Friday, March 20, 2015

Retirees May Face April 1, 2015 Deadline for RMDs

Federal Tax Day - Current,I.1,Retirees May Face April 1, 2015 Deadline for RMDs (IR-2015-55),(Mar. 20, 2015)

The IRS has reminded retirees who turned 70 ½ during 2014 that they may need to begin receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement accounts by Wednesday, April 1, 2015. The April 1 deadline only applies to the first year; the RMD for subsequent years must be made by December 31. A taxpayer who turned 70 ½ in 2014 would receive the first required payment on April 1, 2015, and the second one by December 31, 2015. Worksheets and life expectancy tables for making the computation can be found in IRS Publication 590-B. Affected taxpayers who turned 70 ½ during 2014 must figure the RMD for the first year using their life expectancy as of their birthday in 2014 and their account balance on December 31, 2013.

Some owners of workplace plans can wait longer to receive RMD. Employees who are still working can wait, if their plans allow, until April 1 of the year after they retire to begin receiving distributions. Employees of public schools and certain tax-exempt organizations with Code Sec. 403(b) plan accruals prior to 1987, should check with their employers, plan administrators or providers with respect to treatment of the accruals. Taxpayers are encourages to begin planning for distributions that may be required in 2015.
Reference


Thursday, March 12, 2015

1120 Business Returns Filing Deadline

Tax Year 2014 Business Returns - Form 1120 Family
2014 e-file Calendar


Transmitting timely filed Form 1120 family returns and Forms 7004
Calendar Year
March 16, 2015
Transmitting timely filed Form 1120 family returns and Forms 7004
Fiscal Year
15th day of third month after Tax Year end
Retransmission rejected timely filed Form 1120 family returns and Form 7004
Both
10 day perfection period
Transmitting returns on extension from Forms 7004
Calendar Year
September 15, 2015
Transmitting returns on extension from Forms 7004
Fiscal Year
15th day of ninth month after Tax Year end
Retransmitting rejected returns on extension from Forms 7004

10 day perfection period

Extensions
Don't miss out on a chance to increase your Income Tax profits! Begin e-filing your client's Business extensions.  You can increase your profits and provide better customer service by offering your clients the peace of mind that the 7004 provides.
  • Assurance that the IRS will receive the extension on time, as you will receive an IRS acknowledgement receipt
  • Assurance that the extension will not be "lost in the mail"
  • Best of all, it's fast and easy to e-file extensions
7004 General Information
It is suggested to submit any extensions by 10:00 PM YOUR local time on the filing deadline. The last day to retransmit rejected timely filed Forms 1120 or Extension Forms 7004 and gain IRS acceptance is 10 days after the required filing date for your particular type of return.   The cost for each E-filed extension is $5.00.
7004 Instructions
1.     Open the return for which you wish to complete the extension and fill in the information regarding the company name.
2.     Select Yes to the Do you want to electronically file this return? question.
3.     Select either Form 7004 without direct debit or Form 7004 with direct debit for the What form(s) are you e-filing using PINs? question.
4.     Complete the information on Page 1 of the 1120 for the Signing officer for e-filing, Officer Information, and Preparer Information.
5.     On Form 7004, select the check box at the top of the page to indicate you are using this form.
6.     Run diagnostics and correct any errors you may receive.
7.     Click Extension E-File to create an e-file.
8.     Close the return, and then select Send Federal/State Returns to on the Communications menu.

Monday, February 9, 2015

System Update 2014.29.07 Notification


Refunds Today System Update 2014.29.07 is now available for download.
Refunds Today recommends you download and install this update as soon as possible.
You may download the update from the Refunds Today secure website at www.refundstoday.com.
  • Login with your user name (office number) and password then click on "Downloads"
  • In the Left Pane select "1040 Program and Forms" and then choose Refunds Today System Update to begin the download.

Friday, February 6, 2015

IL now processing e-file returns

The Illinois Department of Revenue has indicated that they are now accepting and processing e-filed returns.  However, they have cautioned that acknowledgements will be delayed for several days as they process through the backlog.

IRS to make MeF changes this weekend to resolve certain rejections

The IRS will make changes to their production processing systems this weekend.  The updates will address Rejections for IRS Form 8962 with rejection codes F1040-0428 and F1040-0429. 

We suggest that you hold these returns until the IRS completes their updates which should be completed by February 9th.

Update: Delayed IRS Acknowledgements

We received the following information from the IRS and are passing it along to you.  You can read the entire release here.

Attention: Software Developers and Transmitters
The length of time for the MeF System to create federal acknowledgments and make them available for retrieval is taking longer than expected.  The IRS is closely monitoring the acknowledgment rates and is working to close the gap as a top priority.

Please monitor the MeF Status Page for updates.
Thank you for your patience and support.

Thursday, February 5, 2015

Delay in receiving Modernized e-File (MeF) Acknowledgements

We received the following information from the IRS and are passing it along to you.  You can read the entire release here.

Attention Software Developers and Transmitters
The length of time for the MeF System to create federal acknowledgments and make them available for retrieval is taking longer than expected. As receipts continue to increase throughout the day, the length of time may also increase. The IRS is closely monitoring the acknowledgment rates and is working to close the gap as a top priority.

We will issue a Technical QuickAlert once the delays are resolved.
Please monitor the MeF Status page for updates.
Thank you for your patience and support.