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October 2019 Newsletter

Tax Tips for Individual Taxpayers

Filing Past Due Tax Returns

Taxpayers who do not file a timely tax return may incur interest and penalties on the amount they owe. The IRS will hold a taxpayer’s refund when records show that one or more tax returns are past due. Read More

IRS Launches International Charity Fraud Awareness Week

The IRS is joining an international coalition in launching the second annual International Charity Fraud Awareness Week (ICFAW). This week the coalition will raise awareness and share practices to help charities and other not-for-profit organizations avoid fraud and stop financial crime.

A key feature of this year’s campaign is an online hub where charity professionals and counter-fraud experts can discuss and share ideas through a series of live interactive webinars, help sheets and case studies.

Those encouraged to participate in the week’s activities include:

Fake charities are one of the IRS Dirty Dozen tax scams for 2019. Taxpayers can find legitimate and qualified charities with the Tax Exempt Organization Search tool on IRS.gov.

ICFAW is led by a coalition of over 40 charities, regulators, law enforcers, representative bodies and other not-for-profit stakeholders.

Anyone interested in participating in ICFAW can visit the Fraud Advisory Panel website to learn more about how to get involved. Also, individuals can follow ICFAW activities on social media by searching #CharityFraudOut.

Visit the Charity Fraud Awareness Hub to view resources on preventing charity fraud.

Offer-in-Compromise

An Offer-in-Compromise (OIC) is an Internal Revenue Service procedure that will enable some taxpayers to settle a tax debt for less than the full amount owed.  This procedure is an appropriate method to settle a taxpayer’s debt when he is unable to pay the total amount due or paying the tax would create a financial hardship for the taxpayer.  Not everyone or every situation will be eligible for the Offer-in-Compromise settlement. Read More

Tax Tips for Small Business Owners

Do I really need a CPA to prepare my tax return?

Did you know that there are about two dozen different things a CPA can specialize in? So, if you are going to hire a CPA, find out their area of expertise. Hint: it may not be tax preparation…Read More

IRS Recommends Business Owners E-File Payroll Tax Returns

With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and convenience of filing these returns electronically.

IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns.

E-filing saves taxpayers time by performing calculations and populating forms and schedules using a step-by-step interview process. Once submitted, the information is quickly available to the IRS thus reducing processing time.

E-filing is the most accurate method to file returns. Those who e-file receive missing information alerts. Electronically filed returns have fewer errors, which reduces a taxpayer’s chance of receiving an IRS notice.

The IRS takes safeguarding personal information seriously and e-filing security is a top priority at the agency. E-file security standards ensure tax information is protected from security breaches. The IRS requires all authorized IRS e-file providers to ensure only authorized users have access to secure information.

The IRS acknowledges receipt of e-filed returns within 24 hours. The agency retains the information on the tax return, making it accessible to the filer or tax professional around the clock. Unlike filing a return on paper, e-filing assures the filer that the tax return is with the IRS and not misplaced or lost in the mail.

There are two options for electronically filing payroll tax returns:

Self-file

Have a tax professional file on behalf of the business

Only the business owner can apply for an online signature PIN. Third parties, such as attorneys, CPAs, tax return preparers or other tax professionals can’t request a PIN on behalf of the business, nor can they use the PIN to sign returns on behalf of their clients.

For more information on electronic filing of payroll tax returns, see the E-File Employment Tax Forms Page.M

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