Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS.
Like clockwork, every year, there’s a new twist on old scams. This year, it is the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service. The TAS is an independent organization within the IRS that help protect your taxpayer rights. TAS can help if you need assistance resolving an IRS problem, if your problem is causing financial difficulty, or if you believe an IRS system or procedure isn’t working as it should.
Typically, a taxpayer would contact TAS for help first, and only then would TAS reach out to the taxpayer. TAS does not initiate calls to taxpayers out of the blue.
As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.
April 15 (April 17 if you live in Maine or Massachusetts) is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason), you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. The good news is that there is no penalty if you file a late tax return but are due a refund.
At Out Of The Box Technology, keeping your data secure is extremely important to us. So is making sure you have an environment to keep you files safe, yet accessible to those who need them. That is where Hosting comes in.
Ladies & Gentlemen: START your voting! That’s right, the voting gates have opened for the Top 100 ProAdvisors for the year. This has been brought to you by the Insightful Accountant and it conducts this annually.
Its senior editor, William Murphy, explains recognition is for individual ProAdvisor – not so much the firm to whom the ProAdvisor belongs. If you are a ProAdvisor; and were busy for any reason and forgot to apply, the deadline has been extended. If you are a business wanting to shower your beloved ProAdvisor with more love, we detail steps below.
By now you have heard quite a bit about Out Of The Box Technology. Whether you read our newsletter, have attended a few Technology Tuesday presentations, or have listened to your friends and colleagues talk about their experiences with our consultants, our services are on your mind. Right!? So naturally, you are interested in becoming a client yourself. But what does that mean? In a sea of so many great services and solutions, how do you get your feet wet? Where to even begin?
If you want a version of QuickBooks for service professionals, it shouldn’t be difficult to obtain one because QuickBooks Pro, QuickBooks Premier, QuickBooks Accountant Edition, and QuickBooks Enterprise (all subscription levels) include this feature. Start your digging and delve into the why, the how and the when of QuickBooks Job Costing.