Author Archives: Phil Selvey

Taxpayers can minimize the effects of data theft with these steps.

Theft of personal and financial information puts people at risk of additional problems. Thieves often use the stolen data to:

  • Sell the information to other criminals
  • Withdraw money from a bank account
  • Make credit card purchases
  • File a fraudulent tax return for a refund using a victim’s name.

Victims should follow these steps to minimize the effect:

  • Determine what information the thieves compromised
  • Place a freeze on credit accounts
  • Reset password on online accounts
  • Use multi-factor authentication if available.

Underpayment of Estimated Income Tax by Individual Farmers and Fishermen

The IRS is granting an extension of the March 1st deadline for farmers and fishermen to make their estimated tax payment before being subject to estimated tax penalties– as long as they file and pay the full amount of tax reported on their 2018 return by April 15, 2019 (or by April 17, 2019, for those taxpayer who live in Maine or Massachusetts).

To claim the waiver of the estimate tax penalty, you must attach Form 2210 to their 2018 tax return.