" Will IRS Provide Copies Of Fraudulent Returns to Victims? "

IRS Will provide ID Theft Victims copies of Fraudulent Returns. The hope is that Victims learn from these returns and understand how these were made and filed under their name. They can Guard against such future ID Theft attempts. The Victims can also learn how their personal and Financial information was obtained by the ID Thieves.
These fraudulent copies will be redacted  so that other SSN and Names are not provided to the Victim.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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" What is Saver's Credit ? "

If you contribute to 401(k) or IRA for TY2015, you might be able to claim the Saver's Credit - Also known as Retirement Savings Contribution Credit.  This is in addition to the Pre-tax dollars put away in the Retirement plans.
List Saver's Credit overview:
1. Credit Limit - Up to $4000 for MFJ, or $2000 for Single.  The credit rate reduces and phases out as income exceeds threshold levels.
2.  Income Limits
    o  MFJ  with Income less than $61,000
    o  HH   with Income less than $45,750
    o S or MFS with Income under $30,500
3. Other Qualification Criteria
    o Age must be under 18 Yrs.
    o You can't be Full time Student in 2015
    o  No Taxpayer can claim you as dependant on their Tax Return.
4.  Contribution Date - Before April 18, 2016 for TY2015 Saver's Credit.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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" What Are The Tax Implications Of Unemployment Benefits? "

Get Unemployment Benefits when you are out of a Job but what are its Tax Implications ?   Read Top Five Consequences Listed Below:

1.  Unemployment Compensation  - Is  Income and Taxable.  Expect Form 1099-G by Jan 31, of the Following Year.. It shows amount of Taxes Withheld if any.

2.  Paid Under Federal Or Sate Law - Various Types of Unemployment Compensation.  Tax Treatment varies depending upon its classification.

3. Union Benefits - Only Benefits in excess of Taxpayer Contribution are Taxable. 

4. Choose to Have Your Taxes Withheld - Use Form W-4V to Withhold Taxes. If you choose not to Withhold Taxes , You may need to make Estimated Tax Payments.

5. Visit irs.gov for more details.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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" What Deadlines For Foreign Income & Assets ? "

US Citizens must report World Wide Income On Federal Tax Return.  If you lived Outside the US  on the due date of Regular Return, your 2016 Tax Return Deadline is June 15, 2016.  Deadline to report interest in Foreign Financial Institutions is End of June 2016.

 A) FATCA Requirements - Referring to the Foreign Account Tax Compliance Act, US Citizen and Resident Aliens must report World Wide Income.  That is disclose Income from Foreign Accounts on Schedule B.

B) You may have to file form 8938 showing Statement of Special Foreign Financial Assets with your Tax Return.

C) FBAR Requirements - It refers to Form 114, Report of Foreign Bank & Financial Accounts. This is filed with Financial Crimes Enforcement Network (FinCEN) a bureau of Treasury Department.if the Aggregate value of the Account exceeds $10,000.  This includes any Signature authority  on the accounts.This form 114 is filed electronically separately from Tax Return. Deadline for filing Form 114 is June 30.

Failure to File these forms can result in $10,000 or more in  Penalties including Jail time.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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