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 …Read More
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 …Read More
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 …Read More
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 …Read More
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 …Read More
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 …Read More
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 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 …Read More
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 …Read More
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 …Read More