If I wanted to, I could write something in this space every week about the latest scam that is taking hold. Right now, we could discuss fake charities that are purportedly raising money in the wake of Hurricanes Helene and Milton. Or maybe talk about those who are claiming to raise money ahead of the election but are only lining their own pockets. There are only so many things one can do when it comes to combatting scams, though, and the tips on what to do to fight back would tend to all be the same no matter what the current fraud is.

Much of what one can do is being proactive and protecting yourself before problems arise. And there is one way you can do this when filing taxes that is unique enough it is worth mentioning, though. This is signing up for an identity protection personal identification number (IP PIN) with the IRS. This will give you an added layer of security and prevent anyone from filing a fraudulent return in your name without having this number.

You can acquire this number now through November 23, 2024. After that date, the PIN system will undergo maintenance before opening again in early January 2025.

From the IRS website on how to request an IP Pin if you so choose:

The best way to sign up for an IP PIN is through IRS Online Account. The process requires identity verification, and spouses and dependents can also obtain an IP PIN if they complete the required verification steps. Once an IP PIN is issued, it must be on both electronic and paper returns.

To get an IP PIN, taxpayers should create or log into their online account at IRS.gov and follow the steps for identity verification. Once verified, taxpayers need to click on the profile tab to request their IP PIN. IP PIN users must use this number when filing their federal tax returns for the current calendar year and any previous years filed during that same period.

For those unable to create an Online Account, alternative methods are available, such as in-person authentication at a Taxpayer Assistance Center. More information is available on how to sign up at Get an identity protection PIN (IP PIN).

Warmly,

Josh Bousquet
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Recently, I have written a few times about how important it can be for business owners to not be mired in only doing things one way and remain open to new ideas and changing with the times. These writings are probably why it stuck out to me that the last full-size Kmart in the mainland United States closed a few days ago.

Now, this isn’t some giant surprise as the brand has been on the decline for decades. More than anything, this final closing made me peruse the memory files for the last time I was even at a Kmart. (And it’s definitely more than five years ago.) For us middle-aged people, though, we can still recall a time when those stores were a large piece of the landscape.

Where I grew up, we had a Kmart … and Walmart didn’t come in until I was in high school and Target was only a presence after I moved away. So yes, things change.

And do any of you remember Sears? Yep, we had one of those, too.

There are just always more examples of how you can’t rest on your laurels.

Warmly,

Josh Bousquet
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Earlier this week, we celebrated Columbus Day. Of course, celebrated may be a difficult word to use here seeing as it is possible the holiday passed without you realizing it was occurring – at least until you went to get your mail and found nothing there.

We have reached a point where celebrating Christopher Columbus as an individual has become complicated enough where utter celebration of him seems misplaced. The rise of Indigenous Peoples’ Day alongside this, though, is at least trying to help give a fuller view of what Columbus’s exploits meant.

It is impossible to come to some miraculous answer that everyone will agree is the correct way to celebrate this holiday and memorialize Columbus’s accomplishments while also acknowledging the pain it caused and the way that colonialism decimated native populations. I do believe, however, that we can largely agree upon the fact that there are two parts of this story that need to be told, and this was not always the case.

Granted, my school years are getting ever more distant in that rearview mirror, but it’s not SOOO long ago that what we were taught no longer has a hold in society. And the teaching we received was very much in the vein of canonizing Columbus and did not speak of indigenous peoples. We saved that for when they showed up for a giant Thanksgiving lovefest with the Pilgrims (gulp).

But it is good to learn new things. It is good to not think that when we have one answer it will be the only answer forever. The Columbus situation even shows that new things can be discovered in the past that we didn’t pay enough attention to. It is only a strength to be able to admit you were wrong and expand your vision to include more.

Embracing this ability for change is key in business, as well – just ask Kodak and Blockbuster. If you only ever do one thing, you must find a unique and super special type of niche to let that run for many years. But if you can move as times change and embrace that, new (and better) answers sometimes come along and with those you can thrive.

And this doesn’t mean you were necessarily “wrong” when the old answers helped you succeed. But the world would be really boring if it never changed, so don’t be afraid to change with it.

Warmly,

Josh Bousquet
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Last week I wrote as the longshoremen’s strike was getting under way about how some things in business are out of your hands and you must trust that they work themselves out most of the time. This week I can write that it is already over.

This is not an ‘I told you so” or anything, for really it is a wonder that the issues were able to be worked out that quickly before there were any effects – well, before there were really any effects beyond some binge buying of toilet paper, which is apparently what we do now even though the strike would have had no effect on the availability of TP.

So, let’s just call this a brighter start to the week.

​***

And if you are looking for other bright spots, last week also ended with a jobs reports that said the US economy added more than 250,000 jobs in September. And this comes on the heels of the Federal Reserve’s interest rate cut that essentially said inflation is under control.

Now, I am not an economist and am certainly not trying to just shower you with gold and rainbows, but these are good indicators that we have been waiting to converge for years. So, we should at least remain not so cynical that we don’t embrace good news when it comes.

***

It is not all good news, though, as Hurricane Helene also showed itself recently and left a vicious wake of devastation. That wide swath, though, also is a reminder about how the IRS frequently offers some tax relief for people in disaster situations, pushing back many deadlines for both filing tax returns and making tax payments.

These measures in the aftermath of Helene cover various states, so if you were in an affected area, chances are good that you can receive some relief. This relief often goes well beyond that most publicized disasters, too, as also there was recent relief offered to wildfire victims in Washington. So, if you are ever in an area affected by any such event, it can be worth a check to give yourself a little extra breathing room with deadlines if nothing else.

The complete list of disaster relief guidance can always be found at www.irs.gov/newsroom/tax-relief-in-disaster-situations.

Warmly,

Josh Bousquet
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Businesses of all sizes almost necessarily have many different pieces that must come together to make them work. All the intricacies that are involved in any business are impossible to know unless you exist deep on the inside.

One of those easy-to-overlook areas has jumped to the forefront this week as the International Longshoremen’s Association has gone on strike and suddenly just how we acquire such varied things as bananas, sugar, liquor, and furniture is now getting more attention than it usually does.

I don’t want to get into any depth here about what has caused this situation and who is in the right or the wrong. Instead, I think that there can be some things to learn here for those running a small business or looking to start one.

From that lens, this shows how there are parts of a business that are a little out of your hands. Granted, I am not writing here to anyone who is at the helm of a massive organization with multiple union concerns where negotiations that are completely out of your hands may have a gigantic impact on your business. There are things every business must do, though, that many don’t think about before they decide to jump in – including insurance, taxes, legal matters, credit card processing, shipping, and any other of dozens of possibilities of things - that are necessary to properly operate as you desire.

And these things can feel scary. Like in the case of this strike, if it gets to a point where it becomes difficult to get something that you need, it will be incredibly frustrating when there is nothing you can personally do to take care of that.  It will be a moment when what you desire will feel dependent on the actions of others.

These moments stand out, though, because of how rare they are. If anything, it is much more often astounding than frustrating how often we can rely on such things that are out of our hands. Now granted, when it comes to business, it is still a very good idea to take time to research who you operate with.  But once you find someone you are comfortable with, you must then have some level of trust. And when your business reaches a new spot where you need a new piece of assistance, don’t be afraid to jump again.

This helps you stay most interested and invested in the parts of your business that you enjoy the most and most of the time that only works out wonderfully.

Warmly,

Josh Bousquet
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