Avoid the Storm of Typhoon Charity Scams

ScamAlertIn the wake of the Typhoon Haiyan disaster in the Phillipines, the IRS is warning consumers to be alert for unscrupulous scam artists who are taking advantage of the generous nature of the American people to fraudulently obtain money and private information. These fake solicitations may come over the phone, through e-mail or over the Internet, or in person.

You must be on high alert for these shady scam artists in order to protect your donation and safeguard your personal financial information. Continue reading

If the IRS Calls, It May Be a Scam!

Phone Scam AlertThe latest telephone scam sweeping the country has caught the attention of the Internal Revenue Service (IRS) because the scammers are pretending to be IRS officials.

Victims have reported receiving a telephone call from someone identifying himself or herself as an IRS agent. In some cases a victim’s caller ID appears as if the call is coming from the IRS, and the scammer even provides a false IRS badge number. Often the scammer will know the last four digits of the victim’s Social Security number, an indication of identity theft. Continue reading

Government Shutdown Delays Start of Tax Season

Breaking NewsThe nearly two-week shutdown of the federal government will have an impact on the start of the tax season. The IRS has announced that the 2014 filing season, which was originally scheduled to begin on January 21, could be delayed by one to two weeks. This would push the earliest filing date to January 28, or as late as February 4, 2014.

A final decision on the official start date – the day the IRS will begin to accept 2013 tax returns from both businesses and individual taxpayers – will be made in December.

The delay does not affect the filing deadline, which remains April 15, 2014.
The government shutdown, which brought an estimated 90 percent of IRS operations to a standstill, came at a critical preparation time for the IRS. An estimated 1.4 million documents were either in process or were received during the shutdown period. In addition, the IRS was in the process of programming and testing systems to provide additional refund fraud and identity theft detection and prevention.

If you have any questions about filing your corporate or individual tax returns, please contact us.

IRS Launches Website to Aid Understanding of Affordable Care Act

IRS launches website on ACAConfusion and concern over the implementation process of the Patient Protection and Affordable Care Act of 2010 (PPACA) led the IRS to create a separate website (www.irs.gov/aca) dedicated to clearing up some of the mystery.

While some of the provisions of the Affordable Care Act (generally referred to as “Obamacare”) have been delayed or postponed, a significant number of provisions are set to take effect as scheduled. These include many of the Affordable Care Act’s tax provisions. There is still much confusion and anxiety over which businesses will have to meet what requirements, and how the Affordable Care Act will affect individual taxpayers. Continue reading

Back-to-School Tax Tip for Students and Parents

College student

Are you feeling stressed about going to college?

The IRS offers tips for students and parents about education tax benefits that can help offset some college costs and relieve stress.

Click here to learn more about the American Opportunity Tax Credit, Lifetime Learning Credit and student loan interest deductions.

Student Summer Jobs and Tax Lessons

6 things about taxes that students should keep in mind as they embark on summer job adventures…

Tax LessonsAs temperatures heat up and summer break begins, the workplace becomes a classroom to many students. In a “Special Edition Tax Tip” entitled “Summer Job Tax Information,” the IRS points out how the work environment is also a great place to learn about the working world and taxes. Continue reading

Taxable and Nontaxable Income

Did you know…Most types of income are taxable, but some are not. Income can include money, property or services that you receive. According to the IRS, here are some examples of income that are usually not taxable:
• Child support payments;
• Gifts, bequests and inheritances;
• Welfare benefits;
• Damage awards for physical injury or sickness;
• Cash rebates from a dealer or manufacturer for an item you buy; and
• Reimbursements for qualified adoption expenses.

Click here for more information on taxable and nontaxable income.

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