FORMS ARE NOW AVAIL UNDER CHECKLISTS
Don't forget, we are on FACEBOOK, there is a public storefront as well as a private group blog, please contact/friend Sandy Yerk to get added to the private side if you're not there already!!
Had a tax client contact me this morning, they rec'd a telephone call last night at 8:30 from the "IRS", thank goodness they were suspicious when the call came in as 'private' vs. Internal Revenue Service on their caller ID. The caller sounded completely legit, provided name, rank etc., and asked to verify info on their return for a "review" - well the client(s) were actually in the middle of review process - so again, seemed very legit. As soon as she asked to verify the last 4 digits of the social security number my client hung up.
She was correct in doing so!
1. The default for IRS PINs is the last 5 digits of your social - so unless you've been scammed before - i.e. been issued a specific 5 digit code from the IRS, all this 'bad guy' needed to do was take the 4 digits she was verifying and then figure out 0-9 for the 5th digit.
2. Even if you OWE the govt money - i.e. and we HAVE to provide the IRS a phone number - they will ONLY call during the day and ONLY if there is a problem with the direct debit or credit card, and even then, they are more likely to write you a letter and charge you more penalty and interest than call you on the phone.
3. ALL federal govt accounts are now connected by your SS & your name, if they don't match - i.e. married/divorced/adoption etc. - anything where something has changed even mildly, your account(s) across all branches can be rejected by one or all federal agencies. Some of you have had this occur already. IF the perpetrator were to gain access to these clients 'tax info' they could effectively alter or disrupt their pensions, Social Security benefits, Income tax refunds, Medicare and the list goes on.
4. IF the IRS needs you they will WRITE and use the United States Post Office as a carrier.
Early Retirement Plan Withdrawals and Your Taxes
Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans:
1. An early withdrawal normally means taking money from your plan before you reach age 59½.
2. If you made a withdrawal from a plan last year, you must report the amount you withdrew to the IRS. You may have to pay income tax as well as an additional 10 percent tax on the amount you withdrew.
3. The additional 10 percent tax does not apply to nontaxable withdrawals. Nontaxable withdrawals include withdrawals of your cost to participate in the plan. Your cost includes contributions that you paid tax on before you put them into the plan.
4. A rollover is a type of nontaxable withdrawal. Generally, a rollover is a distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan. You usually have 60 days to complete a rollover to make it tax-free.
5. There are many exceptions to the additional 10 percent tax. Some of the exceptions for retirement plans are different from the rules for IRAs.
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Now that summer is officially here - i.e. storm season, satellite communications are very irregular, please allow sufficient time for response :-)
IF THE SCHEDULE IS FULL ON DATES THAT YOU WANT YOU CAN ALWAYS SCAN/FAX OR MAIL YOUR DOCS TO US!!!!
Beat the madness!!! schedule your 2015 tax appt now! Sandy Yerk will not be able to travel next Spring, hours are 9-4 M-F at the office. Contact Cody Yerk if you need to verify his schedule, but I believe his schedule will be staying at roughly the same days/hours and of course he is traveling.
DON'T FORGET IF YOU ARE FILING AND YOUR SPOUSE IS NOT WITH YOU, YOU WILL NEED A Power-of-Attorney signed! (we can provide one upon request beforehand)
Let your clients know they can now pay their tax bills directly from their checking or savings accounts using IRS Direct Pay. It’s secure, free of charge and available on IRS.gov.
Tax Preparers Assaulted, Shot at This Season
MARCH 14, 2014
BY JEFF STIMPSON
This season is turning dangerous for tax preparers, according to published reports.
Chicago Heights, Ill.: In mid-February a Liberty Tax preparer pulled a gun on a customer’s boyfriend who police said threatened to beat him up during a dispute over fees. The boyfriend, 34, has reportedly been charged with assault after confronting the preparer over $500 in additional fees that the girlfriend was charged for her return. Police told reporters the preparer, 45, had a valid firearm owner’s ID.
Kirkwood, Mo.: A 53-year-old local man is accused of choking an H&R Block worker earlier this month after reportedly becoming enraged about his “tax situation.” Police told news outlets that the assailant knocked the Block employee to the ground and is now charged with misdemeanor assault. The Block worker reported minor injuries but did not require hospital treatment.
Deerfield Beach, Fla.: A bullet narrowly missed the ear of preparer Michelle Merced as she sat in the office of Dixie Fast Tax in late February. “I wanted [tax season] to be busy with people, not bullets, coming in,” she told news outlets. The shooting was connected to a dispute outside her office and police confirmed that Merced and her staff were not intended targets.
The incidents come on the heels of reports of gunfire and the beating of a preparer in the Detroit office of Tax City Tax Service on February 28 by a 19-year-old local man after the woman he was in the office with couldn’t get her refund in cash. Four people were shot in the scuffle and the preparer told news outlets that she plans tighter security when she re-opens her office.
This is hardly the first season refunds and taxes turned clients and their companions violent. Two years ago, according to reports, a Toledo, Ohio, woman and her son robbed and threatened to shoot their Liberty Tax preparer using a curling iron wrapped in a towel.
This is another reason why we take referrals ONLY, we love when you give us the opportunity to help your friends and family, but we expect you to use refined judgement too, our preparers have the right to refuse service if our preparers are uncomfortable in any situation