Four Reasons You Should Not Wait Until Extension Deadline to File Your Return

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If you filed for an extension of time to file your 2015 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider. If you fall into this category, it’s important you file your return sooner rather than later. Here are four things for these taxpayers to know:

• If you got a six-month extension of time to file, you do not need to wait until this fall to file your return and reconcile your advance payments. You can – and should - file as soon as you have all the necessary documentation.
• You must file to ensure you can continue having advance credit payments paid on your behalf in future years. If you do not file and reconcile your 2015 advance payments of the premium tax credit by the Marketplace’s fall re-enrollment period – even if you filed for an extension – you may not have your eligibility for advance payments of the PTC in 2017 determined for a period of time after you have filed your tax return with Form 8962.
• Advance payments of the premium tax credit are reviewed in the fall by the Health Insurance Marketplace for the next calendar year as part of their annual re-enrollment and income verification process.
• Use Form 8962, Premium Tax Credit, to reconcile any advance credit payments made on your behalf and to maintain your eligibility for future premium assistance.

IRS Says be Alert for Tax Scams

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Tax scammers work year-round; they don’t take the summer off. The IRS urges you to stay vigilant against calls from scammers impersonating the IRS. Here are several tips from the IRS to help you avoid being a victim:

• Scams use scare tactics. These aggressive and sophisticated scammers try to scare people into making an immediate payment. They make threats, often threaten arrest or deportation, or they say they’ll take away your driver’s or professional license if you don’t pay. They may also leave “urgent” callback requests, sometimes through “robo-calls.” Emails will often contain a fake IRS document with a phone number or an email address for you to reply.
  
  
• Scams spoof caller ID. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legit. They may use online resources to get your name, address and other details about your life to make the call sound official.
  
  
• Scams use phishing email and regular mail. Scammers copy official IRS letterhead to use in email or regular mail they send to victims. In another new variation, schemers provide an actual IRS address where they tell the victim to mail a receipt for the payment they make. This makes the scheme look official.
  
  
• Scams cost victims over $38 million. The Treasury Inspector General for Tax Administration, or TIGTA, has received reports of more than one million contacts since October 2013. TIGTA is also aware of more than 6,700 victims who have collectively reported over $38 million in financial losses as a result of tax scams.

The real IRS will not:

• The IRS will not call you about your tax bill without first sending you a bill in the mail.
• Demand that you pay taxes and not allow you to question or appeal the amount that you owe.
• Require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card or any specific type of tender.
• Ask for credit or debit card numbers over the phone.
• Threaten to bring in police or other agencies to arrest you for not paying.
• Threaten you with a lawsuit.

If you don’t owe taxes or have no reason to think that you do:

• Do not provide any information to the caller. Hang up immediately.
• Contact the Treasury Inspector General for Tax Administration. Use TIGTA’s “IRS Impersonation Scam Reporting” web page to report the incident.
• You should also report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add "IRS Telephone Scam" in the notes.

If you know you owe, or think you may owe taxes call the IRS at 800-829-1040. IRS employees can help you if you do owe taxes.

IRS Tax Tips provide valuable information throughout the year. IRS.gov offers tax help and info on various topics including common tax scams, taxpayer rights and more.

IRS YouTube Videos:  

•  Tax Scams – English | Spanish | ASL 

IRS Podcasts:

•  Tax Scams – English | Spanish

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