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This article is from the Federal Trade Commission that gives information on fake debt collectors.

Happy 4th of July to everyone.

Happy Fourth of July Everyone and stay safe!

Summer Scams Per IRS Source: IRS.gov IRS Cautions Taxpayers to Watch for Summertime Scams EFTPS Scam...Continue reading

Source: Drake software. Here are some 2016 Filing Season Statistics. The IRS processed 152,250,000 Individual Income Tax Returns. Which is 1% more than 2015. 131,851,000 returns were e-filed. Tax professional e-filed returns increased by 0.4%, while Do-it-yourself e-filed returns increased by 5.4%. $317,620,000,000 in refunds were issued by the Treasury. $2860 was the average refund in 2016, which is 2.3% more than 2015. 80% of all refunds were issued by direct deposit. 507,723,789 was the number of times IRS.gov was visited, which is 3.6% more than 2015.

Good News! This is an article from the IRS website. Eight Individuals Arrested for Fraud in IRS Phone Scams WASHINGTON J. Russell George, Treasury Inspector General for Tax Administration (TIGTA), announced the arrests of eight individuals based upon indictments that charged eleven individuals who were allegedly involved...Continue reading

This is an article from the IRS Website. IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return WASHINGTON The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return....Continue reading

Last day for refund advances is February 28th, 2017 Also here are some facts. Capital Gains and Losses 10 Helpful Facts to Know When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment....Continue reading

As Holidays Approach, IRS Reminds Taxpayers of Refund Delays in 2017 WASHINGTON As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face addit...ional review. Some Refunds Delayed in 2017 Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns claiming the EITC or the ACTC until mid-February. The IRS must hold the entire refund even the portion not associated with the EITC and ACTC -- until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the agency more time to help detect and prevent fraud. ''This is an important change as some of these taxpayers are used to getting an early refund," said IRS Commissioner John Koskinen said. "We want people to be aware of the change for their planning purposes during the holidays. We don't want anyone caught by surprise if they get their refund a few weeks later than in previous years." As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should submit returns as they normally do. Even though the IRS cannot issue refunds for some early filers until at least Feb. 15, the IRS reminds taxpayers that most refunds will be issued within the normal timeframe: less than 21 days, after being accepted for processing by the IRS. The Where's My Refund? tool on IRS.gov and the IRS2Go phone app remains the best way to get this status of a refund. Stronger Security Filters and Tax Refund Processing As the IRS steps up its efforts to combat identity theft and tax refund fraud through its many processing filters, legitimate refund returns sometimes get delayed during the review process. While the IRS is working diligently to stop the issuance of fraudulent refunds, it also remains focused on releasing legitimate refunds as quickly as possible. Recently, the Internal Revenue Service, state tax agencies and industry partners finalized plans for 2017 to improve identity theft protections for individual and business taxpayers. This comes after making significant inroads this year against fraudulent returns. Additional safeguards will be set in place for the upcoming 2017 filing season. The IRS and its partners saw a marked improvement in the battle against identity theft in 2016. This is highlighted by the number of new people reporting stolen identities on federal tax returns falling by more than 50 percent, with nearly 275,000 fewer victims compared to a year ago. See more

Individual Taxpayer Identification Number Alert: You May Need to Renew Your ITIN. All ITINs not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017. Additionally, all ITINs issued before 2013 will begin expiring this year, starting with those with middle digits of 78 and 79 (Example: (9XX-78-XXXX). All expired ITINs must be renewed before being used on a U.S. tax return. No action is needed by I...TIN holders who don’t need to file a tax return next year. Also, there are new documentation requirements when applying for or renewing an ITIN for certain dependents. Find more information in the ITIN Expiration Frequently Asked Questions. IRS Notice 2016-48, released on August 4, 2016, outlines the new procedures by the Protecting Americans from Tax Hikes (PATH) Act enacted by Congress in December 2015. An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA). The IRS issues ITINs regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. They do not serve any purpose other than federal tax reporting. An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. Select a topic below for the information you need: Do I need an ITIN? You must obtain an ITIN if: 1. You do not have an SSN and are not eligible to obtain one. And 2. You identify with one of the following categories. Nonresident alien who is required to file a U.S. tax return. U.S. resident alien who is (based on days present in the United States) filing a U.S. tax return. Dependent or spouse of a U.S. citizen/resident alien. Dependent or spouse of a nonresident alien visa holder. You can apply for an ITIN in-person using the services of an IRS-authorized Certified Acceptance Agent or make an appointment at a designed IRS Taxpayer Assistance Center. This will prevent you from having to mail your proof of identity and foreign status documents. After processing, the IRS will issue your ITIN through the mail. You will then file your Form 1040, 1040A, and 1040EZ as directed in the form instructions. Some VITA sites offer CAA service to taxpayers along with their VITA program. If you need a new ITIN number, you either contact me or come to my office and we ca get a new ITIN number in just a few minutes. You can apply for an ITIN any time during the year when you have a filing or reporting requirement. At a minimum, you should complete Form W-7 when you are ready to file your federal income tax return by the return’s prescribed due date

This is how Europe feels about our Elections. I am truly happy for my republican friends that they got power again. I just hope that that everyone else is wrong and that they new President elect will work for the people of this country, and not for his own pocket. Lets pray and hope that Lady Liberty can smile again and stand up for everything that makes this country so great.

Some Tax updates and New Law Changes for the 2016 Tax Year Sets in Jan. 31, 2017. W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15 IRS Special Edition Tax Tip 2016-16, November 1, 2016 A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax... Credit won’t see refunds until Feb.15, at the earliest. Here are some key points to keep in mind: Protecting Americans from Tax Hikes (PATH) Act. Enacted last December, the new law means employers need to file their copies of Forms W-2 by Jan. 31. These forms also go to the Social Security Administration. The new deadline also applies to certain Forms 1099. Those reporting non-employee compensation such as payments to independent contractors submitted to the IRS are due Jan. 31. Employers have long faced a Jan. 31 deadline in providing copies of these forms to their employees. That date won’t change. Different from past deadline. Employers normally had until the end of February, if filing on paper, or the end of March, if filing electronically, to send in copies of these forms. The IRS is working with the payroll community and other partners to spread the word. Which means I need all 1099 and W-2 information where I create the forms no later than January 15th of 2017. Helps stop fraud or errors. The new Jan. 31 deadline will help the IRS to spot errors on returns filed by taxpayers. Having these W-2s and 1099s sooner will make it easier for the IRS to verify legitimate tax returns and get refunds to taxpayers eligible to receive them. The changes will allow the IRS to send some tax refunds faster. Some refunds delayed. Certain taxpayers will get their refunds a bit later. By law, the IRS must hold refunds for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. This means the whole refund, not just the part related to the EITC or ACTC. I will be offering the refund- Advance in 2017 for the 2016 Tax year again for the same price as it was in Tax year 2015. The Benefit is, once the IRS accepts your return in middle January you will get the Advance Refund that day, even if the IRS hold your Refund until February 15.2017. File tax returns normally. Taxpayers should file their returns as they normally do. The IRS issues more than nine out of 10 refunds in less than 21 days. However, some returns may need further review. Whether or not claiming EITC or ACTC, the IRS cautions taxpayers not to count on getting a refund by a certain date. Consider See more

How to prepare for your next appointment. https://taxtimekc.com/preparing-for-your-appointment/