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IRS Video on the ‘Dirty Dozen’ Tax Scams to Watch For

Every year the IRS releases it's "Dirty Dozen" list of tax scams.  The purpose is to educate taxpayers of scams which harm thousands of taxpayers each year.   These scams can bilk taxpayers of tax refunds, stolen money from bank accounts, or other identity related theft.  Here are some examples: Pervasive Telephone Scams - Fake IRS agents who threaten taxpayers into paying fake taxes or penalties Phishing - unsolicited e-mails which look official but direct taxpayers to non-IRS pages in an effort to steal personal information.  The IRS WILL NEVER contact you via e-mail. Free Money from Inflated Refunds - [...]

2016-10-27T16:54:57-07:00June 30th, 2014|Business Tax, General Consulting, Personal Tax|Comments Off on IRS Video on the ‘Dirty Dozen’ Tax Scams to Watch For

Ask The Expert!

88% of our surveyed clients believe our newsletter and blog provides timely and relevant information.  That isn't high enough!  We want to know what YOU want to know! Do you have a nagging tax question?  Did you think of a question, but forget to ask it during your client interview?  Post your question in the 'comments' section, and it may be the subject of our next blog post! You can remain anonymous, or can even request that your question stay confidential, so feel free to let us know what your aunt's dressmaker's sister's ex-roomate who lives in Hoboken once said [...]

2016-10-27T16:55:00-07:00June 11th, 2014|Accounting, Business Tax, General Consulting, Our Office, Personal Tax|Comments Off on Ask The Expert!

By law, the department is not bound by my verbal … or written … advice

The Tax Court, in its TC Memo 2014-21 decision, held that, although the taxpayer had read appropriate publication and the taxpayer followed the rules within IRS Publication 590, that the taxpayer still owed tax on an accuracy related penalty on tax which was due from the transaction. The taxpayer a prominent tax lawyer sought reconsideration of the IRS' determination due to the inappropriate guidance taken within the IRS publication.  The court reminded the taxpayer that IRS publications are not considered authoritative guidance which may reduce penalties which are incurred. If you have an advanced situation which requires technical assistance, please ask [...]

Elder Care: Dealing with Dementia

My former manager would often talk about his mothers, who suffered from 'OldTimers' (Alzheimer's).  During tax season, he worked long hours.  When he returned home, he would care for his mother, who was cared for by his wife while he was at work. I recently visited with a new client in her early 80s who was the primary caregiver for her husband, who also suffered from dementia.  While she was not frail, I knew that should he need physical assistance, she would be no match for him. Caring for a loved one with dementia causes enormous stress on relationships and [...]

2018-02-27T10:23:54-07:00March 2nd, 2014|General Consulting, Personal Tax|Comments Off on Elder Care: Dealing with Dementia

Senator Ron Wyden ascends to chair Senate Finance Committee

Senate Finance Chairman Max Baucus has been confirmed as the United States Ambassador to China and will be resigning his seat in the Senate, which he has held since 1978.  Baucus is a key tax writing member of Congress, serving most recently as the chair of the Senate Finance Committee since January of 2007.  Baucus also served a chair during periods of Democrat control in 2001 though 2003. Senator Ron Wyden (D-OR) assumed office in 1996 after 15 years in the House of Representatives.  Wyden's initial priorities will be to extend 55 tax provisions which have had long history in [...]

2014-02-10T12:06:00-07:00February 13th, 2014|General Consulting, Our Office|Comments Off on Senator Ron Wyden ascends to chair Senate Finance Committee

Beware of New Telephone Scam

The IRS is warning taxpayers about a new phone scam which targets taxpayers throughout the country.  Phone scammers call taxpayers and are told they owe money to the IRS, and if they refuse to pay immediately, that the police will come and place them in custody.  Taxpayers are told that they must pay via a pre-loaded debit card or wire transfer The IRS will NEVER contact you requesting payment pre-loaded debit card or wire transfer. Additionally, the IRS never uses local police to aprehend tax scofflaws, and would NEVER arrest an individual for the small amounts these scammers are using [...]

2014-02-07T15:39:00-07:00February 11th, 2014|General Consulting|Comments Off on Beware of New Telephone Scam

Avoid Identity Theft Scams

On January 22, 2014, the National Association of Enrolled Agents published the following information on How to Recognize and Avoid Identity Theft Scams ----------------------------------------------------------------------------------------------------- Washington, DC, (January 22, 2014) Across the nation, identity thieves are using legitimate information to scam honest taxpayers, and frequently posing as the IRS to do so. The IRS is taking this seriously, and has created the IRS Identity Theft Protection Unit to address the growing problem. Being aware of some of the most common scams can help protect you from having your personal information used to commit fraud or other crimes. Phony IRS emails. In [...]

2016-10-27T16:55:00-07:00February 4th, 2014|General Consulting, Personal Tax|Comments Off on Avoid Identity Theft Scams

Identity Theft and the IRS

Identity Theft on The Rise Identity theft is on the increase, and the IRS is developing a robust response to claims.  In 2011, the IRS had approximately 1,000 employees allocated to process identity theft claims.  In 2012, that number had swelled to 3,000. The ease in which tax returns are filed is one of the prevailing reasons for fraud.  Since W-2s aren't matched to tax returns until well after a return is filed, all a fraudster needs to fake a return is a name, accompanying social security number, and fake W-2 information. An effective means to thwarting identity theft is [...]

2016-10-27T16:55:00-07:00January 20th, 2014|General Consulting, Personal Tax|Comments Off on Identity Theft and the IRS
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