IMRS Hot Issues
Important Information Concerning the Affordable Care Act (ACA)
- Publication 5187 explains how taxpayers enroll in minimum essential coverage, qualify for an exemption, or make a shared responsibility payment. It also provides information about the premium tax credit. The publication includes a glossary that defines ACA-related terms.
- IRS Health Care Tax Tips help people understand how the health care law affects their federal income tax returns.
- Visit HealthCare.gov/taxes for tools that will help taxpayers fill out Forms 8965 and 8962.These forms are used by taxpayers claiming a health coverage exemption and the premium tax credit.
- The Affordable Care Act’s Employer Shared Responsibility Provision
For more information about the Affordable Care Act and filing your 2014 income tax return visit IRS.gov/aca
Refund Information for Filing Season 2015
Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community, is now available on IRS.gov. The publication contains the latest guidance on communicating with your clients about refunds, direct deposit limits and more.
Form 8922, Third-Party Sick Pay Recap
Beginning with tax year 2014 (processing year 2015) taxpayers will file 2014 Form 8922 with IRS. This form replaces the Third-Party Sick Pay Recaps that were filed on Form W-2 and Form W-3 with the Social Security Administration. Form 8922 for 2014 sick pay must be filed by March 2, 2015. The full article can be found on page 5 in the fall edition of Publication 1693, the SSA/IRS Reporter.
Filing and paying your taxes should be as convenient as possible. That's why the IRS provides you with many helpful tools, including the following featured interactive forms, calculators and tools:
- Interactive Tax Assistant (ITA) - Explore a new tax law resource that takes you through a series of questions and provides you with responses to tax law questions.
- Tax Trails - Get answers to many common tax questions.
- Electronic Filing PIN Request - Get your Electronic Filing PIN, a one-time code used to verify your identity when you submit your tax return electronically.
- Direct Pay (for individuals) - Pay from your bank account within a free, secure session.
- Where's My Refund? - Check the status of your refund online within 24 hours after we have received your e-filed return or 4 weeks after you mail a paper return.
- Online Payment Agreement - Determine if you're eligible and apply for an online payment agreement if you have a tax liability you can't completely pay today.
- IRS Withholding Calculator - Estimate the amount that should be withheld from your paycheck for federal income tax purposes.
- Get Transcript for My Tax Records- View your transcript online and print immediately.
To locate all our tools, go to IRS.gov and search “Tools.”
Guidance Regarding the Retroactive Increase in Excludible Transit Benefits
Notice 2015-02 provides guidance on issues related to the retroactive increase in the monthly transit benefit exclusion for the period from January 1, 2014 through December 31, 2014.