Things to note for the coming year!!
2015 Tax Estimates
The due date for the fourth quarter estimates is January 15, 2016. Estimate forms for Eads clients were mailed or dropped into their online portal last week. If you haven't received your estimate forms, please let us know. For those clients who itemize their taxes, estimated state payments that are made before the end of the year may be available as an additional itemized deduction.
Businesses -- Please Note!
IRS Ends Automatic Extensions for Form W-2 and Information Returns: The IRS issued final and temporary regulations that remove the automatic extension of time to file Form W-2 series (except Form W-2G information returns). The regs allow only a single 30-day non-automatic extension of time to file the returns. This acceleration of filing will help with the IRS's identity theft and refund fraud detection processes. The final and temporary regs for filing Form W-2 extensions apply starting in the 2017 filing season. Pertinent deadlines are:
- January 31 - provide W-2 forms to employees
- February 28 - file paper-filed W-2g with the tax authorities
- March 31 - file electronically filed W-2g with the tax authorities
Tax Organization with Eads
We are working hard in preparation for the upcoming tax year. The annual tax organizers are being generated and will be either mailed to your address on file, or will be delivered to your secure, online portal by the beginning of the year. Please make sure you have updated us with any address changes. Remember - tax packets contain time-sensitive information, e.g., appointments and important deadlines so be sure to review them promptly. If you're anxious to start pulling together your tax documents prior to receiving your tax packet, please go to our website at: http://www.fortcollins-accounting.com/stay-informed/white-papers.html, where we have information available to assist you in getting organized.
The IRS Urges Public to Stay Alert for Scam Phone Calls
The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams:
The IRS will not:
- Scammers make unsolicited calls. Thieves call taxpayers claiming to be IRS officials. They demand that the victim pay a bogus tax bill. They con the victim into sending cash, usually through a prepaid debit card or wire transfer. They may also leave “urgent” callback requests through phone “robo-calls,” or via phishing email.
- Callers try to scare their victims. Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke the license of their victim if they don’t get the money.
- Scams use caller ID spoofing. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use the victim’s name, address and other personal information to make the call sound official.
- Cons try new tricks all the time. Some schemes provide an actual IRS address where they tell the victim to mail a receipt for the payment they make. Others use emails that contain a fake IRS document with a phone number or an email address for a reply. These scams often use official IRS letterhead in emails or regular mail that they send to their victims. They try these ploys to make the ruse look official.
- Scams cost victims over $23 million. The Treasury Inspector General for Tax Administration, or TIGTA, has received reports of about 736,000 scam contacts since October 2013. Nearly 4,550 victims have collectively paid over $23 million as a result of the scam.
If you don’t owe taxes, or have no reason to think that you do:
- Call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail.
- Demand that you pay taxes and not allow you to question or appeal the amount you owe.
- Require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card.
- Ask for your credit or debit card numbers over the phone.
- Threaten to bring in police or other agencies to arrest you for not paying.
If you know you owe, or think you may owe tax:
- Do not give out any information. Hang up immediately.
- Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page. You can also call 800-366-4484.
- Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add "IRS Telephone Scam" in the notes.
Phone scams first tried to sting older people, new immigrants to the U.S. and those who speak English as a second language. Now the crooks try to swindle just about anyone. And they’ve ripped-off people in every state in the nation.
- Call the IRS at 800-829-1040. IRS workers can help you.
Stay alert to scams that use the IRS as a lure. Tax scams can happen any time of year, not just at tax time. For more, visit “Tax Scams and Consumer Alerts” on IRS.gov.
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.
IRS YouTube Videos:
Happy Holidays from your friends at Eads & Associates, Inc.