If your business uses independent contractors as part of its work force, depending on the circumstances, the IRS might reclassify these workers as employees. Such a reclassification would expose your business to employment taxes and penalties. In addition, your business might be responsible for retroactive fringe benefits for any reclassified workers.
If you are a taxpayer in the homestretch of preparing to file your income tax return, keep in mind these ten points that could affect your tax bill.
IRS Warns of Email Scam Targeting Employers, Tax-Exempt Entities, Universities and Schools, Government and Private Sector Businesses
scams , fraud , IRSA dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request.
WASHINGTON – With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not.
These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.
Taxpayers will have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. That’s because of the combined impact of the weekend and a holiday in the District of Columbia.
If you are a parent of a soon-to-be college student or perhaps thinking of attending or completing your education, you will want to fill out a Free Application for Federal Student Aid, also known as a FAFSA.
But where to start? As they say, knowledge is power! For many, the FAFSA, and the process of completing a FAFSA, can be confusing.
Lessening the confusion
First, take time to navigate through the FAFSA website. Unfortunately, a simple Google search with the terms FAFSA will return sites that may or may not be accurate.
Leaving a philanthropic gift to a charitable organization can be a rewarding experience, both for the donor and the designated organization.
IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return
Taxes - Individual , IRSWASHINGTON — 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.
'Tis the Season for Tax Scams and Fraud
identity theft , scams , fraud , Taxes - Individual , taxes , IRSTax season is prime time for scammers and cyber criminals. Beyond identity theft, which is seemingly quite commonplace, tax scams have the dubious distinction of rising to the top of the Better Business Bureau's list of scams in 2016.
According to the Better Business Bureau Scam Tracker, the top ten list includes:
- Tax scams
- Debt collections
- Sweepstakes/prizes/gifts
- Online purchase
- Employment
REAL ID: What it is and how it will affect you
identity theft , Business - Management, Issues & ConcernsCredit: U.S. Department of Homeland Security
Secure driver's licenses and identification documents are a vital component of a holistic national security strategy. Law enforcement must be able to rely on government-issued identification documents and know that the bearer of such a document is who he or she claims to be.
The REAL ID Act is a coordinated effort by the states and the Federal Government to improve the reliability and accuracy of state-issued identification documents, which should inhibit terrorists’ ability to evade detection by using fraudulent identification.
Have Nagging Financial Questions?
