The IRS compiles a list of the “Dirty Dozen” schemes each year to help tax payers protect themselves. This year, identity Theft is #1 on their list. The IRS processes more than 100 million tax returns each year and the IRS estimates that over 400,000 people fell victim to this scam from mid 2009 to 2011. With the IRS encouraging taxpayers to file electronically there has been growth in the ID theft area. In response, the IRS has added new filters to screen for identity theft and trained 35,000 employees to recognize indicators of ID theft and help those that are affected by the scheme. The IRS provides identity protection tips, these include a reminder that the IRS does not contact taxpayers via email, text or social sites. For more tips on how to protect yourself, click here.
Allison, Lynn. (2013, February 17). IRS faces surge in identity theft tax fraud. Retrieved from http://www.today.com/money/irs-faces-surge-identity-theft-tax-fraud-1B7881039
IRS (2013, March 26). IRS Releases Dirty Dozen Tax Scams for 2013. Retrieved from http://www.irs.gov/uac/Newsroom/Protect-Yourself-from-the-Dirty-Dozen-Tax-Scams
IRS (2013, March – revised). IRS Combats Identity Theft and Refund Fraud on Many Fronts. Retrieved from http://www.irs.gov/uac/Newsroom/IRS-Combats-Identity-Theft-and-Refund-Fraud-on-Many-Fronts
Did you miss the tax filing deadline?
The deadline for filing your six-month extension has passed, Kelly Kelly & Company, LLC is here to help you get your tax return filed ASAP!
The IRS recommends you file your taxes as soon as possible to minimize the failure-to-file penalty. According the to IRS the failure-to-file penalty is generally more than the failure-to-pay penalty. So even if you don’t have the funds to pay the IRS what you owe, they recommend that you file to minimize penalties. The penalty for filing late is normally 5% of the unpaid taxes, can not exceed 25% and begins the tax filing due date. The IRS is usually willing to work with taxpayers regarding their overdue payments through programs or installment plans.
For more information on how we can help, contact us at 703.439.1045.
Lee, Bonnie (2013, October 17). Miss the Final Tax Deadline? Here’s What You Must Do. Retrieved from http://www.foxbusiness.com/personal-finance/2013/10/17/miss-final-tax-deadline-heres-what-you-must-do/
According to the IRS website all tax deadlines remain the same and there will be a penalty for late fillings. It is preferential to file your file electronically, payments will be accepted and refunds will not be issued until normal government function resumes.To read more about how the government shutdown is affecting the IRS click HERE.
CBS News posted the following article on 2014 Estate Tax limit increases click HERE to get the full story.
Don’t forget, October 15, 2013 is the final deadline to file individual tax returns (with extension). (Forms 1040, 1040A, 1040EZ.) Last day the IRS will accept an electronically filed tax return for the year 2012. If filing after October 15th, you’ll need to mail in your tax return for processing. We are here to help, contact us at 703-439-1045 and visit our website www.kellyandcompanyllc.com