Here are digests of some recently released official announcements from the IRS. Note: You may rely on official IRS announcements.
1. Private delivery services/postmark date. For the first time in almost 11 years, the IRS has updated the list of private delivery services that qualify under the timely-mailing-is-timely-filing rule.
Reminder: Under the timely-mailing rule, tax returns and other documents that are postmarked by the due date are considered timely filed, even if the IRS or a court never receives them. In addition to the services listed in the 2015 edition of Circular E, the IRS has added four new services:
- Federal Express: FedEx First Overnight, FedEx International First Next Flight Out and FedEx International Economy
- United Parcel Service: UPS Next Day Air Early AM.
FedEx and UPS electronically record the date you give your package to them as the postmark date.
What’s new: The IRS will presume that the postmark date for an item delivered after the due date is the day that precedes the delivery date by the amount of time that equals the time it normally takes for an item to be delivered for that specific delivery service (e.g., two days before the actual delivery date for a two-day delivery service). To overcome this presumption, you must show that the date recorded in the delivery service’s electronic database is on or before the due date. (Notice 2015-38, IRB 2015-21)
2. 2016 HSA/HDHP inflation adjustments. The IRS has announced the 2016 inflation-adjusted figures for health savings accounts (HSAs) and high-deductible health plans (HDHPs):
- Employees with self-only coverage under HDHPs can continue to contribute up to $3,350 into their HSAs. The minimum annual deductible for an HDHP remains $1,300. The maximum amount of out-of-pocket expenses (i.e., deductibles, co-payments, etc.) increases $100, to $6,550.
- Employees with family coverage under HDHPs can contribute up to $6,750 into their HSAs (now $6,650). The minimum annual deductible for an HDHP remains $2,600. The maximum amount of out-of-pocket expenses (i.e., deductibles, co-payments, etc.) increases $200, to $13,100. (Rev. Proc. 2015-30, IRB 2015-20)