Your next collections request might not come from the IRS. That’s because the IRS has implemented a new private collections program for certain overdue federal tax debts. The new program allows four designated contractors to collect outstanding tax debts on the governments behalf.
Starting this summer, any taxpayer who wants to request a letter ruling, a closing agreement, and other certain rulings from the IRS will need to pay the user fee electronically. The IRS will now be using the Pay.gov system to deal with taxpayer fee payments. Pay.gov allows people to pay for a variety of government services. Users can use a credit or debit card or can have funds withdrawn electronically from checking or savings account. In the past, users wanting to request rulings could only pay the required user fee by check or money order.
As we enter severe weather season, it’s important to keep you and your loved ones safe. Whether you are at your home or business, you should have an emergency plan ready and practice it often so you’re ready when disaster strikes. Along with keeping yourself safe, you should also take some time to make sure your records and your financial future are safe as well.
With more Americans than ever burdened by student loan debt, many are seeking out options for forgiveness or loan cancelation.
It is important that business owners and contract workers keep detailed records of their expenses to ensure they pay the correct amount in taxes each year and to have information available in the case of an audit.
This month, the IRS announced there is approximately $1 billion in unclaimed federal income tax refunds for those who did not file their returns in 2013.
There is no penalty for filing a late return if it results in a refund, but the deadline to collect money from a 2013 tax return is no later than this year’s tax deadline – April 18. After three years, the refund becomes property of the U.S. Treasury.
The IRS is warning taxpayers of a new scam uses video relay services (VRS) to specifically target those who are deaf or who are hard of hearing.
Just like any other phone scam, it is important not to provide a caller financial or personal information if the source is not trusted, and be certain to confirm their identity. Do not automatically trust calls made through VRS because interpreters do not screen calls for validity.
These callers are aggressive in their attempt to obtain information illegally. They often urge prompt action, and if you refuse, they can become hostile or threatening.
Here at Polston Tax Resolutions and Accounting, we strive to educate our clients on everything tax-related, and sometimes that includes fake information. Lately, there's been misleading information circulating throughout social media on how to speed up the refund process. In today's Rod's Blog, we're going to debunk three of the major tax return myths, and offer some sensible tips instead.
Each tax season has its own unique challenges, and a pair of recently released government reports has highlighted the struggles the IRS needs to overcome in order to help taxpayers and identity theft victims in the current season. We here at Polston Tax strive to keep our clients informed, and to ensure that their personal information is treated with the utmost possible care. Today we’re taking a look at both reports, and see how, or if, their findings will affect the American Taxpayer.
They say that death and taxes are the only guarantees in life, but here at Polston Tax Resolutions and Accounting we think there's a third: Scammers. Every year, scammers try to cash in on the lucrative business of filing fraudulent tax returns, and this year a particularly dangerous W2 phishing scam has come to light. Scammers have already claimed about 29,000 victims in this tax season alone. But information is power, and in today's blog we're gong to take a look at scammer strategies, warning signs, how to take preventative action, and what you should do if you happen to be one of the victims.