Phone calls by fraud artists posing as Internal Revenue Service employees and demanding money have surged in recent months.
The smart response if you get such a call: Just Hang Up. And if the scammer calls back, hang up again, say Eric Smith, a spokesman for the IRS, and Timothy Camus, an official with the Treasury Inspector General for Tax Administration, a government watch dog known as Tigta. "Often the scammer will move on," Mr. Camus says.
Next step: Report the incident to Tigta at 800-366-4484 or tigta.gov. Also contact the Federal Trade Commission through the FTC Complaint Assistant at FTC.gov, and add "IRS Telephone Scam" to the complaint comments.
The impostors often threaten to arrest the victim if he or she doesn't pay immediately using a prepaid debit card, Mr. Camus said in congressional testimony earlier this month. Other threats involve loss of a driver's license or business license.
The IRS never initiates contact with a taxpayer by phone, email or text message, messrs. Camus and Smith say. The IRS will never call about taxes owed without having first mailed a bill. Nor will the agency require a taxpayer to use a specific payment method or ask for credit or debit card numbers over the phone. And unpaid taxes won't cause a driver's license to be revoked.
Between 9,000 and 12,000 complaints about such phone scams are filed each week with Tigta. Since late 2013, some 3,000 victims have lost an average of $5,000, Mr. Camus said. -Laura Saunders
July 11, 2015
July 10, 2015
Surf the Net to IRS.gov this Summer
Summertime or anytime, get the tax help and information you need on IRS.gov. Our many online tools and services make it easy for you to do business with the IRS. Here are the top reasons to visit IRS.gov this summer:
- Use IRS Free File. If you still need to file your 2014 tax return, you can use IRS Free File to e-file for free. Free File is available throughOct. 15. If you earned $60,000 or less you can prepare and e-file your taxes with free tax software. If you made more, use Free File Fillable Forms to e-file for free. This option is the electronic version of IRS paper forms.
- Check on your refund. The Where’s My Refund? tool is a fast and easy way to check on your tax refund. Use the IRS2Go mobile app to access it or click on the “Refunds” tab on IRS.gov.
- Try IRS Direct Pay. If you owe taxes, pay them with IRS Direct Pay. It’s the safe, easy and free way to pay from your checking or savings account. Just click on the “Pay Your Tax Bill” link on the IRS home page.
- Apply to make payments. If you are not able to pay your tax in full, you may apply for an Online Payment Agreement. Check out the direct debit payment plan. It has a lower set-up fee and you will not miss a payment. With a direct debit plan the IRS will not send you a monthly reminder to send your check.
- Correct your tax withholding. Did you get a big refund or owed more tax than you expected when you filed your tax return? If so, you may want to change your tax withholding. To make a change, complete and give your employer a new Form W-4, Employee's Withholding Allowance Certificate. The IRS Withholding Calculator tool can help you fill out a new Form W-4.
- Get health care tax information. The IRS website also has information about the Affordable Care Act tax provisions atIRS.gov/aca. You can visit this site for educational material that describes how the health care law tax provisions affect individuals and businesses. There you will find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.
- Check out a charity. If you donate to a charity, the value of your gift may be deductible. Use the Select Check tool to see if your charity qualifies.
- Get answers to tax questions. The Interactive Tax Assistant covers many common tax topics. Type in your question or search terms and it can lead you step-by-step to the answer. The IRS Tax Map gives you a single point of access to tax law information by subject. It integrates tax topics, forms, instructions and publications into one tool.
- Get forms and publications. View, download and print federal tax forms and publications on IRS.gov/forms at any time.
Additional IRS Resources:
IRS YouTube Videos:
- All About IRS.gov – English | Spanish | ASL
- Welcome to Free File – English
- How to Use the Where's My Refund? Tool – English | Spanish | ASL
- IRS Tax Payment Options – English | Spanish | ASL
- Online Payment Agreement – English | Spanish | ASL
- IRS Withholding Calculator – English | Spanish | ASL
IRS Podcasts:
June 21, 2015
Tax Planning- Why is Tax Planning so important?
The following 5 items are big reasons why everyone should plan for tax time! When the time to perform is now, the time for preperation is over.
1, The tax payer will not get a big refund and the tax payer will not be blind sided by big tax bill they didn't know about. Tax law changes every year, have an experience accountant on your side to help you through the changes.
