August 2015

KO Lettering in Navy

As summer winds down and kids head back to school, 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.

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

Act Fast if Your Tax Identity Is Stolen

Have you received 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 you should 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.

Contact our office if you need assistance. We're here to help.

Are Itemized Deductions Worth the Effort?

Knowing the difference between the standard and itemized deduction might save you a lot of time and trouble, and some taxes to boot. Read more . . .

Making an IRA Change Could Be Tax-Smart

Did you convert all or part of a retirement account to a Roth during 2014? And do you now wish you hadn't? Click here for some good news.

Accurate Inventory Numbers are Crucial for Your Business

For many companies, inventory is a significant dollar amount on the company's financial statements, so it is crucial that recorded inventory balances reflect actual values. Read more . . .

Resources for Not-for-Profit Organizations

Access links and downloadable publications on our Not-for-Profit Division pages.

Do you need to send us some documents?

Click here to upload a file.

Disclaimer
Our company provides the information in this e-newsletter for general guidance only. The information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used and cannot be used by any recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.