Keith Boyer's Blog

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Howard Froman

We lost a friend and mentor yesterday with the passing of Howard Froman.  Many of us will remember the years at First Investors from where is encouraged us to live up to our potential and told us that we could.  Many of you came to us through Howard.  We treasure our relationship with each one of you and our relationship with the family.  Arrangements will be handled through Frank E. Campbell in Manhattan.   -Keith
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Inflated Refund Claims Again Made the IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season

  Inflated Refund Claims Again Made the IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season   IR-2016-18, Feb. 8, 2016   WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous tax return preparers pushing inflated tax refund claims. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for the 2016 filing season.   "Be wary of tax preparers that tout outlandish refunds based on federal benefits or tax credits you've never heard of or weren't eligible to claim in the past," said IRS Commissioner John Koskinen. "Taxpayers should choose preparers who file accurate returns."  
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ACA/affordable care act Form 1095-B

  This is the 3rd tax filing season for the ACA/affordable care act. For 2015 health insurance companies are required to report coverage on form 1095-B. If you have medical insurance you've may have received the form already.  This serves as verification that the taxpayer has insurance whereas previously taxpayers were on the honor system.  Please give the form to your accountant.   
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Required Minimum Distributions (RMDs).

  Taxpayers who have reached age 70-1/2 should be sure to take their 2015 RMD from their IRAs or 401(k) plans (or other employer-sponsored retired plans). Failure to take a required withdrawal can result in a penalty of 50% of the amount of the RMD not withdrawn. Those who turned age 70-1/2 in 2015 can delay the first required distribution to 2016. However, taxpayers who take the deferral route will have to take a double distribution in 2016 - the amount required for 2015 plus the amount required for 2016.  
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IRS notifying taxpayers “We changed your mailing address”, Notice CP148A.

Recently we have seen frequent correspondence from the IRS notifying taxpayers “We changed your mailing address”, Notice CP148A. The notice states - If you didn’t authorize a change of address, contact us immediately by calling number listed above. Should you receive one of these we suggest calling the IRS early the next morning (assuming you did not request a change of address).    This could be the start of the filing of a fraudulent tax return.  Calling the IRS at 8:00AM yields a quicker response and better results. Also suspicious activity needs to be addressed as promptly as possible.    
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