2. The taxpayer will learn available credits to take & deductions to income for Federal & State. Hire an accountant that; as Dave Ramsey states, "Has the heart of a teacher." Don't do anything regarding money that you don't understand. Atleast have a basic understanding of your tax return should look like so you can spot anything out of the ordinary.
3. An IRS transcript will help those who have not kept good records. If you don't remember what you have filed in the past or maybe you want to know exactly what the IRS has on file on your Social Security Number. This is a good way to stay on top of your tax history and documents.
4. If you do a budget with your family at home, part of the budget is taxes paid. You need to know how much taxes you will pay in the comming days, months, years to have a full and complete personal budget.
5. The taxpayer and spouse will be working together as a team to knock this difficult part of their life out. They will help each other succeed as they do tax planning.
When you do tax planning I promise you, you will improve your personal financial wellness which will help with your marriage and other personal items in your life.
Small businesses will have a good internal controls which is mandatory to succeed. Here is an article from Dave Ramsey in regards to Small Business Tax Planning:
http://www.daveramsey.com/blog/focus-on-taxes-or-business-growth?ectid=10.20.6014
Please contact us if you want to do some tax planning at:
317-719-1674
cpawoodbury@gmail.com
Thank You.
1, The tax payer will not get a big refund and the tax payer will not be blind sided by big tax bill they didn't know about. Tax law changes every year, have an experience accountant on your side to help you through the changes.
2. The taxpayer will learn available credits to take & deductions to income for Federal & State. Hire an accountant that; as Dave Ramsey states, "Has the heart of a teacher." Don't do anything regarding money that you don't understand. Atleast have a basic understanding of your tax return should look like so you can spot anything out of the ordinary.
3. An IRS transcript will help those who have not kept good records. If you don't remember what you have filed in the past or maybe you want to know exactly what the IRS has on file on your Social Security Number. This is a good way to stay on top of your tax history and documents.
4. If you do a budget with your family at home, part of the budget is taxes paid. You need to know how much taxes you will pay in the comming days, months, years to have a full and complete personal budget.
5. The taxpayer and spouse will be working together as a team to knock this difficult part of their life out. They will help each other succeed as they do tax planning.
When you do tax planning I promise you, you will improve your personal financial wellness which will help with your marriage and other personal items in your life.
Small businesses will have a good internal controls which is mandatory to succeed. Here is an article from Dave Ramsey in regards to Small Business Tax Planning:
http://www.daveramsey.com/blog/focus-on-taxes-or-business-growth?ectid=10.20.6014
Please contact us if you want to do some tax planning at:
317-719-1674
cpawoodbury@gmail.com
Thank You.
September 22, 2014
Free meals provided by employers are drawing IRS scrutiny
From the Kiplinger Tax Letter:
"Tax pros tell us they've noticed increased audit activity in this area. Employer-provided meals are tax-free if served on-site and there is a valid noncompensatory business reason for the meals, such as a restricted lunch period. Many big firms put out lavish spreads for their workers. IRS auditors are questioning the business reasons for these meals and are proposing penalties on employers for not withholding taxes. And the agency is eyeing changes to its regulations to further limit when tax-free meals can be offered."
"Tax pros tell us they've noticed increased audit activity in this area. Employer-provided meals are tax-free if served on-site and there is a valid noncompensatory business reason for the meals, such as a restricted lunch period. Many big firms put out lavish spreads for their workers. IRS auditors are questioning the business reasons for these meals and are proposing penalties on employers for not withholding taxes. And the agency is eyeing changes to its regulations to further limit when tax-free meals can be offered."
August 30, 2014
We hope everyone had a great summer!
We will be sending out Tax Organizers to everyone. If you would like a tax organizer please send your email address to cpawoodbury@gmail.com and we will make sure we send you one.
August 4, 2014
Multiple step Income Statement
"The multiple step income statement reports operating revenues and expenses separately from non-operating revenues and expenses and other gains and losses. The benefit of the multiple step income statement is enhance user information (because the line items presented often provide the user with readily available data with which to calculate various analytical ratios)." -Becker CPA Review course
July 14, 2014
July 10, 2014
Dave Ramsey answers to tax questions
Dave Ramsey answers some common tax questions. We agree & support the answers he gives and the articles he has typed. Please click on this link:
Tax Answers from Dave Ramsey
Articles include:
Tax Answers from Dave Ramsey
Articles include:
Should You Get a Bigger Refund This Year?
And many more articles, please check it out.
June 11, 2014
Transaction Cycles
Revenue Cycle = Includes sales revenues, receivables, and cash receipts
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
June 10, 2014
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