IRS Tax Fraud Prevention Efforts Will Delay Refunds

Will Your Refund Be Delayed?

You may recently have heard that millions of refunds for the 2016 tax year are expected to be delayed.

The anticipated delay is largely driven by a new law aimed at giving the IRS more time to screen returns claiming both the earned income tax credit and additional child credit(s). This is in tandem with a broader prevention effort that includes zeroing in on fraudulent returns resulting from identity theft.

Though not everyone is affected, for those who are, it is, unfortunately, both inconvenient and unavoidable. On the other hand, the upside for all taxpayers is that the expansion of IRS scrutiny into vulnerable line items has ultimately proven to save the country billions of dollars every year.

For more complete details, check out this article…

And as always, feel free to contact us with any questions.

2016 Filing Season Start Date

The IRS just announced that the official start date of the 2016 filing season will be January 19, 2016.

 

Once the IRS begins processing tax returns, they will then begin releasing tax refunds. In past years, the IRS typically released most refunds within 21 days from the date the tax return was processed. You have the ability to track your refund once the tax return has been filed. You will need the following information: your filing status, your refund amount, and your social security number. Visit this link to track your refund http://www.irs.gov/Refunds/Where’s-My-Refund-It’s-Quick,-Easy,-and-Secure.

 

Tax deductions that could lead to an audit

We found this interesting article about certain deduction that might lead to an audit. Check it out by clicking on the link below!

http://www.fool.com/investing/general/2014/12/31/3-tax-deductions-that-could-lead-to-an-audit.aspx

 

Find out if you have any unclaimed property!

What is Unclaimed Property?

  • Unclaimed property is any financial asset with no activity by its owner for an extended period of time. This includes savings accounts, checking accounts, unpaid wages or commissions, stocks, underlying shares, uncashed dividends, customer deposits or overpayments, certificates of deposit, credit balances, refunds, money orders, paid-up life insurance policies, safe deposit boxes, and uncashed benefit checks, gift certificates, etc. Unclaimed Property does not pertain to land, houses or real estate of any kind.

It is very simple to find out if you have any unclaimed property. Just follow the link below and fill in your information in the search box with all the different towns you’ve lived in. Its worth a shot!

To find out if you have any unclaimed property click here!

 

 

IRS Warns of Telephone Scam

We would like to bring your attention a warning from the Internal Revenue Service regarding a pervasive telephone scam targeting taxpayers.

Victims of this scam are told that they owe money to the IRS and that it must be paid promptly though a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation, or suspension of a business of driver’s license. Callers are frequently insulting or hostile to scare their potential victims.

The IRS will NEVER ask for credit card, debit card or prepaid card information over the phone. They will always send taxpayers a written notification of any tax due via the U.S mail.

Click here for more information regarding this scam and what you should do if you get a call from someone claiming to be the IRS

 

Special Tax Benefits for Armed Forces Personnel

As members of our armed forces, you are entitled to special tax benefits. Click on the link below for details.

http://www.irs.gov/uac/Special-Tax-Benefits-for-Armed-Forces-Personnel

A COMMON QUESTION WE ALWAYS HEAR

We are always asked “How many years should I keep my tax returns?” The link below is from an article I found that addresses this question:

 http://money.msn.com/tax-tips/post.aspx?post=cad3364a-93e6-40e7-862c-a787185d7ae6

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