Deadline for Tax-Exempt Organizations is Near!

The deadline for tax-exempt organizations is coming up soon, May 15th. We received an article from the IRS regarding Tax-exempt organizations and wanted to take this opportunity to remind you of important factors to take into consideration when it comes to filing Form 990 for these organizations.

What you need to know:

1. Loss of Tax-Exempt Status: Any organizations that do not file annual reports for three straight years will lose their exempt status so it is important to always file. The 2007 Pension Protection Act requires most tax exempt organizations to file Form 990 with the exception of Churches and Church related organizations.

2. NO Personal Info!  Do not include personal information such as social security number, information about donors, clients, or benefactors. This could give rise to identity theft since these forms are often made public.

3. File Electronically Whenever Possible: This reduces the risk of including SSNs and other personal information. E-filing also makes the process smoother and quicker with the IRS receiving your information.

4. What to file? Any organizations with an average annual gross receipts of $50,000 or less will file an electronic notice Form 990-N. Organizations with more than $50,000 will file Form 990 or 990-EZ. Private organizations will file 990-PF. If you need to file a six-month extension for your organization, use Form 8868.

5. Check Tax-Exempt Status: The IRS publishes the list of organizations that have lost their tax-exempt status for failure to file for three years. Any organization that wants to have their status reinstated must pay any fees and file an application. To check a status, visit Select Check.

Our staff at Business Resource Partners is knowledgeable in all aspects of tax preparation, our Enrolled Agent is able to represent you to the IRS if needed and we are happy to help with tax preparation, filing and planning.
Call to make an appointment (321) 236-2771 or stop by our office, we look forward to serving you! 310 Almond Street Clermont, FL 34711

 

Tax Season is over! Scams are Not!

We’ve provided information over this tax season about many different scams and tactics used to steal personal information from you. However, just because tax season has come to an end, this does not mean that scamming season has too.  We’ve received an article from USA.gov about caller scams and what you can do to protect yourself, here’s the main points to consider:

Did you know that caller IDs can be faked?
If you receive a call from Washington DC from someone who claims they are from the IRS, beware! The caller may even know part of your social security number, they will threaten to sue, arrest, or deport you if you do not pay. They may even give specific information about how to send a payment such as pre-paid cards or wire transfers. The IRS will never contact you via phone, there are very few authorized collection agents who may contact you by phone call, but this will only occur once you have received multiple letters from the IRS with information about who is assigned to you specifically.

Sign, Caution, Warning, Danger, Safety, Hazard, Risk


What can I do if I get one of these calls?

  • Do not make any kind of payment or share account information!

Once you do this, there is no way to get the money back because the scammers are using false information and will disappear right away. If you have any questions about payments on taxes, visit IRS.gov/payments. You can also call the IRS at (800) 829-1040.

  • Tell your friends and family!

The more people know about these scammers and their tactics, the less scam victims there will be. It is important to spread the word to everyone and stay updated on different methods used to obtain personal information.

Additional steps:

If you spot a scam, report it to the Federal Trade Commission.
Call the FTC at 1-877-382-4357 or go to this page.
For this, and more articles regarding scams, visit FTC Consumer Information.

Business Resource Partners has an Enrolled Agent on staff who will help you with your tax preparation needs. We offer more than just tax preparation and bookkeeping! Visit Our Services section to find out what BRP can do for your business!

I Received a Letter From the IRS, Now What?!

The IRS will send millions of correspondence for different reasons. We wanted to share some information we received about what you should do when you receive a letter from the IRS.

Here’s what to do:
  1. Don’t Panic! Responding will take care of any issues.
  1. Read Carefully:  There can be many reasons for receiving a letter from the IRS. Most deal with tax returns or accounts. The letter will provide specific instructions and details about what to do so it is important to read the letter carefully and more than once.
  1. Is the letter asking for something? It might be about changes to your account, taxes owed, or a payment request. Sometimes, they may ask for more information on the issue discussed.
  1. Is it about changes to a return? If the letter indicates a change or correction to your tax return, review the changes and compare it with your original return (You should always have your own copy).
  1. Is a reply necessary? There is no need for a reply unless instructed, or if you need to make a payment.
  1. Don’t agree with your notice? Respond! There is a contact stub at the bottom of each letter so you may respond and explain why you disagree. Be sure to include any supporting documents for the IRS and allow up to 30 days for a response. Always send this type of correspondence certified and keep copies of everything you send.
  1. No appointments necessary: If you need to call, use the phone number that is on the upper right hand corner of the notice. Have your tax return and notice in hand for reference.
  1. Keep Records! Always keep copies of any notices that you receive along with your tax records.
  1. Be aware of scams: The IRS will never send you an e-mail or contact your through social media and ask for financial information. They will never demand a specific form of payment such as a prepaid card. For information on payment options, click here.

