Archive for: ‘January 2014’

Beware of Identity Theft this Tax Season

January 17, 2014 Posted by kingcade

The IRS has issued identity theft warnings this tax season. Following the recent data breaches consumers have experienced, taxpayers need to be extra careful with their personal information. According to the IRS, identity theft is one of the fastest growing crimes in the nation and theft related to tax refunds is one the agency’s biggest problems right now.

Below are some tips to keep your personal information safe this tax season and year around!

• Do not give your personal information out to just anyone, make sure it is a trusted individual.

• Do not carry your social security card on you or anything with your social security number on it.

• If you file your taxes electronically, make sure your computer’s security system and virus protection is up to date.

• Never share your personal information through social media or email.

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If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

When Can I File my 2013 Taxes?

January 15, 2014 Posted by kingcade

Due to the government shutdown, the filing date has been pushed back to file your 2013 tax returns. The IRS has announced plans to open the 2014 filing season on January 31, 2014, as opposed to the January 21st date. The government shutdown and the extensive set of ATRA tax changes affected many 2012 tax returns, which led to the late January opening.

The IRS noted several options available to help taxpayers prepare and receive their refunds as quickly as possible.

• Many software companies are expected to begin accepting tax returns in January and hold those returns until the IRS systems open on January 31.

• Taxpayers are encouraged to file their tax returns using e-file or Free File with the direct deposit option to receive their refunds the fastest.

• The April 15 tax deadline is set by statute and will remain in place. To receive an automatic six month extension, you will need to file Form 4868, electronically or through the mail.

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“Dance Mom’s” Star Emerges from Bankruptcy

January 13, 2014 Posted by kingcade

It turns out that even celebrities can find themselves facing financial trouble. The popular “Dance Mom’s” star, Abby Lee Miller recently emerged from bankruptcy. The dance instructor, who owns a studio in Pittsburg, filed for bankruptcy on December 3, 2010, claiming assets of about $325,000, but owed more than $400,000.

According to legal documents, Miller got into financial trouble when she fell behind in real estate taxes and her property was nearing foreclosure. She also claimed that business had slowed down at her dance studio. Shortly after filing bankruptcy, the reality show “Dance Moms” which debuted in July, 2011, became her saving grace. Her case was officially discharged on New Year’s Eve and her lawyer confirms that all creditors were paid in full.

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If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

IRS Announces Changes for Taxpayers in 2014

January 9, 2014 Posted by kingcade

The IRS has announced it will stop providing a number of taxpayer assistance services in person or over the phone and will instead shift to serving customers online. According to the IRS, the move is designed to free up employees to help taxpayers deal with issues, such as identity theft, that cannot be resolved through over avenues.

Changes are being made in the following areas:

1.) Tax Return Preparation. The IRS has always provided limited tax return preparation services at its walk-in offices, but beginning in 2014 this help will be further reduced, as taxpayers will be directed to the more than 13,000 volunteer tax preparation sites instead of the 250 IRS walk-in offices.

2.) Transcript Delivery. Beginning in 2014, the IRS will debut its “Get Transcript” service, which will allow individual taxpayers to use their Social Security numbers to view and print a copy of their tax transcript. Get Transcript will be available for the following types of transcripts: tax account, tax return, record of account, wage and income and verification of non-filing.

3.) Tax Law Assistance. The IRS will continue to answer basic questions, such as who qualifies as a dependent, who can take an exemption, etc., but will refer more complex questions to resources found on the IRS website.

4.) Refund inquiries. The most common question taxpayers ask according to the IRS are questions related to the status of a refund. This year, taxpayers will be able to check the status of their refund using the IRS’s online tool, “Where’s My Refund?”

5.) EIN’s: Beginning with the 2014 filing season, the IRS will handle all EIN requests using the Online Assistant, with only those with a previously assigned EIN being referred to an IRS representative.

6.) Practitioner Priority Service: Starting in January, the use of the Practitioner Priority Service will no longer be available to taxpayers; it will be restricted to tax practitioners who are trying to resolve issues for their clients.

7.) Filing season for business tax returns. The IRS announced that the filing season for individual returns will begin January 31. This is later than the originally planned start date of January 21 due to the government shutdown in October. Filing season for business tax returns, however, will not be similarly delayed. The IRS announced that on January 13, 2014, it will begin accepting both paper and electronically filed business and excise tax returns.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Beware of Credit Repair Companies

January 8, 2014 Posted by kingcade

We are bombarded with ads for credit repair companies, claiming to “Erase your bad credit history simple, fast and easy- Guaranteed!” Others promise to “Boost your credit score to 750 in just one week.” Consumer credit counselors are warning consumers to take caution when it comes to these type offers because it is likely a scam. In reality, there is no quick fix for credit problems; improving your credit score takes time and effort on your part. No one can remove accurate negative information from your credit report.

Here are some tips from the FTC on how to evaluate the trustworthiness of credit repair companies. Proceed with caution if…

• The company wants you to pay for credit repair services before they provide any services.

• The company does not explain to you your rights and ways you can fix your credit score for free.

• The company recommends that you do not contact any of the three major national credit reporting agencies.

• The company tells you it can get rid of negative credit information on your credit report, even if that information is accurate and current.

• The company suggests you invent a “new” credit identity and a new credit report by applying for an Employer Identification Number, instead of using your Social Security number.

• The company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness.

Know that if you follow illegal advice and commit fraud, you can land up in hot water. It is a federal crime to lie on a loan or credit application, to misrepresent your social security number and obtain an Employer Identification Number from the IRS under false pretenses. Even if a credit repair agency advises you to do this, you yourself will be held accountable.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.