2017 Refunds Delayed: The
IRS will accept returns as usual starting Jan 15, 2017, however, all returns that include the Earned Income Credit
and Additional Tax Credit will not be processed until Feb 15, 2017, at which time the IRS will begin issuing them. This is part of a program to prevent
identity theft and refund fraud related to fabricated wages and withholdings.
Paper Returns: Paper returns, and Marketplace verification, are now taking longer for
the IRS to process. Some are done in less than 2 months, however, 8 months is not uncommon. You can have
two identical returns with one completed in 2 months while the other is still being "processed".
Phone scams, e-mail scams, mail scams, etc. scams:
They are everywhere. If you receive one do not reply and contact our office or simply hang up. The
IRS does not threaten to send the police to collect taxes. If you owe the IRS you will receive notification via the
mail, usually several times, and eventually certified mail. Never under any circumstance give any information
over the phone.
Usually if you receive your Marketplace form 1095-A after filing your taxes and do not receive an IRS notice you probably
are due a refund. If you receive a Marketplace notice and owe to the IRS, you will receive an IRS notice. Either
way, mail or bring in your Marketplace form 1095-A to our office. Please Note: IRS data must match Marketplace data.
If not, returns are delayed.
Planning (Basic): You should have 6 months of expenses in cash savings in case of an unforeseen
event. Only about 28% of US citizens have this set aside. Early distributions from an IRA. etc., can result in
additional taxes of 35% to 65%.
1099-MISC: If you have to provide a 1099-MISC please order forms from
"Internet Links" page.