As we get into the 2015 tax season, we wanted to update our clients on some of the goings on in the tax world:
Identity Theft Victims – If you were the victim of identity theft, the IRS should have sent you a letter (CP01A) with an Identity Protection PIN which must be used to file your return this year. However, due to a clerical error, the letters referenced the wrong tax year. The PIN issued to you in that letter is indeed for filing your taxes in 2016 for 2015. If you received this letter, please provide us with the letter so that we have the PIN to file your taxes. Your PIN will change each year. Without your PIN, your tax return will NOT be accepted for filing.
Health Insurance 1095-B and 1095-C Forms are delayed – The new due date to get the forms to the recipients is now March 31, 2016 (instead of February 1, 2016). IRS also states it realizes taxpayers may not receive the forms by the time they file their 2015 income tax returns. Some taxpayer/employees who enrolled in coverage through the Marketplace but did not receive a determination from the Marketplace that the offer of employer-sponsored coverage was not affordable could be affected by this extension if they do not receive their Forms 1095-C before they file their return. These individuals who rely on other information received from their employers need not amend their returns once they receive their Form 1095-C or any corrected Form 1095-C but should keep it in their records. Similar relief is also available for those taxpayers who are affected by late Forms 1095-B.
CT Teacher pensions –Beginning in 2015, a portion of CT teacher’s pension will be non-taxable. In 2015 – 10%, in 2016 – 25% and in 2017 – 50%.
You may have noticed some changes coming from our side of the tax world this season. – our tax organizer, for one. We have redesigned our tax organizer in an effort to protect our clients’ privacy and so this year, our organizer itself was part of our sleek, newly introduced quarterly newsletter, and the envelope where you would gather together all your tax information is blank with our return address. This allows you to mail your items back to us in a pre-addressed envelope or keep all your documents in a private envelope for dropping off. Fret not – we took care to make sure that the important points to remember were included on the organizer and that our forms on the website (should you need supplements to the organizer) are up to date and accessible (check out our Forms and Worksheets tab from the home screen).
MJW EA & Company LLC is an official drop-off location for Bare Necessities, Inc., a non-profit organization collecting diapers and various toiletries to be distributed to families in need along the shoreline. Check out our website and our Facebook page for ways to help!
With the addition of staff and the onset of tax season, we want to make sure our clients have the time they need to discuss concerns with their tax professional and the privacy that can be afforded by off-site meetings. With multiple deadlines, a fuller house (in terms of staff members) and varied schedules, we are urging our clients to call ahead and see if the person they want to see is available to meet. If you swing by unannounced, you may find that your tax professional is already in a meeting or is otherwise unavailable (out of the office, etc). Please call ahead or email so that we can make sure you get the attention you deserve when you are in our office. We know this is a shift and it will be a habit to break, but we can do it with your help!
We are here to help! Call or email for an appointment to go over any questions you may have and check out our “Helpful Links” and “Forms and Worksheets” section for useful tools.