IR-2015-29, Feb. 13, 2015 WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital...
Learn MoreGet up-to-date refund information using Where’s My Refund? or the IRS2Go mobile app. Where’s My Refund? is updated no more than once every 24 hours, usually overnight. Refunds are generally issued within 21 days after we receive your tax return. You should only call if it’s been longer. When to check status… •Within 24 hours after we’ve received your e-filed tax return •4 weeks after you mail your paper return •”Where’s My Refund?” is updated no more than once every 24 hours What you need… •Social Security Number, or Individual Taxpayer Identification Number •Filing status •Exact refund amount How… •Get your refund status at Where’s My Refund?...
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IRS YouTube Video: IRS2Go: English WASHINGTON — The Internal Revenue Service today announced the release of IRS2Go 5.0, an update to the only official IRS smartphone application, compatible with both Apple and Android devices. Download IRS2Go free of charge for Android devices from the Google Play Store or from the Apple App Store for Apple devices. Use it to check your refund status, watch the IRS YouTube channel, find free tax preparation help, get IRS news as soon as it’s released, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. “The new version of IRS2Go provides taxpayers another way to quickly get information and help around the clock,” said IRS Commissioner John Koskinen. “The IRS is focused on providing taxpayers with convenient self-service tools like IRS2Go, but it’s important to remind taxpayers to only use official IRS products to safeguard their personal information.” Users who have already downloaded past versions of IRS2Go should make sure to update their devices with the most current official- and completely free-version of the app by visiting the Apple App or Google Play Store. The newest version of the free mobile app offers a number of safe and secure ways for taxpayers to access other popular tools and the most up-to-date tax information, including: Refund Status. Taxpayers can check the status of their federal tax refund through IRS2Go. People simply enter their Social Security number, which will be masked and encrypted for security purposes, then select their filing status and enter the amount of their anticipated refund for their 2014 tax return. Free Tax Prep Providers. The IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify. This brand new tool on IRS2Go will help taxpayers find the nearest volunteer tax help site to their home by simply entering their zip code and selecting a mileage range. By clicking on the directions button within the results, the maps application on the device will load with the address, making it easy to navigate to your desired location. Stay Connected. Taxpayers can interact...
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Listed below are links to basic federal tax information for people who are starting a business, as well as information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. Information about specific industries can be found on the Industries/Professions Web page. For information regarding state-level requirements for starting and operating a business, please refer to your state’s website. What New Business Owners Need to Know About Federal Taxes Is it a Business or a Hobby? Selecting a Business Structure Employer Identification Number (EIN) Business Taxes Recordkeeping When Do I Start My Tax Year? Checklist for Starting a Business Types of Retirement Plans Small Business...
Learn MoreIRS YouTube Videos ID Theft: IRS Efforts on Identity Theft: English | Spanish | ASL IRS Identity Theft FAQ: First Steps for Victims: English | ASL IR-2015-07, Jan. 26, 2015 WASHINGTON — The Internal Revenue Service today issued a filing season alert warning taxpayers to watch out for identity theft at tax time, one of the year’s “Dirty Dozen” tax scams. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number. “We remain dedicated to stopping tax-related identity theft and protecting taxpayers, and we are making important progress on that front. Taxpayers still need to be extremely careful and do everything they can to avoid becoming a victim,” said IRS Commissioner John Koskinen. The Dirty Dozen is compiled annually by the IRS and lists a variety of common scams taxpayers may encounter any time during the year. Many of these con games peak during filing season as people prepare their tax returns or hire someone to do so. This year for the first time, the IRS will issue the individual Dirty Dozen scams the next 12 business days to raise consumer awareness. “Scams can be sophisticated and take many forms. We urge people to protect themselves and use caution when viewing e-mails, receiving telephone calls or getting advice on tax issues,” Koskinen said. “Keep your personal information safe and secure. Taxpayers should protect their computers and only give out their Social Security numbers when absolutely necessary.” Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. While the IRS has made significant strides over the past several years to address this issue, it remains a top concern for the IRS, which is why identity theft remains on the Dirty Dozen again list this year as the IRS works to protect taxpayers and help victims. As a result of these aggressive efforts to combat identity theft from 2011 through October 2014, the IRS has stopped 19 million suspicious returns and protected over $63 billion in fraudulent refunds. For 2015, the IRS will continue to increase both the number and efficiency of the identity theft data models and filters that are used to identify potentially fraudulent returns....
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About Your Notice If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information. IRS Notice Redesign Currently, the IRS is in the process of redesigning and revising its correspondence with taxpayers for clarity, effectiveness and efficiency. The new format includes a plain language explanation of the nature of the correspondence, clearly states what action the taxpayer must take and presents a clear, clean design. Redesigned Notices Notice Number Description Topic CP01 We received the information that you provided and have verified your claim of identity theft. We have placed an identity theft indicator on your account. Identity Theft CP01A This notice tells you about the Identity Protection Personal Identification Number (IP PIN) we sent you. Identity Theft CP01F This notice invites you to get an Identity Protection Personal Identification Number (IP PIN) and explains its purpose. Identity Theft CP01H You received a CP 01H notice because we were unable to process your tax return. The IRS has locked your account because the Social Security Administration informed us that the Social Security number (SSN) of the primary or secondary taxpayer on the return belongs to someone who was deceased prior to the current tax year (before January 1, 2010 for a 2010 tax return). CP01S We received your Form 14039 or similar statement for your identity theft claim. We’ll contact you when we finish processing your case or if we need additional information CP02H You owe a balance due as a result of amending your tax return to show receipt of a grant received as a result of Hurricane Katrina, Rita or Wilma. Balance Due CP03C You received a tax credit (called the First-Time Homebuyer Credit) for a house you purchased. You may need to file a form to report a change in ownership to...
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