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Monday, January 04 2016

Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax provisions were made permanent while others were extended through 2016 or 2019. Let's take a look at some of the tax provisions most likely to affect taxpayers when filing their 2015 tax returns. READ MORE -->

Posted by: Shelli Dodson AT 04:04 pm   |  Permalink   |  Email
Monday, January 04 2016

Beginning Jan. 1, 2016, the standard mileage rates for use of an automobile will be:

  • 54 cents per mile for business miles driven, down from 57.3 cents
  • 19 cents per mile driven in medical or moving purposes, down from 23 cents
  • 14 cents per mile driven in service of charitable organizations, which remains unchanged from 2015

For purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the standard automobile cost may not exceed $28,000 ($31,000 for trucks and vans).

The updated rates are effective for deductible transportation expenses paid or incurred on or after the effective date; and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after Jan. 1, 2016.

Posted by: Shelli Dodson AT 01:05 pm   |  Permalink   |  Email
Monday, January 04 2016

On Dec. 28, 2015, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA).

Specifically, this notice extends by two months the February 1 due date for employers and issuers to provide individuals with 1095 forms reporting on offers of health coverage and coverage provided. The February 29 and March 31 deadlines for reporting this information to the IRS (by paper or electronically, respectively) are extended by three months.

The extended deadline dates for reporting 2015 information is as follows:

  • Employers must provide 1095 forms to employees by March 31, 2016.
  • Employers filing by paper (249 or less 1095 forms) must file with the IRS by May 31, 2016.
  • Employers filing electronically (250 or more 1095 forms) must file with the IRS by June 30, 2016.
Posted by: Shelli Dodson AT 01:03 pm   |  Permalink   |  Email

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