal Student Aid (FAFSA) this year and it is important to get it done early. It is beneficial to start thinking about filling your 2017-2018 Free Application for Federal Student Aid (FAFSA).The federal government has adjusted both the filing period and the information required in an effort to start the process earlier and make it easier and more accurate.The FAFSA opened this year (and in future years) on October 1, months earlier than in previous...
An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is six months, which extends the due date for submitting your final returns from April15 to Oct. 15*.
Tax-related identity theft continues to be an ever-growing national crisis. The Government Accountability Office (GAO) estimated that in tax year 2013, fraudulent tax refunds misdirected to identity thieves was about $5.8 billion and impacted over 2.4 million U.S. taxpayers.
There have been several changes in due dates for some federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year for calendar year-end filers. These modifications relate mostly to flow-through entities, including S corporations and partnerships that provide Schedule K-1s (partner’s/shareholder’s share of income, deductions, credits, etc.), containing investment information of partners/shareholders.The new due dates will allow for earlier access to th...
2016 E-File Income Tax ReturnsRequire a Copy of Your Driver's License or State IDDuring this tax filing season, states are requiring tax return preparers to include driver's license numbers (or another form of state-issued identification) on e-filings, as a measure to help combat identity and refund theft.In states that require it, failing to include this mandatory information will prevent accountants from e-filing taxpayers' return. This is an effort to combat identity theft, reduce verifi...
The IRS will start processing most returns on January 24, but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15, 2017.The IRS will begin processing tax returns on January 24, 2017, for taxes paid/owed in 2016. In general, the IRS says that returns with refunds are processed and payments issued within 21 days.
