March 2016 Tax Snacks

snacksTax Snacks: Bite-size tax news and information on the fly

Dates to Remember

March 31:
• 1099s and W-2s are due to IRS for those who e-file
April 15:
• 2015 tax returns are due for individuals and calendar year partnerships and trusts
• 1st quarter 2016 estimated tax payments are due for individuals and calendar year trusts and corporations
• Last day to make an IRA contribution for the 2015 tax year
May 15:
• Tax-exempt organization returns (Form 990 series) are due for calendar year entities

Where’s my refund?

If your personal tax refund is dragging its feet on the trek from the tax authorities to your mailbox, note that many tax jurisdictions offer methods of checking the refund status online or by phone. Here are links to a few that you may find helpful.

Unclaimed 2012 refunds will soon be lost forever

The IRS is holding $950 million dollars of refunds for people who have not filed returns to claim their cash, and if they do not file soon, it will be too late. The statute of limitations for claiming a refund of 2012 individual taxes will close for most people on April 15, 2016. More information may be found on the IRS website.

File a return – even if you cannot pay your tax

Taxes are one of those things that, if you ignore them long enough, they will NOT go away. If in the unfortunate position of not having sufficient funds to pay your tax, do not simply ignore your April 15 filing requirement. Instead, file a return or an extension – even if you cannot pay the tax due that is shown on those documents. This is important because while there are penalties for not paying your tax, there are also penalties for not filing a return when required – and the penalty for not filing can be ten times higher than the penalty for not paying. More information about this, and details regarding how to apply for a payment plan, may be found on the IRS website.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.