Private Agencies Now Collecting for IRS – Your scam alert should be on high
Private Agencies Now Collecting for IRS – Your scam alert should be on high The IRS recently announced its outside collection agencies are now actively collecting past due tax bills. This will impact all of us. Here is what you need to know In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions in uncollected taxes it is no longer pursuing. This will impact all of us.
Taxpayers to forfeit more than $1 billion in refunds – Are you one of them?
Taxpayers to forfeit more than $1 billion in refunds – Are you one of them? The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. Refunds have to be claimed within three years or they are forfeited to the government. The unclaimed $1 billion comes from about 1 million taxpayers who still haven’t filed returns for the 2013 tax year.
Small Business Filing Deadline Approaching Fast Form W-2s and 1099-MISCs are Due Jan. 31
Small Business Filing Deadline Approaching Fast Form W-2s and 1099-MISCs are Due Jan. 31 If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year. The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. These W-2 and 1099-MISC forms will have to be postmarked or sent electronically to both the IRS and the person you did business with on or before Jan. 31, otherwise you may
The IRS Grilling – IRS applies more scrutiny to child-related tax credits
The IRS Grilling – IRS applies more scrutiny to child-related tax credits Get ready to answer additional questions this year if you claim some tax credits related to children and college costs Get ready to answer additional questions this year if you claim some tax credits related to children and college costs. You may already be familiar with the additional questions and documentation required when you use the Earned Income Tax Credit (EIC). Starting this year, the IRS is applying the same level of scrutiny to three more credits: Child Tax Credit (CTC) Additional Child Tax Credit (ACTC) American Opportunity
2017 Mileage Rates – New mileage rates announced by the IRS
2017 Mileage Rates – New mileage rates announced by the IRS Here are the standard mileage rates for 2017 2017 Mileage Rates The IRS recently announced mileage rates to be used for travel in 2017. The Business mileage rate decreases by 0.5 cents while Medical and Moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged. 2017 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 53.5¢ Medical/Moving 17¢ Charitable Work 14¢ Here are 2016 rates for your reference as well. 2016 Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving 19¢ Charitable Work
Key Tax Filing Date Changes
Key Tax Filing Date Changes 2016 tax return filing deadlines are changing for some. If you have foreign bank accounts, expect to receive a Form K-1 from a partnership or LLC, or participate within a C-corporation you will need to know this information Key Tax Filing Date Changes There are new tax filing deadlines effective for 2016 tax returns. Here are the major changes worth noting. Small Business Partnership and Limited Liability Corps Small businesses that are organized as a partnership or limited liability companies filing Form 1065 must file their tax return on or before March 15, 2017. This
IMPORTANT: IRS Scam Epidemic
IMPORTANT: IRS Scam Epidemic Too many of us are being contacted by fake IRS agents demanding past due tax payments. Vulnerable taxpayers are at risk of being taken in by these theives. Here is what you need to know.
Understanding Tax Terms: Structuring – IRS has broad authority to seize bank accounts
Understanding Tax Terms: Structuring IRS has broad authority to seize bank accounts The IRS has broad powers to seize bank accounts if it believes there is criminal activity and you are actively trying to avoid their financial transaction reporting requirements. Here is what you should know. Understanding Tax Terms: Structuring If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background In an effort to identify questionable illegal transactions,
Prepare Now for Future Refund Delays – IRS now required to delay refunds to many taxpayers
Prepare Now for Future Refund Delays – IRS now required to delay refunds to many taxpayers As part of recent tax legislation, the IRS is now mandated to delay sending out some refunds to taxpayers beginning with 2016 tax returns. If impacted, you will need to plan for this delay. Topline: If next year’s tax return claims an Earned Income Tax Credit or the Additional Child Tax Credit your refund will be held by the IRS until February 15th. The delay in sending out tax refunds is mandated by recent tax law legislation because of the proliferation of identity theft
IRS Gets Transcript Service Back On-line – Be prepared for more security hurdles
IRS Gets Transcript Service Back On-line – Be prepared for more security hurdles After being off-line for over a year, the IRS recently announced the reactivation of their popular ”Get Transcript” service. Here is what you need to know. A year ago the IRS closed down their popular “Get Transcript” online service after a severe security breach. With new security protocols now in place, this IRS service is available once again. Here is what you need to know. Background. Last spring the IRS announced their “Get Transcript” online system had been compromised. The nature of the break-in suggested that thieves