It is in your best interest to stay on top of payroll taxes now more than ever. The Internal Revenue Service will start notifying business by by mail when noticeable declines in deposit frequency occur. These notifications will request explanations about decreases in your business’ deposit activity. The IRS will also be pursuing collections against businesses that have completely missed deposits. Businesses with previous delinquencies and complicated cases will continue to be handled by fields agents.
Arizona will be offering an opportunity for those who qualify who live, work, or do business in Arizona to pay any back taxes owed to the state without penalty, interest or criminal prosecution from September 1, 2015 through October 31, 2015. Applications must be filed or postmarked and paid in full by Monday, November 2, 2015 (since October 31, 2015 falls on a Saturday) in order to qualify for the Tax Recovery Program.
Following the hacking incident involving the IRS’s Get Transcript web application discovered in May, the IRS conducted an extensive review to assess whether other suspicious activity occurred. The IRS has identified more questionable attempts to obtain transcripts using sensitive information. As a result, the IRS is moving immediately to notify and help protect these taxpayers.
The IRS will begin mailing letters in the next few days to about 220,000 taxpayers whose “Get Transcript” account information was potentially accessed by unauthorized parties. As an additional protective step, the IRS will mail letters to approximately 170,000 other households alerting them that their personal information could be at risk even though identity thieves failed in efforts to access the IRS system.
If you receive one of these letters – do not worry! They will typically include additional details about credit monitoring and other steps. At this time, no action is needed by people outside of the affected groups.
The IRS is taking a wide variety of actions to protect taxpayers beyond the mailings, including offering taxpayers free credit protection as well as Identity Protection PINs.
The Get Transcript service remains unavailable. You may order transcripts using the Get Transcript by Mail service.
Contact us if you have any questions.
Sterling Financial will be recognized as Business Benefactor of the Year for its significant investments in local youth. Principal Marc Sterling has mentored and provided internships for more than 300 Red Rock High School students and helped dozens find jobs. As a workforce development project, he purchased Zainey’s Yogurt, where local students work in all roles from management to cashier. His example motivates employees to be involved in leadership roles at area nonprofit organizations.
Sterling Financial Services, LLC is thrilled to be selected for such a prestigious award. We look forward to giving back to our community wherever and whenever possible.
We are hosting a Meet & Greet on tomorrow, August 20th from 4:00 to 7:00 PM at 56 W Cortez Dr, Suite A, Sedona (Get Directions).
There will be snacks and refreshments and you’ll be able to meet Marc, Chapin and most of our team!
So stop by and introduce yourself. We’d love to meet you!
- Promoters of Abusive Tax Schemes or Preparers of Fraudulent Returns
- Abusive Transaction Involving a Retirement Plan
- Abusive Transaction Involving an Exempt Organization
- Abusive Tax Shelters and Transactions
If you intend to claim donations the next time you file your taxes, you will probably need to determine the Fair Market Value (FMV) of your items.
Donation Value Guides
- Non-Cash Charitable Contribution (Excel) Worksheet that can be used to calculate the FMV of your donations.
- If you do not have Microsoft Excel, you can print the PDF version and fill it out by hand.
Once your Federal and/or State return has been accepted you will be able to check your status with the IRS or State once they have processed your return. You may also call 1-800-829-4477 to check on the status of your federal income tax refund.
Simply visit http://www.irs.gov/Refunds and Where’s My Refund?.
Many people are falling victim to phishing calls where they are threatened with a lawsuit if they don’t pay their IRS debt immediately. The callers claim to be from the IRS which scares people this time of year. One sure way to know it is a scam is they insist you pay via prepaid debit card or cash transfer.
Here is what you should do…
- DO NOT PAY THE CALLER!
- Ask for a callback number and their employee badge number.
- If you believe you owe taxes, call the IRS directly at 800-829-1040.
- If you don’t believe you owe taxes, report the call to the Treasury Inspector General for Tax administration at 800-366-4484.
- Report the incident to the Federal Trade Commission by using their FTC Complaint Assistant.
If you are left a message claiming you owe the IRS and will be sued for non-payment, do not return the call! You should instead proceed with above steps three through five.