Tax Fact – IRS Audits

Tax FactsThe chance of an IRS audit for partnerships and corporations is substantially less than self employed sole proprietors.

Tax Fact – IRS & Your Passport

Tax FactsThe IRS can deny or revoke taxpayer’s passports when they owe taxes to the IRS.

Fraud Alert – Medicare or Medicaid

Medicare Medicaid Card Sample

Know anyone on Medicare or Medicaid? POTENTIAL FRAUD ALERTS! New Cards being sent. More details here below:

On April 1, 2018 the Centers for Medicare and Medicaid Services (CMS) began a yearlong project to replace all current Medicare cards. The replacement cards are being automatically mailed to beneficiary’s home addresses and will replace the social security number with a new alphanumeric Medicare Beneficiary Identifier (MBI). Contact the Social Security office at 1-800-772-1213 if you need to correct your home address.

We have already received reports that scammers have called some Medicare recipients claiming they need to collect a fee before a new card will be sent. Protect yourself by learning about the program and refusing to give out any personal information over the phone if someone calls you. There is no charge for the new card.

Every new MBI will be eleven characters long and contain letters in specific positions and numbers in other positions in order to quickly identify fake or counterfeit cards. Please note that the letters S, L, O, I, B or Z will never be used. If you receive a card with any of these letters you should contact Medicare immediately at 1-800-633-4227.

More information about the new cards can be found here:
https://www.cms.gov/medicare/new-medicare-card/nmc-home.html
https://www.medicare.gov/…/12002-New-Medicare-Card-flyer.pdf
https://youtu.be/DusRmgzQnLY

Where’s My Refund?

Tax Refund

If you are looking for your federal tax refund you will want to view the IRS FAQs on Refunds, on the IRS site. The IRS states most refunds are processed in less than 21 days.

Best Use of Tax Refund

greedy man with money cartoonClark Howard has good ideas to share on how to use your tax refund and make it work best for you. He also recommends you adjust your withholding this year so you are not letting the government have a tax free loan from you. Watch this video to learn more from Clark Howard who always has our backs!

Make Your Tax Refund Count by Clark Howard

Tax Freedom Day – April 19, 2018

man carrying bag of money for taxes cartoonThe average American works the first 109 days of the year, earning enough money to pay their tax bill in full. Thanks to the tax reform, we will work three less days to pay our taxes in 2018 than last year. That is three days of income you get to keep in your pocket.

This year, our tax freedom day is April 19, 2018. Tax Freedom Day marks the day we begin working for ourselves and not Uncle Sam. Enjoy your holiday!

statue of liberty american flag

IRS Gives Additional Time to File Taxes

Breaking News

WASHINGTON — The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time.

The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software providers and Free File. Taxpayers using paper to file and pay their taxes at the deadline were not affected by the system issue.

“This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers,” said Acting IRS Commissioner David Kautter. “The IRS appreciates everyone’s patience during this period. The extra time will help taxpayers affected by this situation.”

The IRS advised taxpayers to continue to file their taxes as normal Tuesday evening – whether electronically or on paper. Automatic six-month extensions are available to taxpayers who need additional time to file can visit https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return.

Tax Deadline

 

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