Tuesday, January 31, 2017

Update for the ACA Information Returns (AIR) Working Group Meeting on January 31, 2017

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QuickAlerts for Electronic ACA Information Returns January 31, 2017

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Subject:  Update for the ACA Information Returns (AIR) Working Group Meeting on January 31, 2017


The January 31, 2017 (AIR) Working Group Meeting (Webinar) Presentation materials have been posted on the AIR Program Overview page.

This webinar is schedule to begin at 3:00 p.m. Eastern Time. You may join the teleconference 5 minutes prior to the scheduled start.

Dial-in: 1-877-369-5243

Event ID: 0418166# (Enter the access code on your telephone keypad, followed immediately by the # symbol to bypass system prompts)

This will be a technical Webinar highlighting FS17 Lessons Learned.This Webinar will not address Tax Law or Policy issues related to the AIR Program.

You may use your computer speakers to listen to the webinar or use the teleconference number provided above. To avoid background noise, please do not use both the computer speakers and the teleconference number. 

NOTE: The intended audiences of these meetings are Transmitters, Software Developers and Issuers/Payers.

If you are a business owner, tax manager, employee benefits manager, health coverage provider, or software developer or transmitter, you can access and review the Affordable Care Act Information Returns Corrections Process video on the IRS Video Portal.

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IRS Tax Tip 2017-06: How Exemptions and Dependents Can Reduce Taxable Income

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IRS Tax Tips January 31, 2017

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Issue Number:    IRS Tax Tip 2017-06

Inside This Issue


How Exemptions and Dependents Can Reduce Taxable Income

Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Here are seven key points to keep in mind on dependents and exemptions:

1. Personal Exemptions.  Taxpayers can usually claim exemptions for themselves and their spouses on a jointly filed tax return. For married taxpayers filing separate returns, an exemption can only be claimed for a spouse if that spouse:

  • Had no gross income,
  • Is not filing a tax return, and
  • Was not the dependent of another taxpayer.

2. Exemptions for Dependents.  A dependent is either a child or a relative who meets a set of tests. Taxpayers can normally claim dependents as exemptions. List a Social Security number for each dependent. For more on these rules, see IRS Publication 501, Exemptions, Standard Deduction and Filing Information.

3. No Exemption on Dependent's Return. If a taxpayer can claim a person as a dependent, then that dependent cannot claim a personal exemption on his or her own tax return. This is true even if no one claims that person on a tax return.

4. Dependents May Have to File. A dependent may have to file a tax return. This depends on certain factors like total income, whether they are married and if they owe certain taxes.

5. Exemption Phase-Out.  Taxpayers earning above a certain amount will lose part or all the $4,050 exemption. See Publication 501 for details.

6. E-file Your Tax Return.  The IRS urges taxpayers to kick the paper habit. IRS E-file options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.

7. Try the IRS Online Tool.  Get questions answered by using  the Interactive Tax Assistant tool on IRS.gov.

Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

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IR-2017-14: IRS Releases Updated Form 990-EZ; New Options to Help Exempt Organizations Avoid Errors, File a More Accurate Return

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Issue Number:    IR-2017-14

Inside This Issue


IRS Releases Updated Form 990-EZ; New Options to Help Exempt Organizations Avoid Errors, File a More Accurate Return

WASHINGTON — The IRS announced today the release of an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual return.

The updated Form 990-EZ includes 29 "help" icons describing key information needed to complete many of the fields within the form. The icons also provide links to additional helpful information available on IRS.gov. These "pop-up" boxes share information to help small and mid-size exempt organizations avoid common mistakes when filling out the form and filing their return.

"We've been reviewing the areas of the form where exempt organizations encounter the most trouble," said IRS Commissioner John Koskinen. "One out of three paper filers has an error on their form. After reviewing these trouble spots, we developed this new option to help groups navigate the form. This common-sense approach is designed to make it easier for exempt organizations to avoid problems up front – and avoid getting a follow-up contact from the IRS." 

On the new form, the help icons are marked in boxes with a blue question mark. The icons and underlying links work on any device with Adobe Acrobat Reader and Internet access. Once completed, filers can print Form 990-EZ and mail it to the IRS.

Although many large exempt organizations are required to file Form 990-series information returns electronically, the IRS encourages all exempt organizations to consider filing electronically.

In 2016, the error rate for electronically-filed 990-EZ returns was only 1 percent, compared to the 33 percent error rate in paper-filed returns. In 2016, the IRS processed over 263,000 Forms 990-EZ, with the majority of the filings – 139,000 -- on paper.

A list of providers assisting with electronic filing is available on IRS.gov.

Exempt organizations should keep in mind that the new help icons do not replace the Form 990-EZ instructions. Filers should review the Form's instructions when completing a return and use the help icons as an additional tool.

The IRS also reminds exempt organizations that Form 990-series returns are due on the 15th day of the fifth month after an organization's tax year ends. Many organizations use the calendar year as their tax year, making May 15, 2017, the deadline to file for tax year 2016.

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