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Winter 2016 Client Newsletter

Guilmartin, Dipiro & Sokolowski, LLC

Happy New Year to all of our clients. Now is the time to start tax preparation planning. We want to take this opportunity to share important information with you about federal tax law changes and identity theft.

Federal Tax Law Changes

https://secure.emochila.com/swserve/siteAssets/site11471/images/tax-planning-01.jpgOn December 18th the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was signed into law by the President. This bill retroactively reinstates many provisions for individuals and businesses so that they are available for 2015. This includes both permanent and extended tax breaks.

Our partners have created a general overview summary of selected provisions. Please contact us if you are interested in learning more about any of these provisions and consult with us prior to taking any action. [Download PDF Overview]

Are you in compliance with
filing your Forms 1099?

https://secure.emochila.com/swserve/siteAssets/site11471/images/tax-keyboard-01.jpgThe IRS is continuing to step up its enforcement of the requirements and increase penalties surrounding the issuance of Forms 1099 that businesses and rental property owners must issue to vendors for certain payments that have been made. Download our fact sheet summary of the compliance requirements and penalties. [Download PDF]

Protect Yourself from Identity Theft

https://secure.emochila.com/swserve/siteAssets/site11471/images/id-theft-01.pngIt is becoming unnervingly common for individuals to file fraudulent tax returns using your name and social security number to claim a falsified refund. If you become a victim of tax-related identity theft we recommend the following course of action.

  1. File a report with your local police department. Some insurance companies that offer identity coverage will require this in the event of a claim.
  2. File a complaint with the Federal Trade Commission at www.identitytheft.gov or the FTC hotline at 1-877-438-4338.
  3. Contact the three major credit bureaus to place a 'fraud alert' on your credit records.
    • www.Equifax.com
      1-800-525-6285
    • www.Experian.com
      1-888-397-3742
    • www.TransUnion.com
      1-800-680-7289
  4. Respond immediately to any IRS notice that you receive about a potentially fraudulent tax return.
  5. Complete the IRS Form 14039 - Identity Theft Affidavit and attach it to your paper filed Federal and State Tax Returns.
  6. We also recommend that you make your banks, lenders and credit card providers aware of the situation.

If you suspect that you are the victim of tax-related identity theft please contact our office as soon as possible so that we can assist you with any of the items listed above. [Download PDF]