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FROM:........http://www.accountingweb.com/tax/individuals/irs-issues-inflation-adjusted-tax-amounts-for-2016-tax-year The standard deduction for heads of household and the personal exemption are among some of the tax provisions with amounts that will increase slightly for tax year 2016, according to the annual inflation adjustments issued by the IRS on Oct. 21. Revenue Procedure 2015-53 .......https://www.irs.gov/pub/irs-drop/rp-15-53.pdf provides details about the inflation adjustment amounts for more than 50 tax provisions, as well as the tax rate schedules and other tax changes for 2016. Here are some of the key tax benefit amounts and tax rate bracket information for the 2016 tax year: The 39.6 percent tax rate affects single taxpayers whose income exceeds $415,050 ($466,950 for married taxpayers filing jointly), up from $413,200 and $464,850, respectively. The other marginal tax rates – 10, 15, 25, 28, 33, and 35 percent – and the related income tax thresholds for 2016 are described in the revenue procedure.The standard deduction for heads of household rises to $9,300 for 2016, up from $9,250 for 2015. The other standard deduction amounts for 2016 remain as they were for 2015: $6,300 for singles and married persons filing separate returns, and $12,600 for married couples filing jointly.The limitation for itemized deductions to be claimed on tax year 2016 individual income tax returns begins with incomes of $259,400 or more ($311,300 for married couples filing jointly).The personal exemption for 2016 rises $50 to $4,050, up from the 2015 exemption of $4,000. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $259,400 ($311,300 for married couples filing jointly). It phases out completely at $381,900 ($433,800 for married couples filing jointly).The alternative minimum tax exemption amount for 2016 is $53,900 and begins to phase out at $119,700 ($83,800 for married couples filing jointly, for whom the exemption begins to phase out at $159,700). The 2015 exemption amount was $53,600 ($83,400 for married couples filing jointly). For 2016, the 28 percent tax rate applies to taxpayers with taxable incomes above $186,300 ($93,150 for married individuals filing separately).The 2016 maximum Earned Income Tax Credit amount is $6,269 for taxpayers filing jointly who have three or more qualifying children, up from a total of $6,242 for 2015. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds, and phase-outs.The monthly limitation for the qualified transportation fringe benefit remains at $130 for transportation, but rises to $255 for qualified parking, up from $250 for 2015.For participants who have self-only coverage in a medical savings account, the plan must have an annual deductible that is not less than $2,250, up from $2,200 for 2015, but not more than $3,350, up from $3,300 for 2015. For self-only coverage, the maximum out-of-pocket expense amount remains at $4,450. For participants with family coverage, the floor for the annual deductible remains as it was in 2015 – $4,450; however, the deductible cannot be more than $6,700, up $50 from the limit for 2015. For family coverage, the out-of-pocket expense limit remains at $8,150 for 2016, as it was for 2015.The adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $111,000, up from $110,000 for 2015.The foreign earned income exclusion is $101,300, up from $100,800 for 2015.Estates of decedents who die during 2016 have a basic exclusion amount of $5.45 million, up from a total of $5.43 million for estates of decedents who died in 2015. The annual gift tax exclusion remains at $14,000.

I've never heard of this, but I agree that you should be careful. Also, please be careful if this came to you through as unsolicited email and be careful with any links provided. When I googled to find the company, one of the hits was to a site called siglosoftware dot com having a description that included "provides the speed tax preparers need to work efficient and produce..." I'm not sure if that is related to the company making this offer, but if it is, please be aware that without even visiting that site I was getting red warnings about that site being high risk, dangerous and containing malicious links.

thanks all. I talked to the sales person again and it is not really ATX it is cloud based and similar. I don't want cloud based so I declined. The contact was by phone. got my number from EA data base/

I ignore all the states too. It's almost always a loss anyway. I also ignore the state decoupling modifications until it's sold. ATX doesn't keep track of the state PTP suspended loss, but the K1 usually gives you state difference on disposition, so I think that's all you need. One thing I know I've missed in the past is partial dispositions. But not anymore. Unless the client doesn't give me all the pages. The K1 needs to be improved so it's obvious there's been a partial distribution and the numbers you need are on the K1, not on some schedule.

