(Author’s note: For a refresher on the official 2015 tax rates, click here.)
Today, Bloomberg BNA released their predictions for the coming tax year and it looks like taxpayers whose income is the same compared to last year may end up with a lower tax bill (you can check out those rates here).
At the same time, taxpayers that fail to comply with return filing and tax payment requirements will face larger penalties in 2016 because of a combination of legislative changes and upward inflation adjustments. George Farrah, Bloomberg BNA Tax & Accounting Editorial Director, said about the latter, “Higher penalties encourage compliance and increase revenue, and taxpayers should expect the trend toward higher penalties to continue.”
In particular, as Congress attempts to curtail tax preparer fraud (click here for more on efforts to regulate preparers), penalties for tax preparers have been ramped up. Penalties for taxpayers in 2016, including failure to report penalties for s corporations and partnerships, can be found in the full report available online here (downloads as a pdf).
Penalties for taxpayers in 2016, including failure to report penalties for s corporations and partnerships, can be found in the full report available online here (downloads as a pdf).
Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance — the information that matters most to professionals. Bloomberg BNA’s authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, healthcare, privacy & data security, human resources, and environment, health & safety.
It’s worth noting that these are just projections. Granted, they’re educated projections and the folks at Bloomberg BNA have been doing this awhile but still: don’t count your tax chickens before they hatch. The IRS will publish the official tax information for 2016 later this year. It happens every year – generally in October – and you can bet that I’ll have all of the information for you here with Forbes. Keep reading!
