Chavis Tax & Accounting

2015-2016 News and Notes

Verifying Health Coverage

OH YEAH!!!!!!!!! Another year of “OBAMACARE” mandates. We will not be able to file your 2015 Tax Return without a form from your health insurance provider. The insurance companies are to provide you with form 1095 indicating coverage for you and your family members. We will be prohibited from e-filing your return without this form. Just another schedule added to your return.

What do I do if I haven't received my 1095 form?

Identity Theft

The Treasury Dept. had their computers hacked this summer. We are expecting to see a lot more identity theft letters from the Internal Revenue Service and refunds being held up. Some of you already received letters this summer indicating your SSN was comprised. If your information has been compromised, the IRS will be sending you a letter with a special PIN number in the next few weeks. We need that letter to file your return. Steps to follow if this happens: Respond immediately to any IRS letter by contacting our office, report a fraud alert with each of the credit card reporting companies, and let your financial institution know of the identity theft.

For more information, check out this article from USA TODAY.

Achieve a Better Life Experience (ABLE) Act

GREAT NEWS!! The State now has a plan where you can contribute money into a 529A for a disabled person, and it will not be TAXABLE, nor will it affect their other benefits. Contributions may be made to a 529A account that is established for purposes of meeting the qualified disability expenses of the designated beneficiary of the account who is a resident of that state or of a contracting state. The 529A will allow more families to plan support for disabled loved ones, and use it as needed.

Reminders

1. WE MUST HAVE A SIGNED 8879 BEFORE WE CAN FILE YOUR RETURN.

2.WE NEED THE 1098T IF YOU ARE ELIGIBLE FOR A TUITION CREDIT.


We will automatically file extensions for corporations, partnerships, trusts, and tax exempt organizations. However, if not filed timely, the IRS imposes a major penalty.

Thank you!

THANKS to all of you that are helping this “45” year old by volunteering to drop off your information. It is MUCH APPRECIATED!

This time of year and always, please remember that our troops need your prayers and support!

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