Penny Stanfield CPA



Tax Questionnaire 2016

·        The IRS will begin accepting tax returns electronically on January 23, 2017.  Paper tax returns will begin processing at the same time.  If you have Earned Income Credit or Additional Child Tax Credit, you can expect a delay in the processing of your return due to a change in the IRS verification process.

·        All Americans will be affected in some manner by the Affordable Care Act (Obamacare).  If you received a Form 1095 from any issuer, we must have all copies to prepare your tax return.  If you did not receive a Form 1095,  we must ask additional questions about your health insurance coverage to avoid any penalties.

·        The Protecting Americans from Tax Hikes Act of 2015 went into effect in late December 2015, making tax relief provisions such as the enhanced child tax credit and American Opportunity tax credit permanent, while extending others from two to five years.  The most notable extender is the reinstated limit on Section 179 to $500,000 as well as reinstated 50% Bonus Depreciation thru 12/31/17.