Brinkman & Company


Brinkman and Company Newsletter!

August 2015

 

Act Fast If Your Tax Identity Is Stolen
  
Have you gotten a tax bill you weren't expecting based on income you never received? Has your federal income tax return been rejected, or your refund delayed? These unanticipated incidents can indicate your tax identity has been stolen.

Here's what to do.

- File Form 14039 with the IRS. The Identity Theft Affidavit notifies the IRS that you are a victim or potential victim of tax-related fraud. You'll need to include proof of your identity, such as a photocopy of your driver's license or passport.

- File a report with your local police department. Under the Law Enforcement Assistance Program, you can complete a special form that allows the IRS to release information about the fraudulent tax return.

- Notify the Federal Trade Commission, the Social Security Administration, your bank, and the national credit bureaus.

Once you file Form 14039 and validate your identity, you may receive an identity protection personal identification number. That number will let you file your tax return and receive your refund. Be aware that straightening out your tax account can take a year or longer.

Call us for assistance. We're here to help.

 
                         
      End Of Summer Means Time For Tax Planning!

As summer winds down, you might want to put serious tax planning on your agenda. Changes that have already taken place (the Supreme Court's decision on premium tax credits under the health insurance laws, for example) and those that are still in limbo (tax extenders) can affect what you'll pay this year.

The June Supreme Court decision upholding the premium tax credit means you'll want to schedule a review of your income to make sure the amount you're currently receiving is correct. The premium tax credit helps offset your health insurance policy premiums. If you requested that the credit be applied directly against what you're paying each month, this "advanceable" portion is based on your estimated income. Changes in your financial situation can affect how much you're eligible to receive, and could mean you will need to pay back part of the credit with your 2015 federal income tax return.

In addition, unless Congress acts before year-end, certain tax breaks called "extenders" may not be available for 2015. These breaks include the deduction for state and local sales taxes and the ability to make tax-free distributions from your IRA for charitable purposes.

To discuss your situation and find the strategies that are most beneficial for you, please call our office.