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Quik Tax Accounting

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Based on the article, the revised healthcare bill will use age as the main credit for the Premium Tax Credit instead of income. This will definitely be a point of contention, along with the fact that taxpayers with preexisting conditions will pay a higher rate (but no cap stated on this higher rate). If the bill makes it the the floor of the full House for a vote, it will pass. The reason it will pass is because it address HUGE pain point in the current ACA rules ..... Individual Shared Responsibility Payment (the tax for not have no/full insurance).

Quik Tax Accounting is closed today in celebration of Presidents Day. We are closed on EVERY federal holiday. We will reopen on the next business day.

Filing Season Begins Monday, January 23
The IRS will begin accepting and processing electronically filed tax returns on Monday, January 23, 2017. IRS acknowledgements may be unpredictable in the first few days of the season, due to the high volume of returns being processed.

Refund Delays

The PATH Act of 2015 requires the IRS to hold refunds on returns claiming the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC) until February 15. The IRS is required to hold the entire refund — even the portion not associated with the EITC and ACTC — until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 –- if there are no processing issues with the tax return and the taxpayer chose direct deposit.

Where's My Refund? ‎on and the IRS2Go mobile app will be updated with projected deposit dates for early EITC /ACTC refund filers a few days after February 15. Taxpayers will not see a refund date on Where's My Refund? until then. We are not privy to any information on refund dates other than what is made available on Where's My Refund?

ACA Resources

The ACA Tax Tool is now available on the website with up-to-date information for Tax Year 2016. Taxpayers receiving Form 1095-A for their marketplace insurance may now access information about their plans using this tool.

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One of my elderly client brought me a phone number that was left on his voice mail stating that the call was from the IRS. I called the number and someone answered "Thank you for calling the IRS". I ask for his agent number and the line went dead. The IRS usually never initiate contact via a phone call. Also.... and this is the dead giveaway ..... you can never call any IRS number and get a live person without going through a phone menu maze and then waiting for a while (most times .. A LONG WHILE). Don't be SCAMMED ... pass it on PLEASE!!
PS... here's the number, try it for yourself 415-226-6162

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Keeping you updated on things that affect you and your taxes. This bill will have to go to the Senate and I don't know if there is enough votes to pass a Senate bill. However, even if a Senate bill is passed it will go to the President's desk to be signed into law. The real power that any President of the United States have is in the veto. I don'f foresee this measure going anywhere. What do you think?
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