Posts Tagged: ‘Tax Season’

400 Percent Increase in Scams this Tax Season

April 17, 2017 Posted by kingcade

According to the IRS, there has been a 400 percent increase in tax scams during this year’s filing season, compared to last year. The IRS has issued warnings about the growing threat of scams as the end of tax season nears. Scammers use tax season to trick taxpayers into disclosing confidential information so they can access bank accounts, make fraudulent purchases, apply for loans and steal tax refunds.

The most common way scammers steal W-2s is through phishing emails. Hackers create a fake email address, posing as a CEO or CFO of a company and send a request to an employee in payroll asking for a PDF of all employees’ W-2s.

According to the Department of Justice, stolen identity tax refund fraud has affected hundreds of thousands of taxpayers and has cost the United States Treasury billions of dollars.

Other common scams claim there is an urgent situation requiring taxpayers’ immediate attention, such as an issue with processing refunds, additional forms or an audit warning.

The best way to protect yourself from tax scams is to know the signs:

  • Emails that appear to be from the IRS with suspicious links and attachments
  • Text messages that instruct you to call a toll-free number
  • Phone calls with pre-recorded messages that ask for confidential information

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Take These Steps to Prepare for Tax Filing Season

December 21, 2016 Posted by kingcade

With tax season right around the corner, the IRS recommends taxpayers take the following steps to prepare.

Individual Tax Identification Number: Filers who have expired Individual Tax Identification Numbers (ITIN) are likely to experience processing delays. If your ITIN expires on December 31st, 2016, you can renew your ITIN at any time by submitting the accurate documentation such as a W-7 and valid ID. The requirements needed to renew your ITIN are listed at www.IRS.gov/ITIN.

Refunds: According to a new tax law, the IRS cannot issue refunds before February 15th. Taxpayers should be advised not to count on receiving their refunds any earlier. However, you can file your tax return before February 15th. You can also check the progress of your return by visiting the Where’s My Refund page.

Adjusted Gross Income: If you are preparing your own taxes this year and plan to file electronically, you will need to know your Adjusted Gross Income (AGI) from the previous year or your prior-year Self-Select PIN. You can no longer use an electronic filing PIN when filing electronically. You can find your AGI from your 2015 federal income tax return on line 37 of the form 1040; line 21 of the form 1040-A; or line 4 of the form 1040-EZ.

Protection: The IRS has upgraded its identity verification process in order to protect taxpayers from impersonations and account takeovers. As a result, it is better if you prepare to register early on the Secure Access page in advance.

Click here to read more on the steps to prepare for tax filing season.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.