Rayfield Luzim & Company, Garden City NY

Rayfield Luzim & Company, Garden City NY
Full service tax, accounting, and business services.

Thursday, January 21, 2016

Identity Theft – Information for Victims


Identity theft is a big problem. Taxpayers can encounter identity theft involving their tax returns in several ways. One instance is where identity thieves try filing fraudulent refund claims using another person’s identifying information, which has been stolen. Innocent taxpayers are victimized because their refunds are 
delayed.

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Generally, an identity thief will use your SSN to file a false return early in the year.

You may be unaware you are a victim until you try to file your taxes and learn one already has been filed using your SSN.


The IRS does not initiate contact with taxpayers by phone request personal or financial information.


For phishing scams by phone, fax or mail Call 1-800-366-4484 Toll free.



The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. Remember: Correspondence from the IRS never comes electronically. The agency always communicates via letters sent 
through the U.S. Postal Service.


Report suspicious online or emailed Phishing scams to: phishing@irs.gov. 


If you find yourself a victim of identity theft or find yourself at risk of having your identity stolen, you can alert the IRS about your situation with Form 14039 Identity Theft Affidavit.

Fill out the IRS Identity Theft Affidavit, Form 14039. Please write legibly and follow the directions on the back of the form that relate to your specific circumstances.

Link to access Form 14039 is https://www.irs.gov/pub/irs-pdf/f14039.pdf


For victims of identity theft who have previously been in contact with the IRS and have not achieved a resolution to their case, they can contact the IRS Identity Protection Specialized Unit, toll-free, at 800-908-4490 Extension 245.

If victims can’t get their issue resolved and are experiencing financial difficulties, contact the Taxpayer Advocate Service toll-free at 877-777-4778.

Contact the fraud departments of the three major credit bureaus:

Equifax – www.equifax.com, 800-525-6285

Experian – www.experian.com, 888-397-3742

TransUnion – www.transunion.com, 800-680

Report incidents of identity theft to the Federal Trade Commission at www.consumer.ftc.gov or the FTC Identity Theft hotline at 877-438-4338

Link to filing complaint with Federal Trade Commission is:
https://www.identitytheft.gov/

Report IRS impersonation scams to the Treasury Inspector General for Tax Administration’s IRS Impersonation Scams Reporting.
https://www.treasury.gov/tigta/contact_report_scam.shtml


Certain tax-related identity theft victims will be placed into the Identity Protection PIN program and annually receive a new, six-digit IP PIN that must be entered on the tax return. The IP PIN adds an extra layer of identity protection. Some taxpayers will be given the option of getting an IP PIN, using the IRS.gov/getanippin tool.


Link to IRS Taxpayers guide for Identity Theft is:
https://www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft


Tips to protect you from becoming a victim of identity theft


  • Don’t carry your Social Security card or any documents with your SSN or 
  • Individual Taxpayer Identification Number (ITIN) on it.
  • Don’t give a business your SSN or ITIN just because they ask. Give it only when required.
  • Protect your financial information.
  • Check your credit report every 12 months.
  • Secure personal information in your home. 
  • Protect your personal computers by using firewalls, anti-spam/virus software, update security patches and change passwords for Internet accounts.
  • Don’t give personal information over the phone, through the mail or on the Internet unless you have initiated the contact or you are sure you know who you are dealing with.

Sunday, February 15, 2015

Confused about the Affordable Care Act (aka, Obamacare)

You are not alone. Nearly everyone is affected by the Affordable Care Act (aka, #Obamacare) and will need to do something new when filing their taxes this year.

Starting with this year’s filing season, taxpayers must report certain information related to health care coverage on their 2014 tax return when they file this April.

Click here to view the Health Care Law and You chart at IRS.gov to see how the law will affect you.

Tuesday, October 21, 2014

Within the Affordable Care Act, if a taxpayer receives a advance credit payment, do they have to file a tax return ?

For any tax year, if you receive advance credit payments in any amount or if you plan to claim the premium tax credit, you must file a federal income tax return for that year.
#TaxGuyofLI
#GardenCity
#ACA

Within the Affordable Care Act, what should a taxpayer do if the income changed from the estimate used at the Marketplace?

Report income and family size changes to the Marketplace throughout the year. Reporting changes will help make sure you get the proper type and amount of financial assistance and will help you avoid getting too much or too little in advance. Receiving too much or too little in advance can affect your refund or balance due when you file your tax return.
#TaxGuyofLI
#GardenCity
#ACA

With the Affordable Care Act, if a taxpayers income is so low that they are not required to file a federal income tax return, one short coverage gap during a year, the short coverage gap exemption only applies to the first gap.

You are automatically exempt from the shared responsibility provision for that year and do not need to take any further action secure an exemption. If you are not required to file a tax return for a year but file one anyway, you will be able to claim the exemption on your tax return.

Within the Affordable Care Act, what qualifies as a short coverage gap?

A gap in coverage that lasts less than three months qualifies as a short coverage gap. If an individual has more than one one short coverage gap during a year, the short coverage gap exemption only applies to the first gap.

Within the Affordable Care Act, how does a taxpayer claim a exemption for my household income below the filing threshold ?

The exemptions for lack of affordable coverage, a short coverage gap, certain hardships, household income below the the filing threshold and individuals who are not lawfully present in the United States may be claimed only as part of filing a federal income tax return.

Within the Affordable Care Act, how does a taxpayer get a exemption for being incarcerated?

The exemptions for members of federally recognized Indian tribes, members of health care sharing ministries and individuals who are incarcerated are available either by going to a Marketplace or Exchange and applying for an exemption certificate or by claiming the exemption as part of filing a federal income tax return.

Within the Affordable Care Act, how does a taxpayer get a religious conscience exemption ?

The religious conscience exemption and most hardship exemptions are available only by going to the Health Insurance Marketplace and applying for an exemption certificate.

Within the Affordable Care Act, If a person changes health coverage during the year and end up with a gap when the person is not covered, will the taxpayer owe a payment?

Individuals are treated as having minimum essential coverage for a calendar month if they have coverage for at least one day one day during that month. Additionally, as long as the gap in coverage is less than three months, you may qualify for an exemption and not owe a payment #TaxGuyofLI #GardenCity