Identity Theft Continues To Be A Problem for Government
From the recent data breach at the IRS to Ohio’s new Identity Confirmation Quizzes, government is trying hard to keep up with criminals intent on hijacking your personal information to obtain fraudulent refunds. If you are a victim of this type of identity theft, the IRS offers some tips on resolving the matter here. An IP PIN should be obtained so that the IRS knows that the return you filed is actually yours in the future, and filing the Identity Theft Affidavit as soon as the theft is discovered is also wise.
Given that the information needed to file a fraudulent tax return electronically is voluminous (date of birth, SSN, address, etc), a thorough review of your bank, loan, retirement, and credit card accounts should be performed if you fall prey to this scheme since the perpetrator would likely have some degree of access to all of this data. If your identity is compromised, remember that you can obtain your credit report for free (click here for more info), and free credit monitoring services are usually offered to victims of ID theft.
Changes Coming To Ohio Municipal Taxation
Gov. Kasich signed H.B. 5 on Dec. 19, 2014. This bill will improve consistency of the tax laws amongst Ohio’s municipalities.
From net operating loss carryover treatment and treatment of pass-through entities to employer withholding requirements and administrative matters, this bill resolves an array of matters that have long caused problems for taxpayers. The bill’s effective date is January 1, 2016, giving us all time to prepare for its implementation.
An article that includes a description of the key provisions in the bill can be found here.
2014 Tax Extender Bill Enacted
Known as the Tax Increase Prevention Act of 2014, the long-awaited tax extender bill passed this week, extending 2013’s allowable Section 179 deduction and other key tax provisions into 2014.
More on which provisions were extended can be read here.
2015 Mileage Rates Announced
The standard mileage rates for vehicle use in 2015 are as follows:
- 57.5 cents per mile for business miles driven, up from 56 cents in 2014
- 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
- 14 cents per mile driven in service of charitable organizations
These were announced recently in Notice 2014-79.
Living Without Health Insurance? Act Soon For Exemption From The 2014 Penalty…
There are a number of reasons for not having health insurance in 2014 that will exempt you from the penalty, but the hardship exemption will take some extra work on the taxpayer’s end.
To claim a hardship exemption from the health insurance penalty in 2014, individuals must have a certificate number that is issued by the Exchange. This certificate number will take at least two weeks to obtain according to the government.
Therefore, if you plan on claiming the hardship exemption, it is wise to start the process to obtain the certificate number as soon as possible since this could prevent the timely filing of your tax returns.
More information on all of the available exemptions can be found here, while information specifically regarding the hardship exemption can be found here.
Ohio Workers’ Compensation Issues Another Round Of Rebates
Ohio BWC recently announced that another $1 billion is to be refunded to Ohio businesses as a result of strong returns on the fund’s investments. This round of rebates is similar to last year’s rebates that were issued around the same time. These checks are in the process of being mailed now. Eligibility requirements and more information can be found here.
