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2016 Tax Form Availability Update

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Common IRS Forms and Schedules Federal Forms Availability Forms Description Available Now Estimated Availability Form 1040 Individual Income Tax Return – Long Form Form 8962 Premium Tax Credit Form 8965 Health Coverage Exemptions Form 1095-A Market Place Statement Form 1040A Individual Income Tax Return – Short Form Form 1040EZ Individual Income Tax Return – Easy Form Form W-2 Wage and Tax Statement Form 1098 Mortgage Interest Statement Form 1098-E Student Loan Interest Form 1098-T Tuition Payment Form 1099-DIV Dividends and Distributions Income Form 1099-G Certain Government Payments Form 1099-G Unemployment Income Form 1099-INT Interest Income Form 1099-MISC Miscellaneous Income Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit Sharing Form 2441 Dependent and Child Care Credit Form 8863 Education Credit Form 8917 Tuition and Fees Deduction 1/19/2016 Schedule A³ Itemized Deductions Schedule B Interest and Dividends Income Schedule C¹ Business Income Profit or Loss Schedule CEZ¹ Business Income Profit or Loss (Short Form) Schedule D¹ Capital Gain and Losses Schedule EIC¹ Earned Income Credit Schedule SE Self Employment Tax Schedule 8812 Additional Child Tax Credit   Other IRS Forms and Schedules   Federal Forms Availability Forms Description Available Now Estimated Availability Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit …

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2016 IRS Tax Transcript Guide

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The IRS reminds taxpayers to plan ahead and take advantage of other options to obtain a tax transcript while work continues to bring the viewable/printable functionality of the Get Transcript application back online in the near future with enhanced identity protection security features. In the meantime, taxpayers don’t have to wait. They can order their transcript online, over the phone or by mail — the quickest options available. If they plan ahead, they should receive their transcript within five to 10 days from the time the IRS receives the request online. How Do You Get Your IRS Transcript the Fastest? To order a transcript online and have it delivered by mail, go to IRS.gov and use the Get Transcript tool. Simply click the “Get Transcript by Mail” button. To order by phone, call 800-908-9946 and follow the prompts. To request an individual tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return. Keep in mind that the current year’s transcript availability is affected by the method used to file the return and whether …

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2015 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates

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Earned Income Limits and AGI Limits Earned income includes all the taxable income and wages you get from working or from certain disability payments. There are two ways to get earned income: You work for someone who pays you  or you own or run a business or farm Taxable earned income includes: Wages, salaries, tips, and other taxable employee pay; Union strike benefits; Long-term disability benefits received prior to minimum retirement age; Net earnings from self-employment if: You own or operate a business or a farm or You are a minister or member of a religious order (see Special Rules page for more information); You are a statutory employee and have income. Nontaxable Combat Pay election. You can elect to have your nontaxable combat pay included in earned income for EITC. The amount of your nontaxable combat pay should be shown on your Form W-2, in box 12, with code Q. Electing to include nontaxable combat pay in earned income may increase or decrease your EITC. See Publication 3. Armed Forces Tax Guide, for more information. Earned income and adjusted gross income (AGI) must each be less than: If filing… Qualifying Children Claimed Zero One Two Three or more Single, …

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Oracle Reaches Landmark Settlement with FTC Over Java Updates

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Oracle has agreed to settle Federal Trade Commission charges that it deceived consumers about the security provided by updates to its Java Platform, Standard Edition software (Java SE), which is installed on more than 850 million personal computers. Under the terms of a proposed consent order, Oracle will be required to give consumers the ability to easily uninstall insecure, older versions of Java SE.

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2016 Tax Season Opens January 19 for Nation’s Taxpayers

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Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced today that the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016. The IRS will begin accepting individual electronic returns that day. The IRS expects to receive more than 150 million individual returns in 2016, with more than four out of five being prepared using tax return preparation software and e-filed. The IRS will begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.

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Beware of New IRS Email Phishing Scam

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IRS Scam Alert The 2016 Tax Season is right around the corner, a NEW IRS ALERT warns IRS reminds tax preparers to remain vigilant and alert to new phishing scams. Earlier this year, the IRS warned tax professionals to be on the lookout for continuing attempts to compromise various types of personal data. It has come to our attention that there are a few new phishing scams to obtain e-services information, and one is in the form of an email. These scams are asking e-services users to update their e-services information.

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2016 Standard Mileage Rates for Business, Medical and Moving Announced

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The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 14 cents per mile driven in service of charitable organizations The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the …

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Defending Cell Phones and PDAs Against Attack

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What unique risks do cell phones and PDAs present? Most current cell phones have the ability to send and receive text messages. Some cell phones and PDAs also offer the ability to connect to the internet. Although these are features that you might find useful and convenient, attackers may try to take advantage of them. As a result, an attacker may be able to accomplish the following:

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Three Tax Considerations during Marketplace Open Enrollment

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When you apply for assistance to help pay the premiums for health coverage through the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim.  The Marketplace will use information you provide about your family composition, your projected household income, whether those that you are enrolling are eligible for other non-Marketplace coverage, and certain other information to estimate your credit. Here are three things you should consider during the Health Insurance Marketplace Open Enrollment period: 1. Advance credit payments lower premiums – You can choose to have all, some, or none of your estimated credit paid in advance directly to your insurance company on your behalf to lower what you pay out-of-pocket for your monthly premiums.  These payments are called advance payments of the premium tax credit or advance credit payments.  If you do not get advance credit payments, you will be responsible for paying the full monthly premium. 2. A tax return may be required – If you received the benefit of advance credit payments, you must file a tax return to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium …

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SC Johnson Launches Holiday Sweepstakes

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SC Johnson Launches Happy Thanksgathering™ To Give Thousands The Chance To Be With Family This Holiday Season When friends and families can’t be together at Thanksgiving, celebrating may become a little less joyful. In fact, nearly half of Americans (45 percent) say they would skip certain family traditions if they had to spend Thanksgiving alone, while nearly one in five (19 percent) would skip the holiday entirely. So this Thanksgiving, SC Johnson is launching Happy Thanksgathering™, giving families who might not be together this holiday season the chance to gather, to give thanks and to celebrate.

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