Tax Schedule 2020

Federal Income Tax Schedule for Tax Season 2020

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January 27, 2015 by admin

Tax Delay 2015: IRS Commissioner expects rough tax season

Tax Delay 2015: IRS Commissioner expects rough tax season

Tax Delay 2015

IRS Commissioner expects rough tax season

The Internal Revenue Service is turning to Twitter and YouTube to reach taxpayers this year in an effort to increase online information about filing taxes as the agency faces an abysmal customer-service rate.

Strained by budget cuts and a declining staff, the IRS plans to direct more taxpayers to the Web to try to reduce the burden on its ill-equipped call center, IRS Commissioner John Koskinen told USA TODAY in an interview Monday.

YouTube videos posted in recent months explain how the free file program works and give advice to first-time filers. The IRS Twitter feed is filled with links to commonly asked questions and answers and information about the effect of health coverage on tax returns this year. In addition to social media, the tax body has also increased the capability and advertising of its website features. That includes the “Where’s My Refund?” application that the IRS launched last tax season to let people check the status of their refunds.

The goal: more people finding answers to their tax questions without talking to anyone in person.

The IRS expects nearly half of the calls it gets this season to go unanswered. Wait times for those who get through will push 30 minutes.

“It’s a challenging year,” Koskinen said. “We are trying to move as many people (online) as we can. Last year, 15% to 18% of our calls were people asking for information about their refunds or their transcripts that they could have gotten online.”

Encouraging more people to e-file will also alleviate some of the load for IRS employees. In 2014, about 85% of filers e-filed. But it’s the remaining tens of millions of tax returns filed as hard copies that take more work and time to process. Refunds for those who file paper returns this year are expected to be delivered within seven weeks, if not longer. E-file refunds take about three weeks to be processed. The goal of putting as much information as possible online is also to decrease the probability of people making mistakes, so returns and refunds are both processed more quickly, Koskinen said.

Although, more online returns and refunds also means more opportunities for cybercriminals, particularly “very sophisticated” organized crime rings, Koskinen said. The IRS has taken steps to partner with state and local law enforcement in the past three years, and has “thrown a couple thousand people in jail” in recent years. Last year, the tax group stopped $18 billion in refunds tied to false tax returns, but Koskinen estimates the IRS is still losing $3 billion to $5 billion a year to fraudsters.

“It’s much more under control, but it still concerns us,” he said.

This is also the first year the Affordable Care Act factors into tax returns. While most taxpayers simply have to verify that they have health insurance by checking a box, Koskinen said that about 4.5 million of the 150 million returns expected to be filed will involve additional paperwork related to tax credits that offset insurance premiums. Though since “flooding the zone” with information for consumers and tax preparers starting last spring, the IRS is now expecting fewer calls related to the ACA than it originally projected, down to 5 million from an estimate of 11 million.

“We haven’t noticed any significant problems or confusion,” Koskinen said, though he admits it’s early in the season. Overall, he remains cautiously optimistic that the IRS’ shrinking staff will still be able to help taxpayers. “It’s possible that the level of service won’t be as bad as we worry about it.”

2014 Tax Refunds Will Not Be Delayed Until October 2015

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Filed Under: IRS Tagged With: 2015, IRS, Tax Delay

October 8, 2014 by admin Leave a Comment

Unofficial Tax Season 2015 Starting Date

Tax Season 2015 starts January 23rd 2015.

The I.R.S is expected to start accepting 2015 tax returns as of January 23rd, 2015 per the 2015 IRS Refund Cycle Chart. This doesn’t mean that you will not be able to submit your 2014 tax return to the I.R.S before then though. All of the I.R.S. tax forms are usually available by January 5th (2015). If filing by January 23rd, 2015, check our 2015 IRS Refund Cycle Chart to see when you will get your return back. Also if you will owe taxes in 2015, this can give you an idea of the earliest date that you would need to pay them. Tax Season 2015 will begin very soon, so the time to start preparing is now.

Tax Season 2015DISCLAIMER: This is merely an estimate based on prior year(2014). We do not guarantee this date and the I.R.S. does not release official dates to the public.

Tax Season 2015

Tax Season 2015 starts

Tax Season 2015 begins

when is tax season 2015

first day to file taxes 2015

Tax Season 2015 starts

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Filed Under: Income Tax, IRS, refund schedules, Tax Planning Tagged With: 2014, 2015, IRS, Tax Dates, Tax Season

August 26, 2014 by KRogersCPA Leave a Comment

IRS Announces 2014 Tax Brackets

IRS Announces 2014 Tax Brackets

IRS Announces 2014 Tax Brackets, Standard Deduction Amounts And More

The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items.

These are the applicable numbers for the tax year 2014. That means the year that we are in now. They are NOT the numbers and rates that you’ll use to prepare your 2013 tax returns in 2014 (the season is starting late this year).  These numbers and rates are those you’ll use to prepare your 2014 tax returns in 2015. Got it? Good. Onto the highlights:

Tax Brackets. The big news is, of course, the new tax brackets. Here’s what’s on tap for 2014:

Read more about 2014 Tax Brackets here.

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Filed Under: Income Tax, IRS, Personal Finances, Tax Bracket, Tax Law, Tax Planning, Tax Refund Tagged With: 2014, 2015 File, income tax, IRS, Tax Brackets

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