Dear Clients,

We hope that 2015 has been a happy and prosperous year for you and your family! Streitfeld Accounting and HR Tax Prep had a busy 2015. We have continued to unpack and organize our new offices in Woodland Hills and we have expanded our staff to include more talented and hard working individuals. You will also see some new forms of communication from us. We are thrilled to have implemented a paperless 'signature' system as well as a new way to upload tax documents to us via the cloud.

This year, both the IRS and the California Franchise Tax Board have new requirements. This means that we'll need documents and information that we have never needed in the past.

Please see a list below of new information we will need from you when we prepare your taxes.

Health Insurance
Everyone must have had health insurance in 2015 and everyone required to file a tax return must report their health insurance. This was true last year, but there are changes in how this is done for 2015..

You will need proof of your health insurance. In 2015, everyone covered by insurance should receive a Form 1095, either: 1095-A, 1095-B, or 1095-C. It's possible you and your family members will receive more than one Form 1095. If you did not receive one of these forms, then please forward to us any proof of insurance that you do have for 2015.

If you were not covered at any time during the year, then you may have to pay a penalty, unless you're entitled to an exemption. Some exemptions are claimed on the tax return and others require a certificate from the Exchange Marketplace (Covered California or other State Exchange). We cannot claim an Exchange exemption without that certificate.

To obtain the exemption, individuals must first submit an application to the Exchange along with the necessary documentation. The process takes at least two weeks, and may take considerably longer if you wait and the process gets crowded.

Foreign Accounts
The reporting requirements for assets held overseas are increasing and the penalties for failure to report said assets are becoming increasingly harsh. Not all foreign holdings must be reported. If, for example, you hold stock in a foreign company through a U.S. broker, then those holdings do not have to be separately reported. However, if you hold any other types of foreign assets, including bank accounts and/or securities accounts, then please let us know.

Repair Regulations
Due to IRS changes in what can be deducted and what must be capitalized, we will need additional information from you if you have a business or a rental property. For any time that you expense as "repairs" or "materials and supplies" we will need an itemized list of those items. The list should include:

Date purchased
Cost
Description of work done or item purchased

Please take extra care in preparing your Tax Organizer (sent to you upon request) and documentation so that we can do the best possible job for you.

We look forward to working with you this Tax Season!

Sincerely,

Heather Retsky
HR Tax Prep, Inc.