TaxConnections


 

Archive for Tax Refund

Non-Active Canadian Corporations Are Not Required To File A Corporate Tax Return…Or Are They?

Grant Gilmour, Tax Advisor, Tax Blog, Vancouver, Canada, TaxConnections

Non-resident corporations that have no activity in Canada during its fiscal year are not required to file a Canadian corporate tax return. However, without filing a Canadian corporate tax return, the Canada Revenue Agency (CRA) will not know that you did not have activity in Canada. Therefore, CRA may send you a letter requesting that a return is required to be filed.

If CRA requests that a return be filed, even though your company had no activity in Canada, you may be tempted to file a return in order to be in compliance. Read more

IRS Owes $1.1 Billion To Taxpayers In Unclaimed Tax Refunds For 2014 – Is This You?

Lance Morris, Tax Advisor, Bangkok, Thailand, Tax Blog, TaxConnections

US Expats – Have you filed your 2014 US Tax Return?

IRS Refunds worth $1.1 billion waiting to be claimed by those who have not filed 2014 federal income tax returns

Claim yours now before you are unable to do so – June 15 is the deadline for US Citizens Living Abroad

WASHINGTON ―Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service.

Read more

An Unexpected Refund From The IRS Spells S-C-A-M

Barry Fowler, Tax Advisor, Tax Blog, Houston, Texas, USA, TaxConnections

If you happen to notice an automatic deposit made in your bank account from the IRS or you get a refund check in the mail that you weren’t expecting, you are likely the victim of the latest tax scam.

On February 13th, the IRS released a warning to alert taxpayers to a fast growing new scam that uses stolen taxpayer’s information to fraudulently file taxes then deposit refunds into real bank accounts.

Once Deposit Is Made, The Criminals Make Contact

The IRS makes it clear that the criminals use a variety of tactics to get the fraudulent refund from the taxpayers. And, as the IRS points out the tactics are probably evolving, so you’ll want to stay alert.

In one version of the scam, criminals posing as debt collection agency officials acting on behalf of the IRS contacted the taxpayers to say a refund was deposited in error, and they asked the taxpayers to forward the money to their collection agency. Read more

IRS Alerts Taxpayers About Refund Scam

Thomas Kerester, Tax Ambassador, Tax Blog, Washington D.C., USA, TaxConnections

The IRS warns taxpayers of a new twist on an old scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers.

Here are the basic steps criminals follow to carry out this scam. The thief:

  • Hacks tax preparers’ computers to steal taxpayer data.
  • Uses the stolen information to file tax returns as the taxpayers.
  • Has refunds deposited into taxpayers’ bank accounts.
  • Contacts their victims, telling them the money was mistakenly deposited into their accounts and asking them to return it.

Read more

I Didn’t Receive My IRS Refund Check And My Address Has Changed

Daniel Gray, Tax Advisor, Tax Blog, Toronto, Canada, TaxConnections

Note that IRS will mail you notices and/or a check to the most recent address that it has on file for you. Of note:

Read more

The Clawback: Receiving A Proper Refund

Very often there may be a Ponzi Scheme financial theft, in which certain taxpayers have profited since they made early investments and were paid unusual profits that did not exist. Often taxpayers in Ponzi Schemes that have benefited from the financial loss of others are called upon by a trustee to forfeit the profits made in the Ponzi Scheme. Read more

Where’s My Refund? – IRS Changes

John Stancil, Tax Connections

So you get all your tax information together early and go to your preparer so you can file your tax return early and get the refund quickly. Not so fast. Certain refunds will be delayed and will not be released by the IRS until February 15. This is due to a provision in the PATH Act, enacted by Congress in 2015, prohibiting the IRS from releasing certain refunds prior to February 15. This provision takes effect this year. Note that the 15th is the release date, so it will take a few more days for you to receive the refund. Read more

Is Your Refund Part Of The $1B Unclaimed?

Barry Fowler

If you haven’t filed your 2013 taxes you could have a refund among the more than $1 billion that the IRS has stated is unclaimed.

That’s right. Just recently the IRS stated that it has more than $1 billion worth of unclaimed tax refunds for people who have not filed their 2013 taxes. They indicate that there are roughly 1 million people who have not filed and have not claimed their refunds.

Read more

IRS: Tax Refunds Could Be Delayed In 2017

MileIQ

The IRS has announced some people may have their tax refunds delayed next year. These tax refund delays are due to fraud prevention measures. Your refund is particularly likely to be delayed if you receive the earned income tax credit or additional child tax credit.

Read more

U.S. Expats and IRS Tax Refunds

Ephraim Moss

A number of clients have asked us whether a U.S. expat can receive a tax refund from the IRS despite living overseas. While the answer to this question can be nuanced depending on the circumstances, the general rule is that living overseas does not preclude an expat from entitlement to a refund that is otherwise due to the individual.

Read more

How To Drive New Business To Your Tax Practice—Market Globally And Affordably

Kat Jennings, CEO TaxConnections

TaxConnections has a first row seat to what is driving new business to tax professionals around the world. Let me share a story with you that we received recently from one of our members. Allow me to preface this story with the fact that it would not have been possible for this tax professional to connect with this taxpayer if not for www.taxconnections.com. What is a taxpayer to do when caught between two country tax revenue authorities? TaxConnections connects our members with new clients all over the world.

Read more

Some Cautions Affecting Your Tax Situation

For this post, I will present some news about tax topics that may affect your current situation: earned income tax credit (EITC), delayed nonresident refunds, and expatriate income tax.

Read more

Meet Tax Experts At TaxConnections...