On January 19, 2016, the IRS will start accepting electronic returns. During this same time, the IRS will also accept paper returns. The expectant number of returns for 2016 is more than 150 million. Identity theft is huge for the IRS and they are working hard during this tax season to bring stronger protection for every taxpayer.

 

Take Note: the 2016 filing deadline is Monday, April 18, 2016
due to the celebration of Emancipation Day

 

Before you head out to file your taxes, the IRS is urging every taxpayer to prepare all of your paperwork, including your W-2 form, Form 1095-A from the Marketplace if you are claiming the premium tax credit and Form 1099.

Form 1095-A, Health Insurance Marketplace Statement, is used for tax payers who enrolled in the Marketplace to allow them to take the Premium Tax Credit (PTC), to reconcile any Advance Premium Tax Credit (APTC) they may have received, and to file an accurate tax return. This form provides information that is needed to complete Form 8962 which is required to file by any person who purchased Health Insurance in the Marketplace. All Form 1095-A’s are expected to be released by January 31st.

The IRS is anticipating more accurate returns when the taxpayer chooses e-file and direct deposit to receive their refunds. For more resources, visit IRS.gov or visit your local Liberty Tax Service.

 

To find a Liberty Tax ACA Advisor at your local Liberty Tax office, call 800-673-8600 or visit www.healthcaretaxinfo.com.