Federal Tax Provisions Not Applicable for 2014 Tax Returns

This is a reminder that a number of tax provisions expired at the end of 2013.

Looking ahead to next year’s filing season, everyone will need to keep an eye out on what Congress does with regard to these expired tax provisions.

Below is a list of the most used provisions that have either expired or have significantly changed for Tax Year 2014.

Provisions no longer applicable for Tax Year 2014 returns:

• $250 Educator Expense Deduction - Form 1040, line 23
• Tuition and Fees Deduction - Form 8917
• Itemized Deduction for Sales Tax
• 50% Bonus Depreciation
• Read more

Also note that the following Section 179 Expense provisions have been reduced as follows:

• Maximum Section 179 Deduction amount: $25,000
• Maximum Cost before Section 179: $200,000
• Read more

Click here to read the entire CrossLink Tax Update that includes further information on federal tax provisions that are not applicable for 2014 tax returns.

IRS UPDATE: Modernized e-File (MeF) Delays Possible today

"Due to a high volume of submissions transmitters can expect delays with most service requests, including retrieving acknowledgements and States retrieving new submissions today."

(Posted at 11:00 a.m., Eastern on 4/15/2014)

Check the status of MeF here:

http://www.irs.gov/uac/Modernized-e-File-%28MeF%29-Status-Page

April 15 Tax Return and Filing Deadline Reminders

This is a reminder that the federal filing deadline for individual returns is this Tuesday, April 15, 2014.

April 15, 2014 is also the deadline for the following:

• Filing an automatic six month extension (Form 4868) — Remember the six month extension is for filing the return only. Any tax due must be paid by April 15, 2014 to avoid any penalty and interest.
• First individual estimated tax payment for 2014
• Making a contribution to an IRA for Tax Year 2013
• Filing federal partnership tax returns (Form 1065)
• Filing estate or trust income tax returns (Form 1041)

Also, for returns rejected on April 15, 2014, the return will be considered timely filed if it is re-transmitted and accepted by April 20, 2014.

The original filing deadline is later for the following taxpayers:

• U.S. Citizens and Resident Aliens — Citizens and Resident Aliens who live and work abroad, as well as members of the military on duty outside the U.S. have until June 16, 2014 to file. Any tax due must still be paid by April 15, 2014.
• Members of the military and others serving in Afghanistan or other combat zone localities — These taxpayers can wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due. For more details see Extensions and Deadlines in Publication 3 (Armed Forces’ Tax Guide).
• People that are affected by certain recent natural disasters.