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Almost Time to File

As income tax filing season begins, here are a few things to keep in mind:

  • On December 29, the IRS announced that the 2015 filing season of 2014 returns will begin on January 20, 2015, a week and a half earlier than the start dates for 2013 and 2012. On that day the IRS will open electronic filing and begin processing paper returns.
  • The IRS expects the number of taxpayers eFiling their returns will continue to grow. Taxpayers expecting a refund who eFile returns should anticipate receiving their refunds within 3 weeks of IRS acknowledgement of the return, whereas paper filers generally must wait 6 to 8 weeks from the time the return is filed.
  • In late December, Congress decided to extend many provisions of the tax law that expired at the end of 2013, including many deduction provisions, valuable for many businesses and individuals.
  • Be on the lookout for new Form 1095-B’s that will be coming from your insurance provider indicating your insurance coverage for 2014. Your tax preparer will need this form to verify coverage so you will not be subject to penalties required under the Affordable Car Act for individuals without health insurance.
  • Get your information in early. Most documents should be available to you by the end of January. As soon as you have all of the documents together you should give them to your tax preparer to get your return preparation underway.

If you have questions about the extender provisions, the Affordable Care Act, or other questions about your income taxes, I would be more than happy to spend a few minutes discussing them with you.

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CPAs don’t blog, right?

You’re right, when most people describe their CPA the word “blogger” generally does not come to mind.  Maybe “number cruncher” or “bean counter,” but rarely “blogger.”

Well, our goal at Prejean Romero McGee (PRM) is to work outside of the so-called “CPA box” so welcome to our blog!

We believe a blog goes hand in hand with our culture of innovation and continual growth.  Our goal in blogging is to provide timely and useful tax information to the general public.  We will answer questions frequently received from clients, business associates and friends relating to tax matters simple and complex.

At PRM continuous improvement is a constant pursuit.  Whether it is ongoing continuing education, the latest technologies or superior staff, we always strive to advance in order to best serve our clients.

Cheers to a prosperous new year.  We look forward to receiving blog questions and topic suggestions from you.  Please submit to marcus@prmcpa.com

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