March 2015 – Quick Updates

March 16 is the deadline for calendar-year corporations to file 2014 income tax returns.

March 16 is the deadline for calendar-year corporations to elect S corporation status for 2015.

March 31 is the deadline for electronic filing of 2014 information returns with the IRS.

March 31 is the deadline for employers to electronically file 2014 W-2s with the Social Security Administration.

The IRS will waive some penalties related to advance payments of the premium tax credit for health insurance purchased under the ACA.

The IRS says taxpayers held $5.3 trillion in IRAs in 2012 – $4.6 trillion in traditional IRAs and $403 billion in Roth IRAs.

According to the IRS, 3.7 million taxpayers contributed to traditional IRAs in 2012; 5.5 million contributed to Roth IRAs.

The Treasury estimates that 2% to 4% of taxpayers will be subject to tax penalties under the Affordable Care Act.

Among the ten basic taxpayer rights listed by the IRS is the right to clear explanations of the tax laws and of IRS procedures.

The FTC reports that tax-related identity theft was the most common form of identity theft reported in 2014.

If you turned 70 ½ last year and didn’t take your first required distribution from your IRA, you must take it by April 2, 2015.

If you own foreign investments, you may have to file Form 8938 as part of your individual tax return this year.

Before choosing direct deposit for your tax refund, verify that your bank accepts such deposits, and verify account and routing numbers.

David Bradsher, CPA