For more information on the IRS Collection Process, see Publication 594, or to make a payment, visit IRS.gov/payments.

Business Resource Partners has been happy to serve you this tax season and we look forward to 2017! We have our Enrolled Agent on staff who will directly represent you to the IRS and assist in tax planning for you and your business. We offer more than just bookkeeping and taxes for your business! For a complete list of our services, please visit our Services page.
Our sister company, Almond Street Business Center offers a variety of services for your company as well. You may also click any of the links below for more information.

“NEW” IRS Collection Tactic

The IRS has sent us an interesting article that will affect many tax payers, we wanted to share this with you before the end of tax season.

Starting this month, the IRS will be using four private-sector collection agencies (PCA) to collect unpaid tax debts on the government’s behalf. This is authorized under a federal law that was enacted by congress in December of 2015. These are tax debts that are not currently being worked on and were assessed years ago. If a tax payer is being assigned to a private firm, there would have been multiple attempts to contact by the IRS in the past years.

  • How is this going to work?

The IRS will send an official letter to the tax payer and his or her tax representative informing them that they will be assigned to a PCA and will be given the name and contact information for the PCA. This mailing will also include a copy of Publication 4518 of what to expect.

Once your letter is sent, the designated private firm will send a letter to the tax payer with information that will assure that the transfer and all future collection calls are legitimate.

Important: The PCA are authorized to discuss payment options and payment agreements. However, all payments must be made directly to the IRS via check, or electronically. Never make a payment to a private firm or anyone besides the IRS or U.S Treasury. For more info on payment options, click here.

For a list of the agencies selected, visit this page.

  • Prepare for phone scams!

There will be scammers who jump at this opportunity to pose as PCA employees. It is important to know that these agencies will only be assigned if you owe money from previous tax years. You will be made aware about these PCAs before you hear from them.

The IRS or PCA will never:

  1. Call to demand immediate payment using a specific method such as prepaid card or wire transfer
  2. Threaten to call local police or other law-enforcement groups
  3. Demand payment without the opportunity to question or appeal the amount owed
  4. Ask for any credit or debit card numbers over the phone

You don’t need to wait for a call or letter from the IRS! It is important to always come forward and pay what you owe, or set up a payment plan. For a list of ways to take advantage of this, visit IRS.gov.Tax filing deadline is approaching soon! Business Resource Partners has an Enrolled Agent on staff who will directly represent you to the IRS if ever needed. We would be happy to prepare and file your business and personal taxes! Give us a call to set up an appointment (321) 236-2771 or visit us at 310 Almond Street Clermont, FL 3711.

$1 Billion Available!

The IRS has unclaimed federal income tax refunds totaling more than $1 Billion for roughly 1 million taxpayers who did not file a 2013 income tax return.

If you or someone you know did not file for taxes in 2013, you may be afraid to do so now for fear that you’ll be penalized or in legal trouble. Did you know there is no penalty for filing late if you are due a refund? You can still file a 2013 tax return with the IRS no later than this year’s Tuesday, April 18th deadline. There are an estimated 66,900 individuals who may be due 2013 refunds in Florida, totaling about $67,758.

The law usually provides most tax payers with a three-year window of opportunity for claiming a refund. The unclaimed money becomes property of the U.S Treasury if the tax payer does not file a return within the three years. If you are filing a 2013 tax return this year, make sure you properly address mail and postmark the tax return by the April 18th date.

If you have not filed taxes for 2014 & 2015, your check for your 2013 refund may be held. The refund will be allocated to any debts such as a state tax agency, money owed to the IRS, child support, or student loans.

You could lose more than just a refund for the year of 2013 if you do not file your taxes. Low or moderate income workers may be eligible for Earned Income Tax Credit (EITC). In 2013, this credit was worth as much as $6,044.

