Recently, I heard from someone I’ll call Flavia. She experienced an IRS audit and asked for my advice on what to do or what not to do after an examination ends. Question: An IRS examiner just finished an audit of my tax return for 2013. The revenue agent closely questioned the charitable contributions and medical…
Some people ask ‘1099 or W-2?’ as if they were asking how you take your coffee. With all the tax forms coming these days, it’s good to remember the difference. Form W-2 is for employees, and includes details about tax withholding, remittance to the IRS and state taxing authorities. In contrast, Form 1099 reports payments…
The IRS is now officially open for business as tax season gets underway. In honor of Data Privacy Day on Jan. 28, here are three ways you can protect yourself over the next few months as you manage important, and sensitive, financial documents. Stay on secured networks: As with other financial transactions, make sure to…
WASHINGTON — The Internal Revenue Service today joined partners across the country to promote the Earned Income Tax Credit on the 11th annual EITC Awareness Day. This campaign, which started 11 years ago, is a nationwide effort to alert millions of low- and moderate-income workers who may be missing out on this significant tax credit.…
Q: What tax scams should I be watching out for this year? A: Many in the cybersecurity business refer to tax season as “Christmas for Criminals,” because of the amount of sensitive personal information that will be in circulation. The IRS reported a nearly 400 percent surge in phishing and malware incidents in the 2016…
The IRS wants taxpayers with disabilities and the parents of children with disabilities to be especially aware of whether they qualify for the EITC. People with disabilities are often concerned that a refund will impact their eligibility for one or more public benefits, including Social Security disability benefits, Medicaid and Food Stamps. Refunds, including refunds…
WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments. This week, the IRS already has received new notifications that the email scam is making its…
ASHLAND, Ky. (WSAZ) — Tuesday was Day 2 of tax filing season and that means scammers are out in force, working the phone lines, trying to get your personal data and your refund. As WSAZ has already reported, it’s such a concern that Congress has pushed back the refunds until late February for more than…
It’s that time of year again, when IRS Forms 1099 arrive. Perhaps no one likes IRS Forms 1099 except the IRS. The agency loves them, because they allow for the easy computer matching of Form 1099 data against tax returns. Businesses may not like sending the forms out, but there are penalties for failing to issue them. Besides, no…
The year 2016 will go down in history for many reasons. For those who got married, had a baby, went through a divorce, picked up a side gig or were widowed, there are important tax consequences that need to be remembered as well. You need to let the IRS know of any major changes on…