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Editorial
Online filing is open for business today
Friday, January 16, 2015
The IRS is in charge of enforcing Obamacare for the first time this year.
The IRS has also had its budget cut by 17 percent from what it was five years ago.
Despite official assurances, that means your return might be delayed, and the IRS will collect fewer taxes, compounding the budget shortfall, according to a leaked internal memo.
That means staff cuts and fewer audits -- down to about a million this year compared to 1.2 million last year and 1.4 million the year before.
The man in charge of the IRS, Commissioner John Koskinen says his agency has missed collecting as much as $8 billion since 2010 because it has cut 5,000 employees. He expects to collect $2 billion less in taxes this year.
It may also mean you'll have to wait longer if you call in for tax help.
That doesn't mean it's a good year to cheat on your taxes, and you can be sure your information about required health insurance coverage will get attention.
While staffing is lower, the IRS is pointing out that more and more online services are available, such as Free File and information about complying with Obamacare, officially the Affordable Care Act-- in most cases, simply checking a box indicating whether or not they have health insurance coverage.
Starting today, filers can visit IRS.gov to use brand-name software offered by IRS commercial partners to about 100 million individuals and families with incomes of $60,000 or less, or online fillable forms, electronic versions of IRS paper forms available to taxpayers at all income levels.
E-file, combined with direct deposit, is the fastest way to get a refund, costs nothing and results in fewer mistakes.
The IRS urges all taxpayers, especially those claiming the premium tax credit, to make sure they have all their year-end statements in hand before they file their return. This includes Forms W-2 from employers, Forms 1099 from banks and other payers, and, for those claiming the premium tax credit, and Form 1095-A from the Marketplace. Doing so will help avoid refund delays and the need to file an amended return later.
Ideally, the entire tax code morass can someday be replaced with a simple system fair to all and devoid of loopholes for special interests and funding an efficient national government.
Until then, we'll all have to do our best to deal with the system in place.