IRS Starts 2015 Tax Season on Time

16 01 2015

The Internal Revenue Service will begin accepting and processing tax returns on Tuesday, January 20, 2015.

The IRS expects to issue more than nine out of 10 refunds within 21 days. The fastest way to get a refund is to e-file and choose direct deposit. It takes longer to process paper returns and in light of IRS budget cuts resulting in a smaller staff, it will likely take an additional week or more to process paper returns meaning that those refunds are expected to be issued in seven weeks or more.  RBSK Partners offers efiling for all eligible income tax returns.

This year’s return will include new questions to incorporate provisions of the Affordable Care Act (or ACA). Taxpayers who have qualifying health insurance all year will simply need to check a box to verify they have health insurance coverage. Other taxpayers will have to provide additional details to determine if they are eligible for the premium tax credit or subject to the individual shared responsibility payment (penalty).  If you have questions regarding the new ACA, please contact RBSK.

RBSK Partners has sent tax organizers to all existing individual clients.  If you haven’t received one, or are interested in becoming a client, please contact RBSK Partners.

 

Submitted by Jean Ralston, CPA

Tax Manager, RBSK Partners PC

Jean 2013

 


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