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How to Get Prior-Year Tax Information

The IRS recommends keeping copies of tax return and supporting documents at least three years. Keep documents-such as those related to real estate sales-for three years after filing the return on which the transaction was reported. Those who need a copy of their tax return should check with tax preparer first. Order a Transcript: Taxpayers […]

Taxpayers Who Owe Taxes Have Multiple Options

There are several easy options to pay taxes electronically. Those unable to pay on time, there are a variety of ways to take care of a tax liability. Tax filing deadline is April 17. Taxpayers who owe taxes can choose: Electronic Funds Withdrawal: allows taxpayer to e-file and pay from their bank account. Direct Pay, […]

Taxpayers have the right to appeal an IRS decision in an independent forum.

The Office of Appeals that handles a taxpayer’s case must be separate from the IRS office that initially reviewed the case. Generally, Appeals will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals. Points to remember about the right to appeal: Statutory notice of […]

The IRS Will Never:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, IRS will first mail a bill to taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying. Demand taxes […]

Taxpayer Bill of Rights #3

Taxpayers have the right to pay no more than the correct amount of tax they owe. Taxpayers have the right to pay only the amount of tax legally due. Some things taxpayers should know: Taxpayer who overpaid their taxes can file for a refund. Taxpayers must file for a credit or refund by the later […]

Victims Can Minimize Effect of Data Theft

  Thieves try to use the stolen data as quickly as possible to: Sell the information to other criminals Withdraw money from a bank account Make credit card purchases File a fraudulent tax return for a refund using victims’ names Victims should: Determine what information the thieves compromised Take advantage of credit monitoring service when […]

Scam Alert: Beware of Fake Calls to Return Money to a Collection Agency

Criminals have a new twist on an old scam. After stealing client data from tax professionals and filing fraudulent tax returns, these criminals use the taxpayer’s real bank accounts for the deposit. Thieves are then using various tactics to reclaim the refund from the taxpayers. One version: Criminals posing as debt collection agency officials are […]

“Where’s My Refund?” on IRS.gov

Information Needed: Taxpayer’s Social Security Number Tax Filing Status (single, married, head of household) Exact Amount of the Tax Refund Once the tax return is processed. “Where’s My Refund?” will tell a taxpayer when their refund is approved, provide a date and when they can expect to receive it (updated one daily usually overnight). Earned […]

Major Announcement

This week is predicted to have the greatest degree of potential scam contact. The IRS will be processing returns containing Child Tax Credits! Be aware of phone calls or emails! The IRS will NOT contact you by phone to verify any information. Contact your tax consultant before….

Big Changes are Going into Effect in 2018

Law keeps seven tax brackets, but with different rates. Top rate lowered from 39.6% to 37%. Inflation indexing of income tax brackets and various tax breaks is altered. According to critics, this is a hidden tax hike that over time will nail nearly all individual filers. Investments: Tax rates on long term capital gains and […]