November 28, 2018
As you begin to get ready for the upcoming 2019 filing season here are some important reminders:
Delay in Federal Refunds for Returns that claim EITC or Additional Child Tax Credit
Remember by law any refunds on federal returns that claim EITC or Additional Child Tax Credit cannot be issued until mid-February.
These refunds will begin to be released on February 15 and should be in taxpayer’s accounts by the end of February.
For more details see the Steps to Take Now to Get a Jump on Next Year’s Taxes on the IRS webpage.
Affordable Care Act Penalty for 2018 returns
The repeal of the individual penalty provision for not having health insurance does not go into effect until 2019.
Therefore as we approach the beginning of the 2019 filing season the individual penalty (individual shared responsibility payment) applies for 2018. This means that if an individual did not have health insurance for all or part of 2018 and did not qualify for an exemption then they will owe a penalty on their 2018 federal return.
If it is determined that an individual does owe a penalty for 2018, it is calculated as the greater of:
The maximum family flat dollar amount for 2018 is $2,085
See pages 16-20 of the draft of the 2018 Form 8965 instructions for more information on how the penalty is calculated.
Expiration of ITINs
At the end of 2018 the following ITINs will expire and must be renewed if an individual wants to use it on a 2018 federal return:
See the following on the IRS website for more information on who is affected and how to renew an ITIN:
Virtual Currency and Form 1040, Schedule 1
November 11, 2019
2020 PTIN Renewal is Now Underway
October 28, 2019
Taxpayer First Act
October 11, 2019
2019 Changes to Form 1040, Associated Schedules and New Form 1040SR
September 5, 2019
IRS Accepting Renewal Applications for Expiring ITINs
August 7, 2019
Tax Preparer Security Awareness
June 19, 2019
2019 Federal Tax Changes
April 24, 2019