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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 […]

Early Filing Season Myths

Myth 1: All Refunds are Delayed While more than nine out of 10 federal tax refunds are issued in less than 21 days. By law the IRS cannot issue refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. Myth 2: Delayed Refunds, those Claiming […]

Big Changes are Going into Effect in 2018

Most individual tax provisions are temporary. They expire after 2025. Let’s start with individual taxes. Standard deductions nearly double. The new law pares back many deductions claimed. Personal exemptions for individual filers and their dependents no longer exist. State and local taxes are being squeezed. Deductions include residential property and income or sales taxed up […]

Latest Filing Scheme at Beginning of Tax Season

New Filing Season Scam: Cybercriminals are posing as debt collectors before contacting compromised taxpayers and requesting for the taxpayer to return refunds deposited to their bank accounts in error. After cybercriminals have stolen taxpayer data obtained through a practitioner’s comprised computer system, the cybercriminals have been contacting these taxpayers after fraudulently filing a return for […]

Impact for 2018 Tax Cuts & Jobs Act

Included in our service we supply the Potential Tax Cut & Job Act Impact summary for your upcoming 2018 year. We compare what the potential outcome will be based on 2017 year features. This will provide clients an opportunity to be ahead of the curve for 2018 tax year so they can plan accordingly.

Special Rule Help Taxpayers with Quality for Earned Income Tax Credit

Taxpayers with disabilities and parents of children with disabilities be aware of the Earned Income Tax Credit (EITC). Many miss out on this valuable credit because they do not file a tax return. Earned Income Tax Credit could put a refund into eligible taxpayer’s pocket. Many do not claim the credit because income threshold requiring […]

Hurricane Victims: Harvey, Irma & Maria

Special Method Can Aid Workers Whose Income Dropped Taxpayers whose incomes dropped in 2017 can choose to figure the credit using their 2016 earned income rather than their 2017 earned income. To get credit, people must file a tax return, even if they own no tax, even if they normally aren’t required to file. The […]