If you have questions about how to get forms for prior year’s tax returns, visit the Forms and Publications page on the IRS website. These forms are available to you at no charge.

If you are missing any forms such as W-2, 1098, 1099, or 5498 for the years 2013-2015, you should contact your employer, bank, or other payer. If you are unable to get these forms from a previous employer, you can use the IRS’s tool for Getting Your Transcript Online and obtain your Wage & Income Transcript. You may also file Form 4506-T to request a transcript of your 2013 income and use the information to file your tax return

If you need to file your 2013 or later tax returns, Business Resource Partners will gladly provide this service for you! Please call our office and schedule your appointment with our tax professionals at (321) 236-2771 or visit us at 310 Almond Street Clermont, FL 34711.

IRS Warns of Video Relay Scam Targeting Deaf & Hearing Impaired

We’ve uncovered some IRS scams & myths this tax season, it’s amazing what others will come up with in attempt to steal money. Today, we are covering Video Relay Scam (VRS) that target deaf and hard of hearing.

Video Relay Services are oftentimes used as a video telecommunication service that allows individuals to communicate over video telephones with hearing people in real time, via a sign language interpreter. The problem is VRS interpreters do not scan calls for validity, so it is up to you to always confirm that the person calling is who they say they are.

If you or someone you know is deaf or hard of hearing receives a VRS call claiming to be the IRS, there are a few things you need to know:

  1. The IRS Will Never:

~Demand immediate payments or specific ways on how to pay (wire transfer, prepaid card, etc). The IRS will not call about taxes owed without first mailing an official letter.

~Threaten to call local police if you do not pay immediately.

~Demand payment without the opportunity to ask questions or appeal amount charged.

~Ask for credit or debit card numbers over the phone.

   2. Receive a Suspicious Call or Know Someone Who Did?

~If you or someone you know is deaf or hard of hearing, you may call the IRS at (800) 829-1040 through VRS. They will be able to answer any questions including payment issues.

~If you received a call but know you don’t owe money and have not received an official IRS letter, report the incident right away. You can call the Treasury Inspector at (800) 366-4484.

~You may also file a complaint using the FTC Complaint Assistant. If it involves impersonating the IRS, include the phrase “IRS Telephone Scam” in the notes.

Our team at Business Resource Partners is happy to help with your tax preparation! Mythili, our Enrolled Agent, will be able to directly represent you to the IRS if any issues arise. For a full list of our awesome staff, visit our About Us section.

Call us at (321) 236-2771 to schedule an appointment, or visit us at 310 Almond Street Clermont FL, 34711.

Four Common Myths Involving Tax Returns According to the IRS

If you’ve logged on to any sort of social media lately, you may have seen posts, articles, blogs, or videos about tax returns and common actions you can take to “get your refund sooner”, “get more in return”, etc. These claims are myths regarding tax returns. We mentioned some things to look out for when choosing a tax preparer in our previous blog, now we tackle some myths behind your returns.

Here are four common myths:

  1. Delayed Refunds

Per the IRS website, over 90% of returns are issued in less than 21 days! There are always exceptions to this which can include, Earned Income Tax Credit (EITC), or Additional Child Tax Credit (ACTC). However, these are usually only held until mid-February. Other reasons for any delays are simply for security reasons such as building of security to protect from identity theft and refund fraud.

  1. If I call the IRS or my Tax Preparer, I’ll get an official refund date.

The best way to stay updated on the status of your return is to access “Where’s My Refund?”, or through your Mobile App.

  1. If I order a Tax Transcript, I’ll know my refund date for sure.

The information on a transcript does not reflect the timing on your refund. You can refer to this transcript for mortgages, student and small business loan applications, and help with tax prep. For a status update, always refer to “Where’s My Refund?”.

  1. “Where’s My Refund” is wrong, it doesn’t have my deposit date.

Projected deposit dates for EITC & ACTC are a few days after Feb. 15 and they will not see a refund date until then. Refunds will not start arriving into cards or accounts until Feb. 27 if there are no issues with the processing and banking. Delays can sometimes depend on banks and the processing or large quantities of people receiving refunds. Keep in mind that President’s Day weekend may also cause delays because some banks to not process payments on holidays and weekends.

