" What Disaster Tax Relief IRS Provides ? "

With Hurricane Season on the Horizon, it's good to know what Relief can IRS Provide if you live in a Federally Declared Disaster area. See the Tips & Help listed below:
1.  Make Disaster Preparedness Plan before the Hurricane Season Start.
2.  Special Tax Laws Apply the Federally Declared Disaster e.g IRS might Extend Tax Return  Filing Dead line.
3. Faster Refunds for the Disaster Losses related to the prior year Tax Return.
4. Refer to the Disaster Declaration Page for Tax Relief.
5. Go to Around The Nation Section on www.irs.gov Web site, to find the Local Tax News.
6.  For more Relief, visit the Page for Disaster Relief Resources for Charities and Contributors.

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" Are You A Victim Of Recent IRS Hack Attack ? "

Are you One of the 100,000 IRS Data Theft Victims whose ID was stolen by the Global Gang of Foreign Hackers to Steal 50 Million Refund Dollars ?. Actually 200,000 Fraudulent Attempts were made using IRS "Get Transcript" On Line Program for the Prior Year's Tax Returns. What should you do following this event ?   If You are Affected this is What IRS Suggests:

1.  IRS Will now provide Copies Of Fraudulent Returns to Victims.
1.  IRS Will provide Free Credit Monitoring Services for the 200,000 affected Taxpayers.
2.  Affected Taxpayers will be Flagged For The Upcoming And Future Tax Returns.
3.  Victims Qualify for Six-Digit Identity Protection Pin to Verify Identity when Filing Returns.
4.  Taxpayers should Stay Vigilant about their Accounts.
5.  Affected Taxpayers should take Advantage of the Free Credit Monitoring Services.
6.  IRS will provide Redacted Fraudulent Return Copies to Hack Victims

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

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" How to Respond Best to IRS Letter ? "

Tips on how to Best Respond to IRS Tax Letters and Notices:

1. Read the Tax Issue Raised by IRS Letter for the Appropriate Tax Year mentioned in the Notice.
2. Read Instructions In Letter For Proper Response e.g. Where ? when ? Address ?  Whom ? Issue ?
3. If IRS has made Changes To Your Tax Return, Review and Compare the Info. with your documentation.  If you agree with Changes Generally, you need not reply.
4. If You Disagree with Changes, then you must respond in a timely manner at the address in the notice.  Explain your reason for disagreement to IRS. Mail your reply with Bottom Tear Off from the Original Notice.  Generally reponse time is 30 days but comply with your letter time frame.
5.  Most IRS Notices can be answered by a phone to the Tel# in the letter.  Not necessary to visit IRS Center.
6.  Keep copy of all your IRS Correspondence and notices.
7.  Send Response to IRS Notice through US Mail  i.e. Certified Letter with Return Receipt
8.  If you can't Solve the Tax Issues in Phone calls Or IRS Center Visits, Arrange a Tax Specialist i.e. CPA or Enrolled Agent to Represent you as early as possible.
9.  Beware Of Scammers who Try to Advanage of you and Steal Your Personal Data For Identity Theft.

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

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" Did You Take Tax Return Amendment 101 Class ? "

List Suggestions about When a Tax Return should be Amended:
1.  Filing Status Errors
2. To Correct Income/ Deductions/Credits

You generally don't want to Amend Tax Return for the following:
a) Math & Missing Form Errors -  IRS will fix these for you.
b)  Health Insurance Market Place Form 1095-A Statement Errors.  IRS Might contact you for a copy of  Corrected Form 1095-A to verify the Information

Other Amendment Issues:
A)  Last date to Amend Return to Claim TY 2011 Refund was April 15, 2015.  If you have not claimed this Refund, now IRS owns it.
B)  Wait 16-20 weeks to Amend a Amended Return, since time to process the Amendment is around 16-20 weeks.
C) Amended Returns are Not Electronically Filed but are Paper Filed through US Mail System
D)  Submit Form 1040X to Amend Return along with updated schedules.
E)  Don't forget to include Form 1040X when CA Sate Return is amended.

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

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" What To Do If You Missed Tax Deadline ? "

If You Missed April 15th Tax Deadline, recommend the actions that Taxpayer can still take;
1. File Tax Return as soon as you can.
2.  Use IRS FreeFile e file your tax return.
3.  If your Income is less than $60,000 use Freefile for Brand Software To Fill Forms Electronically. This program is available until Oct 15, 2015.
4.  File Tax Return Electronically.
5.  If You owe Taxes, Pay as much as you can with the Tax Return.
6.  Explore Other Payment Options such as Installment Agreement.
7.  If you are getting Refund, file early to claim your refund.  If you don't file within Three Years you will lose your Refund to IRS.

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

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" How Defend Against Nation Wide Tax Scams ? "

Don't be Fooled by Tax Scammers Operating Nation Wide to Steal Your Identity or Refunds from Good Law Abiding Citizens. List Tips to Defend against such Scammers:

1. IRS Doesn't:
    o  Demand Immediate Payment or Threaten jail time without Prior  US Mail 
        Correspondence from Compliance or Enforcement Divisions after Tax Audit
        or Tax Collection Activities.
    o  Send Emailsto Tax Payers
    o  Ask For Credit/Debit Card Numbers on Phone.
    o  Threaten to Bring in Local Police to Arrest or Serve Jail time.

2. Report Tax Scammers to Treasury Inspector General For Tax Administration (TIGTA) at T: 1 800 366 4484

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" What To Do If You Receive Incorrect 1095-A & Premium Credit Forms ? "

If you Filed your Own Tax Return and Enrolled In Qualifying Market place Coverage using Form 1095-A, The Health Insurance Statement, and later learnt that there was there was error in 1095-A given to you, what should you do ?
1. You don't need to file Amended Tax Return even if you owe Taxes based upon corrected data.
2. IRS provides Tax Relief to the Tax Payers from Additional Tax Collection Actions.

Short answer is Do Nothing.

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

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