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February 1st through February 7th Enrolled Agents Week in the Commonwealth of Pennsylvania
New Due Date for FBARs
Federal Tax Refunds in 2017
Business E-Filing For Partnership, C-Corp, S-Corp and Non-Profits will be down after December 26th
2017 Standard Mileage Rates for Business, Medical and Moving Announced
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February 1st through February 7th Enrolled Agents Week in the Commonwealth of Pennsylvania

February 1st through February 7th Enrolled Agents Week official proclamation from Governor Tom Wolf Commonwealth of Pennsylvania.


New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Highway Act, which also mandates an extension of the filing deadline. To implement the statute with minimal burden to the public, FinCEN will grant filers failing to meet the FBAR due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.
The due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the federal income tax due date.

Federal Tax Refunds in 2017

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.

Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud. As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do – including returns claiming EITC and ACTC. The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits. After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.

Business E-Filing For Partnership, C-Corp, S-Corp and Non-Profits will be down after December 26th

Business E-Filing will be down from December 26th until the start of tax season January 23rd

2017 Standard Mileage Rates for Business, Medical and Moving Announced

The Internal Revenue Service today issued the 2017 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, 2017, the standard mileage rates for the use of a car (also
53.5 cents per mile for business miles driven, down from 54 cents for 2016
17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
14 cents per mile driven in service of charitable organizations

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. 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.

Federal Tax Refunds in 2017

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
 
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.
As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do – including returns claiming EITC and ACTC.
 
The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.
After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.

Tax Season Begins Monday January 23, 2017

Tax Season Begins Monday January 23, 2017, please note that tax returns with Earned Income Tax Credit and Additional Child Tax Credit will not be processed by the IRS until February 15th. Our tax season Hours will begin January 23rd and we will be available for the following services up until 9pm including Tax Preparation,Tax Representation, Tag and Title, Notary, and Insurance. This tax season we will be offering bilingual services including tax preparation, notary and tags and title.The filing deadline to submit Individual Tax Returns is Tuesday April 18th, 2017.

Our tax season hours are:

Monday through Friday- 8:00am-9:00pm
Saturday- 9:00am-5:00pm
Sunday- 10:00am-2:00pm Sunday will be by appointment only

Texas Judge issues Nationwide Injunction Against Obama's Overtime Rule

A federal judge in Texas has issued a nationwide junction blocking the Department of Labor’s rule requiring overtime pay for more than 4 million new workers.
In a 20-page decision, U.S. District Judge Amos L. Mazzant ruled that 21 states and more than 50 business groups that sued to block the rule stood a significant chance of success and would suffer serious financial harm if the rule was put into effect as scheduled on Dec. 1. The Obama administration overstepped its authority by raising the salary cap below which all workers must receive overtime pay from $455 a week to $921 a week or $47,892 a year, the judge wrote.

It is unknown whether the litigation will kill the rule entirely, but a decision is likely not going to be made before Jan. 20

Small Business Saturday November 26th Extended Hours

We will be open a extra hour for Small Business Saturday November 26th, our hours this Saturday will be 9:00am-5pm for tax, notary, tags and title, and health and medicare insurance services.

Last Day to E-File Tax Returns is November 29th until the Start of Tax Season

The last day to e-file tax returns will be November 29th after that the IRS E-file System will be down for maintenance. Tax Returns will have to be mailed until the start of tax season which should be around the 3rd week of January.