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Letters from the IRS

Letters from the IRS will come eventually. The IRS has “accidentally” sent out over 100,000 CP200 Letters. You must reply, if there is an issue don’t let it go too long, they can take away your assets. By then, the penalties and interest will be so high that it will feel like an impossible situation […]

Reminder…

Just a refresher….If you have money in a Roth IRA and need to take money out – you will NOT be penalized on your basis, only if you withdraw the earnings from your investment.

Are you behind on filing your federal income tax return or paying your federal IRS taxes in the last year or more? If so, you’re not alone. More than 22 million taxpayers in the U.S. have either failed to file a tax return or are behind in paying their IRS taxes due, and that was […]

Haven’t Filed in a While? No Problem!

Your Checklist to Resolution 1. Gather the Documents Bank Records Auto Log Income statements Cash receipts 2. IRS Wage & Earning Reports Confirm what the IRS has and does not have 3. Reconstruct What is Missing Obtain from vendors Reconstruct expenses based upon work done Industry standards 4. Prepare missing returns (limited to last 6 […]

New Scam Reported

WASHINGTON — The Internal Revenue Service today warned taxpayers and tax professionals of a new email scam targeting Hotmail users that is being used to steal personal and financial information. The phishing email subject line reads: “Internal Revenue Service Email No. XXXX | We’re processing your request soon | TXXXXXX-XXXXXXXX”. The email leads taxpayers to […]

Get to Know the Taxpayer Bill of Rights – Part 2

This is the final tip in a two-part summary of the rights granted to all taxpayers. Every taxpayer has rights. The Taxpayer Bill of Rights takes these rights from the tax code and groups them into 10 categories. Taxpayers interacting with the IRS should know their rights, which are highlighted in Publication 1, Your Rights […]

Eight Steps to Keep Online Data Safe

National Tax Security Awareness Week: Eight Steps to Keep Online Data Safe During the holiday shopping season, shoppers are looking for the perfect gifts. At the same time, criminals are looking for sensitive data. This data includes credit card numbers, financial accounts and Social Security numbers. Cybercriminals can use this information to file a fraudulent […]