Wednesday, October 18, 2017

IRS Statement on Health Care Reporting Requirement

For the upcoming 2018 filing season, the IRS‎ will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements of the Affordable Care Act.‎ The IRS will not accept the electronic tax return until the taxpayer indicates whether they had coverage, had an exemption or will make a shared responsibility payment. In addition, returns filed on paper that do not address the health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.

‎To avoid refund and processing delays when filing 2017 tax returns in 2018, taxpayers should indicate whether they and everyone on their return had coverage, qualified for an exemption from the coverage requirement or are making an individual shared responsibility payment. This process reflects the requirements of the ACA and the IRS’s obligation to administer the health care law.


Taxpayers remain obligated to follow the law and pay what they may owe at the point of filing‎. The 2018 filing season will be the first time the IRS will not accept tax returns that omit this information. After a review of our process and discussions with the National Taxpayer Advocate, the IRS has determined identifying omissions and requiring taxpayers to provide health coverage information at the point of filing makes it easier for the taxpayer to successfully file a tax return and minimizes related refund delays.


https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals

Monday, October 16, 2017

Oct 15th tax deadline - filing tips


The October 15th tax deadline is upon us 

We strongly encourage you to transmit your e-files at least two hours before the midnight (midnight Eastern time) deadline.
You will notice on the volume to be steady all through the day with the IRS on the day of the deadline. Both return volume and return size will affect processing time. While you are accustomed to receiving your Federal acknowledgements within a one hour time-frame, that turnaround time will increase throughout the day. You may see your acknowledgements take from 2 to 4 hours, and possibly longer.
This is why we suggest that you send returns periodically throughout the day. This will help spread out the volume and also help eliminate some of the 'deadline rush' which also impacts IRS processing.