For this full article as well as many great resources from the IRS, please visit the IRS Website.

As always, Business Resource Partners is here to assist with all of your tax prep needs! We have a staff that is more than qualified to prepare your 2016 taxes and we would love to service you or your business.

Please call us at (321) 236-2771 or visit us at 310 Almond Street Clermont FL 34711.

What to Be Aware of When Choosing a Tax Preparer:

Image result for Tax SeasonWith tax season already upon us, it is important to know who is preparing your taxes and what their qualifications are. They are responsible for your information and it is important to be conscious of the potential threats presented this time of year.

So, what are some things to consider?

  1. Qualifications: There are different qualifications depending on your needs. These include

Attorneys, Certified Public Accountants (CPAs), Enrolled Agents, Annual Filing Season Program Participants, Enrolled Retirement Plan Agents, and Enrolled Actuaries.

For more information on this, visit this page which breaks down each qualification and can help you better determine your needs this year.

  1. Check the History: Check the preparer’s license status as well as any disciplinary actions. For CPAs, check the State Board of Accountancy. For Attorneys, check the State Bar Association. For Enrolled Agents, you can go to IRS.gov or email epp@irs.gov with the first and last name of the agent, a complete address if it is available, and the Enrolled Agent Number is available. It is recommended to include as much information as possible. For more information on this, visit the verification page.
  1. Ask about Service Fees: Avoid preparers who base their price on the percentage of your return or claim they can get you a bigger refund than the competition. Do not give them any tax documents or anything that would include your social security number.
  1. Ask for E-filing: Make sure your preparer offers IRS e-file. The IRS has processed billions of e-files successfully and there is no reason why this should be impossible.
  1. Make Sure the Preparer is Available to You: You might need to contact your preparer after the April 18th due date. Don’t hire someone who is constantly on the move and will be difficult to get in touch with.
  1. Provide Records & Receipts: A good preparer will want to have all the necessary information in order to properly file your tax return such as total income, tax deductions, credits, etc. For example, do not rely on someone who only wants your last pay stub instead of a From W-2. This is against IRS e-filing rules.
  1. Never Sign a Blank Return: This may sound like a no brainer, but it is worth mentioning. Do not use a preparer who asks you to sign a blank return.
  1. Review Before Signing: If something is not making sense, ASK. You should feel completely informed and comfortable with any document you are signing. Always double check the bank Account and Routing number to make sure that it is yours. Always keep copies of everything.
  1. Make Sure Your Preparer signs and includes their PTIN: This is the  Preparer Tax Identification Number and they must include this in the document by law.
  1. Report any abusive behavior to IRS: Most preparers will be honest and provide excellent service, however, some are dishonest. To report any abusive or fraudulent actions, use Form 14157. If you suspect your return was changed without your consent, fill From 14157-A. These are available on irs.gov any time.

As always, if you need any help with Tax Preparation and filing, Business Resource Partners is always here to help! We have our Accountant Michael, our Enrolled Agent Mythili, and our owner Lorrie who is a participant in the Annual Filing Season Program. Our front desk ladies Stephanie and Andrea would be happy to schedule appointments for your needs.Please contact us at (352) 236-2771 or visit us at 310 Almond Street Clermont FL, 34711.

Great News! Enhanced Services at Business Resource Partners!

We have some exciting news to share with you!

We are now offering both business and personal tax return preparation. We have extended our business hours on Tuesday through Friday until 7:30pm, and Saturdays from 9am-2pm. We are happy to offer other hours by appointment to accommodate your schedule.

Our team of experts is happy to help with all of your tax needs. Our dedicated staff speak several different languages including Spanish and German. We are looking forward to assisting you with all personal and business tax returns.

Our team of professionals represent many facets of Accounting:

~Lorrie Reid, our owner and founder, has completed the Annual Filing Season Program, a brand new certification from the IRS

~Michael Jacobson holds a Masters Degree in Accounting

~Mythili Richards, our IRS Enrolled Agent, is certified to represent you to the IRS in the event of a tax issue

~Stephanie Rubin is our Payroll Specialist/Office Manager

~Andrea Gregori is our multi-talented Administrative Assistant

We look forward to working with you!

Call us at (321) 236-2771 for further information and appointments, or visit us at 310 Almond Street, Clermont FL 34711.