- The IRS began processing tax returns January 19, 2016. As a reminder, the tax filing deadline this year is April 18, 2016 (April 19th for Maine & Massachusetts). For those anticipating a refund, the fastest way to get your money is by electronically filing the return and using direct deposit.
- The new Forms 1095-B and 1095-C could be arriving later since they aren’t required to be provided to the employee until March 31st. Individuals who file their personal tax returns before receiving the applicable reporting forms will NOT need to amend their returns once they receive Form 1095-B or 1095-C if the information is different.
- The standard mileage rate for business decreased to 54¢/mile and the medical and moving standard mileage rate lowered to 19¢/mile. The rate for charitable organization mileage was unchanged at 14¢/mile.
- The threshold for deducting expenses for purchases of tangible property that would otherwise have to be capitalized increased from $500 to $2,500.
- The domestic services “nanny” tax requirement for 2016 was raised from $1,900 to $2,000.