As hurricane season begins, the IRS is encouraging preparation. Beyond stocking up on food and water you also want to prepare to have your documents safe and your valuables documented in case of disaster.
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Translations from Your Trusted Advisor.
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Pollyanna King, CPA, MST •
You may or may not know that there is a tax on gifts you make to others. But don’t panic. Over your lifetime you can give away over $11 million (yes, I said million), before you incur this federal tax for 2019 and it’s higher for 2020 after the inflation adjustment. Yesterday, the IRS launched a new Tax Withholding Estimator. The estimator is similar to the previous Withholding Calculator, but is more user-friendly.
There are millions of victims of identity theft annually and in the wake of the new Capital One Data Breach, in which a hacker gained access to more than 100 million customers’ accounts, identify theft is on the forefront everyone’s minds. In recent cases like the Capital One breach and the 2017 Equifax breach which impact 150 million individuals, many individuals need to learn how to react to their personal information being accessible.
Dana Bull, CPA •
Many taxpayers recently filed their taxes or may be waiting for a response from the IRS. Because of this, summertime tends to be a period when thieves increase their scam attempts. It seems like a weekly occurrence. A telephone call or voicemail from someone posing as the IRS threatening that if you don’t contact them immediately to settle your past due account the local police will be sent to arrest you. These calls may seem obviously fake to you but people continue to fall prey to these scams. Other types of scams include “phishing”. Phishing (as in “fishing for information” and “hooking” victims) is a scam where internet scammers send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Some of the more prevalent IRS impersonation scams include: |
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January 2020
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