When the IRS cancels an IA, they send out a letter, CP523 (upper rt corner). The default can be from a missed payment , or from being assessed additional taxes It does Not default on the date of the letter but 30 days later. There is another 10 day grace period after that to allow any payment to post. If the additional tax is small, sometimes the IRS will roll the IA over automatically. The options are an OIC, a new IA, or CNC (currently non-collectible). The easiest solution would be a streamlined Installment Agreement (IA). The balance due must be less than $50,000. If it is over that, the IRS will usually allow 30 days to pay it down. To determine the minimum payment, divide the amount due by 72 (months). If the client needs more time for the paydown, there are strategies for getting additional time. OIC, CNC, or a regular installment agreement will require documentation of income and allowable expenses.

I do about the same as Mike and Lion. We pick and choose but let the client make the ultimate decision after explaining the client's exposure if ignoring to file. I have that little small voice in the back of my head with everyone of these though with the "what if this client had other income in that state that he conveniently forgot to tell me about?". The exposure lottery just took a bad turn. As an example, I did a client's return for several years before I learned he did business in another state. The type of business was in the veterinary area. Who would have thought that this Vet, who had an office in PA, would fly out to North Dakota once a month to do work there? No office in North Dakota. Just set up at one of the local farms and take care of every one in the area from there. You just do not ever know for sure. I guess I made too many assumptions and did not ask the correct questions. My point is, be very careful with the filing threshold issue. The rest of the story? I started asking the right questions and now we are filing in five states for this guy. Clients do funny things that defy logic. But that is what keeps this business interesting.

we pick and choose, usually the income amt per state is below their filing threshold and the refund would be less than our fees. Don't forget to take ht withholding on schedule A. Some of the states might be part of a composite return, read carefully, if so then you don't file but get to take the resident state tax credit.

Dear MsTabbyKats: You have my prayers for a full and swift recovery. I am very glad you found a good buyer so quickly; the last thing you need is to be worrying about a business. Take care of yourself, and keep posting here! We will support you, listen to you -- and you can take pot shots as those of us who have not (yet?) high-tailed it for the nearest faraway place from taxes. Margaret said everything else I would have said, and she said it better than I would have.

I just did what jmdaviscpa, said.........and it worked......

I believe if you cancel your reserved copy (if you had reserved a copy) of windows 10, then uninstall KB3035583, and then hide KB3035583. you should not have a problem. Microsoft re-released KB3035583 not that long ago so I had to hide it twice. You uninstall updates at Control Panel\All Control Panel Items\Windows Update\View update history. You hide an update by right clicking and choosing hide.

Lion, you don't need to file the police report with the return, just the 14039 and form showing why you didn't efile. Of the dozen or so clients we efiled in the last couple of days,THREE were rejected as duplicates. Like you, all of them efiled extensions on April 15 that went through just fine, so the theft occurred between April 15 and Oct 15. That puzzles me. I thought the crooks filed like in January to be sure they got in before the real taxpayer. One of our rejects was the state return only. We've had a lot of that this year. The thieves know the IRS is getting better at detecting fraud, so they are just filing states. I haven't tried suppressing the federal returns on the others and just filing the states to see if they go through. Will try that Monday. You will not be considered late if your return was efiled and rejected. You have 5 days or something like that to get it filed. Related to the original topic, had a client walk in TODAY with her tax stuff. And related to this divergence from topic, a visit from another scared old lady who got a call from the IRS threatening to sue her if she didn't pay over $3 grand. I'm so glad she chose to check with us before she paid.

I did expect an emergency - and we have had upheaval lately; my mother-in-law just passed on about two weeks ago - so I jumped up and grabbed the phone. Caller ID showed the client's name and I refused to answer it at that point because I did NOT trust my temper not to verbally rip her a new one right then and there. No guns unless my life is threatened - this stupid state will take ANY excuse for trying to take them away from me. Unlike Texas, we don't have a "he needed killing" as a valid defense.