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. Read More
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.
Form W-2
You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed).
If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. Read More
Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2017 tax return. While each is worth the same amount, different rules apply to each type.
Here are five key points for taxpayers to keep in mind on exemptions and dependents when filing their 2017 tax return: Read More
The IRS reminds members of the military and veterans that they may qualify for the earned income tax credit. This credit benefits certain people who work and have earned income that’s less than $53,930.
A tax credit usually means more money in the taxpayer’s pocket. The EITC can reduce the amount of tax someone owes, but it might also result in a refund. Here are some things members of the armed forces should know about this credit. These are all specific to the military: Read More
Some tax rules affect everyone who files a federal income tax return. With that in mind, here are seven facts about dependents and exemptions that taxpayers should know about.
1. Exemptions lower your income. There are two types of exemptions: personal exemptions and exemptions for dependents. You can usually deduct $4,050 for each exemption you claim on your tax return.
2. Personal exemptions. You can usually claim an exemption for yourself. If you’re married and file a joint return you can also claim one for your spouse. If you file a separate return, you can claim an exemption for your spouse only if your spouse had no gross income, is not filing a return, and was not the dependent of another taxpayer.
California’s AB 2829 Digital Advertising Tax Proposal
The Tax Relief for American Families And Workers Act of 2024
IRS Issues Frequently Asked Questions Related To The Tax Treatment Of Work-Life Referral Services Provided To Employees
Spotlight Interview: Chuck Levun On Educating CPAs And Attorneys On Partnership, LLC, and S Corporation Flow-Through Planning On Four Costly Business Mistakes They Make (Part 1)
Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your Business
Recent Comments