The Start of Summer

Doesn't Memorial Day signify the start of summer?

Well, we here at

Wayland & Vukadinovich

are thrilled that it's summer as it's time to take classes on current developments, time to upgrade our computer systems, time to work on tax planning matters for those of you who have such needs - we're a wild and crazy bunch over here during the summer time. 

Identity Theft

The US Treasury Inspector General recently reported that criminals filing fraudulent returns could take in over $26 billion in the next five years as the IRS cannot keep up with the amount of fraud. Last year, the IRS reported that, of the 2.2 million tax returns it found to be fraudulent, about 940,000 returns totaling $6.5 billion in refunds were related to identify theft.

According to the IRS, 48,357 Social Security numbers were used multiple times as a primary taxpayer identification number. We've seeing growing identity theft among our clients - take all prudent steps to safeguard your identify.

Social Security has gone Digital!

The Social Security Administration has gone digital.

The federal retirement program, which last year, stopped mailing out estimated benefit statements to everyone who has paid into the system, launched an Internet tool this month that can be used to view several aspects of your personal status

(and no, we don't mean your Facebook status!).

Here's what's up:

Go to www.ssa.gov/mystatement to create your online account. You must have a Social Security number, email address and US mailing address AND be at least 18 years old.

If you have a problem or don't want to do it from a PC, you can enroll at a local Social Security office.

If you're worried about those nasty hackers, you can add extra security by requesting that a code be sent to your cellphone whenever you want to log in, and you will need to enter that code online.

Once in the site, you can review your annual earnings history and see estimates of what your monthly Social Security benefit will be when you decide you've had enough and you want to retire.

Extended Returns

Remember - if you've not filed, you have until October 15th to complete your 2011 personal return.

Don't wait until October 14th to start the process - we may be out enjoying the splendid Hermosa Beach weather. Get working on it right now!

I'm refinancing!

Many of you are in the process of refinancing and during that harrowing process, your bank may require some verifications of your income or your employment status from us here at Wayland & Vukadinovich.

We'll be happy to speak with you about how we may or may not be able to assist - remember, in general, we can help by confirming what you have reported in prior years but we are not in a position to predict what may happen in the future.

We are often asked to document our statements via a letter sent to your lender. We can do so with your permission, but note that we charge a minimum fee of $50 to provide such a letter.

Call us with questions.

Foreign accounts

The reporting requirements for assets held overseas are increasing and the penalties for failure to report them are becoming increasingly harsh. Not all foreign holdings must be reported. If you hold stock in a foreign company through a US broker, those holdings do not have to be separately reported. However, if you hold any other types of foreign assets, including bank accounts and securities accounts, please let us know.

I'd like an electronic copy of my return!

Many of you are refinancing, and you'd like us to provide a copy of your return electronically. We're happy to provide it - at no cost - but we will only provide that copy to YOU, we cannot provide it directly to your loan broker or banker unless you provide us written authorization with an original signature.

Requests for electronic returns usually take 24 hours - some requests can be completed sooner, some a bit later, but contact Gina in our office should you need an electronic copy of your return.