Posts Tagged: ‘Taxpayers’

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.

IRS Warns Taxpayers of the Latest Tax Scam

October 13, 2016 Posted by kingcade

The IRS has issued a fraud alert, IR-2016-123, warning taxpayers to watch out for fake emails alleging to contain an IRS tax bill related to the Affordable Care Act just a few days before the October 15th tax filing deadline.

The IRS received numerous reports from across the country of scammers sending a fraudulent version of CP2000 notices for the tax year 2015 as an email attachment. The CP2000 is a notice commonly mailed to taxpayers through the U.S. Postal Service. It is never sent as part of an email.

Below are four indications that you have received a fake CP2000 notice:

  • The notices are being sent electronically, even though the IRS does not initiate contact with taxpayers by email or through social media platforms.
  • The CP2000 notices appear to be issued from an Austin, Texas address.
  • The underreported issue is related to the Affordable Care Act (ACA) requesting information regarding 2014 coverage.
  • The payment voucher lists the letter number as 105C.

 

According to the alert, the fraudulent CP2000 notices include a payment request that taxpayers mail a check made out to “I.R.S.” to the “Austin Processing Center” at a Post Office box address.

The IRS urges taxpayers and tax professionals who receive this scam email to forward it to phishing@irs.gov and then delete it from their account.

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 of 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.

“Taxmaggedon” Expected to Throw the U.S. Back into a Recession

May 31, 2012 Posted by kingcade

At the end of the year, the Bush Administration’s tax cuts are set to expire. The Obama Administration’s payroll tax cuts are also set to expire along with cuts for several federal agencies, such as the Pentagon. All of these changes are expected to send the economy into another recession beginning in early 2013. If no changes are made to the expiring cuts, the economy will take an estimated $607 billion hit.

As of now, the Republicans and the President are not in agreement on how to avoid the recession. President Obama has made it clear he will veto any attempt at continuing Bush’s tax cuts, which is precisely what the Republicans want to happen. President Obama has threatened to veto any effort to amend current policies unless Republicans agree to let the Bush tax cuts expire for households earning more than $250,000 a year.

To read more on this story visit: http://www.washingtonpost.com/business/economy/cbo-taxmageddon-would-throw-us-back-into-recession/2012/05/22/gIQAblvliU_story.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of 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, P.A. at www.miamibankruptcy.com.

IRS Makes More Changes to Help Taxpayers gain a ‘Fresh Start’ with their Finances

May 31, 2012 Posted by kingcade

On May 21, 2012 the Internal Revenue Service (IRS) announced a change in the terms of the Offer In Compromise presented to taxpayers to promote the ‘Fresh Start’ initiative. An Offer In Compromise is a leniency accessible to financially distressed taxpayers who meet certain guidelines. The new terms for the ‘Fresh Start’ initiative reflect the government’s attempt to help struggling taxpayers resolve their tax debt in 1 – 2 years, as opposed to 4 – 5 years.

The changes to be made to the guidelines for an Offer In Compromise include:

• Calculating a taxpayers future income will now include only one year if payment can be made in 5 months or fewer, or two years if payment will be made anywhere from 6 months to 2 years
• Taxpayers will now be allowed to pay student loans as part of their living expenses
• Taxpayers will be allowed to pay delinquent state and local taxes
• Taxpayers Allowable Living Expenses will be expanded to provide a more fair and consistent plan

To read more on this story visit: http://www.irs.gov/newsroom/article/0,,id=257542,00.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of 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, P.A. at www.miamibankruptcy.com.