JP Financial Solutions Certified Public Accountants

01/24/2023

Get Ready for taxes: What's new and what to consider when filing in 2023

IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

01/24/2023

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

12/18/2018

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation's tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.
2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17 -

The Internal Revenue Service is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.

11/29/2018

2018 Tax Season is among us. We are taking appointments already. Contact the office 908-813-0080. View our new website

JP Financial Solutions Certified Public Accountants is a full service accounting firm located in Hackettstown, NJ. We specialize in a variety of financial services to serve the needs of individuals and the business community. From tax preparation to bookkeeping, we offer all services! Contact us!

01/18/2017

Your 2016 1099-G Income Tax Information is Available Now

Form 1099-G "Statement for Recipients of Certain Government Payments" is no longer mailed to recipients of Unemployment Insurance (UI) benefits. You will be able to obtain this information by using our online 1099-G Income Tax Statement application.

The online 1099-G application is available to you now and provides you with your 2016 income tax statement, which you can "View" and "Print". You are encouraged to click the link below to access and print out your 1099 before the page is opened to the general public. Traditionally the end of January/early February are high volume periods with all claimants attempting to access their 1099-G. We are opening access earlier to targeted claimants in an attempt to alleviate the high traffic that is normally seen during this time. For your convenience, the 1099 link below will be available 24 hours a day, 7 days a week. Due to current high claim volume, we suggest that you access your 1099-G after 4:00 pm.

To access your 1099-G information just double click the hyperlink below or copy and paste into your browser's address bar.

https://njsuccess.dol.state.nj.us/njsuccess/html/web1099Home.htm

You can now obtain your 1099-G on this website. Just log-in to use the option to View and Print your 1099-G Income Tax Statement.

12/14/2016

2017 Tax Filing Season Begins Jan. 23 for Nation’s Taxpayers, Tax Returns due April 18

The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds.

The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software.

Many software companies and tax professionals will be accepting tax returns before Jan. 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.

The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.

The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option. Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return.

April 18 Filing Deadline
The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday – April 17. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

“The opening of filing season reflects months and months of work by IRS employees,” Koskinen said. “This year, we had a number of important legislative changes to program into our systems, including the EITC refund date, as well as dealing with resource limitations. Our systems require extensive programming and testing beforehand to ensure we’re ready to accept and process more than 150 million returns.”

The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. A number of new provisions are being added in 2017 to expand progress made during the past year.

Refunds in 2017
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.

The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.

As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do – including returns claiming EITC and ACTC.

The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.

After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.

Where's My Refund? ‎on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund? ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund.

12/14/2016

Tax Preparedness : What To Do Before The Tax Year Ends Dec. 31

For taxpayers who purchase health insurance through the Health Insurance Marketplace, they should also notify the Marketplace when they move out of the area covered by their current Marketplace plan.

Taxpayers who are over age 70 ½ are generally required to receive payments from their individual retirement accounts and workplace retirement plans by the end of 2016, though a special rule allows those who reached 70 ½ in 2016 to wait until April 1, 2017 to receive them. Most workplace retirement account contributions should be made by the end of the year, but taxpayers can make 2016 IRA contributions until April 18, 2017. For 2016, the limit for a 401(k) is $18,000. For traditional and Roth IRAs, the limit is $6,500 if age 50 or older and up to $15,500 for a Simple IRA for age 50 or older.

12/22/2015

Eight Facts about New ACA Information Statements

Many individuals will receive new ACA information statements for the first time in 2016:

Form 1095-B, Health Coverage
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

Here are eight facts about these forms:

While the information on these forms may help you complete your tax return, they are not needed to file. You can file your federal tax return even if you have not received one of these statements.
Form 1095-B, Health Coverage, is used by coverage providers to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren't liable for the individual shared responsibility payment.
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage is used by employers with 50 or more full-time employees, including full-time equivalent employees, in the previous year use, to report the information required about offers of health coverage and enrollment in health coverage for their employees.
Form 1095-C is also used by employers that offer employer-sponsored self-insured coverage to report information to the IRS and to employees about individuals who have minimum essential coverage under the employer plan and therefore are not liable for the individual shared responsibility payment for the months that they are covered under the plan.
Individuals who worked for multiple employers that are required to file Form 1095-C may receive a Form 1095-C from each employer.
The Form 1095-B and 1095-C sent to you may include only the last four digits of your social security number or taxpayer identification number, replacing the first five digits with asterisks or Xs.
In general, 1095-B and 1095-C must be sent on paper by mail or hand delivered, unless you consent to receive the statement in an electronic format.
Health coverage providers should furnish a copy of Form 1095-B, to you if you are identified as the “responsible individual.”

12/21/2015

EL IRS comienza aceptar su declaración de impuestos Enero 19, 2016. Llame a la oficina para hacer su cita. Tenga paciencia en esperar por todos los documentos del 2015 para declarar sus impuestos. Si usted estaba recibiendo seguro de programa de Affordable Care Act traigan su formulario 1095 para que no haiga atrasos con su reembolso. Llame a la oficina 908-813-0080 para ser una cita. Si están acostumbrados a recibir un reembolso tiene tiempo después de la fecha de Abril 18, 2016 para hacer su declaración. Pero si usted siempre debe o piensa que va a deber, tiene que completar su declaración Abril 18, 2016 con el pago para evitar multas y penalidades igual si se manda una extensión tiene que pagar los impuestos estimados de sus ingresos.

12/21/2015

The IRS will start to accept electronic tax returns on January 19, 2016. Contact the office and make your appointment early. Be patient and wait for all of your 2015 tax documents. If you had the Affordable Care Act insurance coverage you must bring form 1095 or your refund will be delayed. We look forward to another tax year with you all. Call us at 908-813-0080 to make the appointment. Those taxpayers that normally get a refund have until after the April 18, 2016 deadline to file a return. If you normally owe or feel that you may owe you must get the returns filed and paid by April 18, 2016. Extensions can also be filed by April 18, 2016, however a payment of your estimated tax liability must be included in order to avoid penalties.

12/10/2015

Affordable Care Act Updates for my Business Clients

RS Health Care Tax Tip 2015-81
Inside This Issue

Why the Number of Your Employees Matters

Employer benefits, opportunities and requirements under the health care law are dependent upon the employer’s workforce size.

The vast majority of employers fall below the workforce size threshold for applicable large employers. Generally, an employer with 50 or more full-time employees or equivalents will be considered an applicable large employer. Applicable large employers can find a complete list of resources and the latest news at the Applicable Large Employer Information Center on IRS.gov/aca.

If you have:

Fifty or more full-time equivalent employees, you will need to file an annual information return reporting whether and what health insurance you offered your full-time employees. In addition, you are subject to the Employer Shared Responsibility provisions.
Fifty or fewer employees, you are generally eligible to buy coverage through the Small Business Health Options Program. Learn more at HealthCare.gov.
Fewer than 25 full-time equivalent employees, you may be eligible for a Small Business Health Care Tax Credit to help cover the cost of providing coverage.

Regardless of size, all employers that provide self-insured health coverage to their employees must file an annual return reporting certain information for each employee they cover.

More information for employers of all sizes is available on IRS.gov/aca.