Dangerous new email scam starts “Hi, are you in today” message before the request.

A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in… Read More

Ten Tax-Time IRS Tips to Consider

The tax filing deadline is Tuesday, April 18 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers to avoid waiting until the last minute to file their taxes. For those who… Read More

Tax Refund Offsets Pay Unpaid Debts

If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared responsibility payments…. Read More

Know these Facts Before Deducting a Charitable Donation

sacramento – taxpayers who gave money or goods to a charity in 2016, may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible. Here are some important facts about charitable… Read More

Reminder of April 1 Deadline to Take Required Retirement Plan Distributions

sacramento — Today reminding taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April 1 deadline applies to owners of traditional (including SEP and SIMPLE) IRAs but not Roth IRAs…. Read More

Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: 1. Main Home. If the canceled debt was a loan on… Read More

March 15 Deadline Looming

The 3/15/17 deadline is approaching for the following: (1) using up any remaining balance by participants in a Flexible Spending Arrangement (FSA) that offers a 2 1/2 month grace period after the end of the plan year (unless the employer adopted the $500 carryover rule), (2) filing calendar-year partnership and S corporation tax returns and… Read More

Get Credit for Making a Home Energy Efficient

Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit • Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items added to… Read More

Dangerous W-2 Phishing Scam Evolving: Targets Schools, Restaurants, Hospitals, Tribal Groups

Help spread the word: The Internal Revenue Service, state tax agencies and the tax industry recently issued an urgent alert to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits. The Summit partners continue to receive… Read More

Taxpayers Must Validate Identities When Calling the IRS:

In a news release, the IRS reminds taxpayers that they will be required to validate their identities when contacting IRS call centers. If the matter involves a personal tax account, the taxpayer must have the following ready: (1) Social Security numbers and birth dates for those listed on the tax return; (2) an Individual Taxpayer… Read More