Skip to main content

THURSDAY TAX TIDBITS

Five Facts the IRS doesn't want you to know!



1. Calling the IRS for help won't work.

Calling the IRS usually requires you to stay on hold. Last year, 35.6% of phone calls went unanswered by representatives; that's a lot! Additionally, this year the IRS projects that they will only serve 43 percent of callers after they wait for 30 minutes. Crazy, I know!

2. The IRS can't handle all the paperwork either.

About 50 percent of letters the IRS receives have not been handled in a timely manner. The IRS deals with over a million pieces of correspondence; it takes an average of 45 days to respond.

3. The IRS is worried about ObamaCare collection.

If you received a subsidy based on your projected income, and you made more than that estimate, you may have to pay back part of the subsidy. If you did not have a health care plan, you may be able to file for an exemption or you could owe a small penalty. The Trump administration ended this policy, however, it is not effective until 2019.

4. Your refund may be delayed this year.

Blame the budget cuts says IRS Commissioner John Koskinen. In January, he wrote a memo warning employees of a possible hiring freeze and possible two-day furlough later this year. The memo also mentioned that individuals who file paper returns can wait for a week longer for their refund due to staffing.

5. The IRS is an open target to scammers. 

In 2015, the IRS spent $5.5 billion in fraudulent identity theft refunds. Independently, many Americans also experience scams by con artists contacting them and pretending to be the IRS. To learn how to avoid becoming a scam victim, read my past articles that teach you red flags.

To avoid getting caught in the messy web of the IRS, do your taxes right the first time. At Cunningham's tax office, our tax accountants do your taxes right the first time and help you get the best refund you can receive. We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461

Follow me!
Twitter: @thetaxlady4u
And ask me about PolkaDotPowerhouse!

Comments

Post a Comment

Popular posts from this blog

THURSDAY TAX TIDBITS

Tax Law Changes: Meals and Entertainment   Under the Trump Administration, the new tax Act creates stricter limits on the deductibility of business meals and entertainment expenses. As a business owner, you can still deduct your meals, but no longer entertainment. For example, if you take your team to a baseball game, you can write-off the hot dog, but not the game. Entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the benefit of the taxpayer’s employees, other than highly compensated employees”. (i.e. office holiday parties are still deductible). Business meals provided for the convenience of the employer are now only 50% deductible whereas before the Act they were fully deductible. After 2025, those meals will be nondeductible. These new rules should be kept in ...
Post a Comment
Read more

THURSDAY TAX TIDBITS

What is the Dark Web? As a tax accountant, I see and witness many clients falling victim to identity theft. Because of this, I make it my responsibility to bring awareness to the issue as much as I can. Recently, I came across an AARP article discussing what the Dark Web is. I found the article to be interesting and believe it is something of value to my blog readers. The intelligence and skill behind hacking are so advanced with today's technology; it is scary and difficult to know how to protect yourself from it. I encourage you to read AARP's article and share with friends and family. For more questions, our accountants at Cunningham Tax Help have the resources that can help you and your situation.  We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461 AARP Article:  https://www.aarp.org/money/scams-fraud/info-2018/what-is-the-dark-web.html Follow me! Twitter:...
Post a Comment
Read more