April 18 Deadlines

Individual tax returns are due April 18th, as Saturday, April 16, 2016 is Emancipation Day in the District of Columbia, and the holiday is observed on Friday, April 15th.  However, because Patriot's Day will be observed on April 18 in Maine and Massachusetts, residents of those states will have until April 19th to file and pay their taxes.

This also means that by statute you have until April 18th to amend a 2012 return to claim a refund.

A nonresident alien completing a Form 1040NR generally needs to file by June 15th.  However, nonresident aliens who have wages paid in the United States or receive non-employee compensation in the United States need to file by April 18th.

Consumer Alert: Scammers change tactics, once again impersonating IRS agents

Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The scam tries to get you to give up personal information such as a Social Security number or personal financial information, such as bank numbers or credit cards. The IRS wants to remind taxpayers to guard against all sorts of con games that continually change. 

Tax Refunds are about to expire

More than a million Americans stand to lose $950 million in unclaimed tax refunds for 2012 if they don’t file a federal income tax return by this year’s April tax deadline. Any funds that are not claimed will go to the U.S. Treasury.

The median potential refund is $718, according to the IRS.

"A surprising number of people across the country overlook claiming tax refunds each year. But the clock is ticking for taxpayers who didn’t file a 2012 federal income tax return, leaving nearly $1 billion in refunds unclaimed," said IRS Commissioner John Koskinen in a statement. "We especially encourage students and others who didn't earn much money to look into this situation because they may still be entitled to a refund. Don't forget, there’s no penalty for filing a late return if you’re due a refund.”

March 15 Due Dates/Deadlines

March 15	Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
	Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
	Corporations - File a 2015 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
	S Corporations - File a 2015 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
	Partnerships - File a 2015 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by August 15.
	Electing large partnerships - Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership. The due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.
	S corporation election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S treatment will begin with calendar year 2016.

The IRS is warning taxpayers about a disturbing new scam

Very disturbing memo from the IRS with an update on scams - this affects everyone.

Even though tax fraud shows no sign of slowing down, Americans are failing to take simple precautions to best protect their personal information.

A new report from the data security firm IDT911 found that tax-related fraud cases soared 154% from 2014 to 2015 and didn't seem to be tapering off. Losses from tax-refund fraud will hit an estimated $21 billion by the end of 2016.

The Internal Revenue Service has already released an alert for email tax scams after phishing and malware incidents skyrocketed this year by about 400%.

These bogus emails, designed to look as if they're from the IRS or another legitimate entity, ask for information related to filing status, PINs, refunds, and personal information, among other topics. The alert reminds taxpayers that the IRS doesn't send emails.

But despite the disturbing statistics, most Americans are ignoring the risks and choosing not to take necessary precautions.

Nearly one in five survey respondents filing from home hasn't put a password on his or her home Wi-Fi, making it easy for hackers. A little under half of Americans don't lock their mailboxes when they're expecting a tax refund in the mail.

In addition, more than a third say they're unfamiliar with how to determine whether a tax preparer is qualified. And despite experts advising people to file as early as possible to limit the window for potential identity thieves, a mere 12% of people planned on filing their taxes in January.

Adam Levin, chairman and founder of IDT911, listed three key tactics consumers need to take to tackle fraud: 

1. Minimize the risk of exposure, 

2. monitor their accounts on a daily basis, and 

3. manage the damage if they do become victims of identity theft by using resolution resources provided by banks, credit unions, insurance providers, and the HR departments of their employers."

April Tax Due Dates

April 11	Employees - who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.
April 18	Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
	Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
	Individuals - File an income tax return for 2015 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 17.
	Household Employers - If you paid cash wages of $1,900 or more in 2015 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2014 or 2015 to household employees.
	Individuals - If you are not paying your 2016 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2016 estimated tax. Use Form 1040-ES.
	Electing Large Partnerships - File a 2015 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 17. See March 15 for the due date for furnishing the Schedules K-1 to the partners.
	Corporations - Deposit the first installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

March Tax Due Dates

March 10	Employees who work for tips. - If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.
March 15	Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
	Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
	Corporations - File a 2015 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
	S Corporations - File a 2015 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
	Partnerships - File a 2015 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by August 15.
	Electing large partnerships - Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership. The due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.
	S corporation election - File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S treatment will begin with calendar year 2016.
March 31	Electronic Filing of Forms - File Forms 1097, 1098, 1099, 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. Otherwise, see February 29. The due date for giving the recipient these forms generally remains February 1.
	Electronic Filing of Forms W-2 and W-2G - File copies of all the Forms W-2 (Wage and Tax Statement) and W-2G (Certain Gambling Winnings) you issued for 2015. This due date applies only if you electronically file. Otherwise, see February 29. The due date for giving the recipient these forms remains February 1.
	Electronic Filing of Forms 8027 - File copies of all the Forms 8027 you issued for 2015. This due date applies only if you electronically file. Otherwise, see February 29.