Category: IRS News
Fake Hurricane Charities!
Be on the look out for fake charities!
With Hurricane Harvey just passing through Texas and Hurricane Irma headed to Florida there are many charities popping up to aid the victims of these disasters.
While there are many legitimate Charities out there to help these people in their time of need, there are also many scams that pop up to take advantage of this situation.
Make sure to check out the link below in order to protect yourself from these scams.
Source: https://www.irs.gov/newsroom/beware-of-fake-charity-scams-relating-to-hurricane-harvey#_blank
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.
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.
- Don’t Panic! Responding will take care of any issues.
- 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.
- 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.
- 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).
- Is a reply necessary? There is no need for a reply unless instructed, or if you need to make a payment.
- 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.
- 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.
- Keep Records! Always keep copies of any notices that you receive along with your tax records.
- 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.