Home » 2014
Yearly Archives: 2014
IR-2014-119, Tax Season Opens As Planned Following Extenders Legislation
WASHINGTON — Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.
The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.
The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014.
“We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”
The IRS reminds taxpayers that filing electronically is the most accurate way to file a tax return and the fastest way to get a refund. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.
More information about IRS Free File and other information about the 2015 filing season will be available in January.
HCTT-2014-23: New IRS Publication helps you understand the Health Care Law
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families, is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.
This new publication provides important information for taxpayers who:
- Had health insurance coverage for the entire year
- Did not have health coverage for each month of the year
- Purchased health insurance from the Marketplace
- Might be eligible for an exemption from the coverage requirement
- Had advance payments of the premium tax credit sent to their insurance provider
- Is claiming the premium tax credit on their tax return
The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.
Most people have qualifying health coverage, and all they will need to do is simply check a box on their tax return.
You can access Publication 5187 at IRS.gov/aca, along with other important information related to the health care law. You can also find it by typing “p5187” into the search window at the top of any IRS.gov page or “5187” in the Forms and Pubs search window on IRS.gov.