Don’t Lose Your Refund to an Identity Theft Scam

Posted on March 4, 2013 by Kursti Nakagawa

Identity Theft

In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to be on high alert for such thefts.

Here is how it works: Somehow the criminal gets access to a person’s social security number and then they file a fraudulent claim and receive the refund check. One couple found out when they went to file their tax return electronically and they were told by the IRS a claim had already been filed.

Certified public accounts across the country are on high alert for such cases. One CPA said in the last 10 to 15 years she has never had a case, but since electronic filing was introduced, she has witnessed a surge of these types of thefts. She has had a dozen or so cases in the last year alone.

The IRS is stepping up to the plate and is strengthening its screening process. The agency is said to have halted $20 billion fraudulent returns alone last year. The IRS urges people to always protect their social security number. Also, it is important to remember that the IRS will never contact anyone by social media or email.

If you feel that you have had an identity theft problem call the at IRS 1-800-908-4490 or go to https://www.irs.gov/uac/Indications-your-identity-may-have-been-stolen-and-how-to-report-it-to-us.

If you have tax debt you are unable to pay or any other questions our tax settlement professionals are happy to discuss your tax resolutions free of charge. For more information about our services, visit us today at www.ProfessionalTaxResolution.com . With over 16 years in the business of resolving tax debt, we have a thorough understanding of tax law together with the experience to know which settlement option will be the best fit for your specific set of circumstances.

For more information about our tax debt resolution services visit us at 877-889-6527 or at www.ProfessionalTaxResolution.com.

Tax Refunds Likely to be Delayed

Posted on February 6, 2013 by Kursti Nakagawa

It seems that some taxpayers that are looking for a “quick” refund make have to wait a bit longer than normal these days as the Internal Revenue Service tries to halt criminals that file fraudulent returns and who attempt to steal others identities.

The IRS began accepting 2012 returns on January 30^th. It has been making its automated system more receptive to signs of possible fraud. This means that certain returns will be looked at more closely. Just last year alone the IRS stopped $20 billion fraudulent refunds being issued, up from $14 billion the previous year.”

IRS Fraud and Identity Theft

“It’s a difficult responsibility for the IRS,” said Benson Goldstein, a senior technical manager at the American Institute of CPAs in Washington. “They’re there to get prompt refunds, but at the same time protect the U.S. Treasury.”

Some valid taxpayers will have their refunds delayed. The IRS has been attempting to decrease processing times to speed up refunds, partly to stimulate electronic filing and in part to break the taxpayer’s reliance on short term loans. The rush of refunds presented an opportunity for fraud.

The IRS hopes to meet its goal of processing 90 percent of refunds within twenty one days. Meanwhile taxpayers who are victims of identity theft could wait months. The IRS has long delayed refunds to prevent fraud. Some experts believe that this year’s undertaking, combined with the normal flood of returns because of the late congressional action that delayed the start of filing, may delay refunds for about a week.

The IRS stated that it had more than 3,000 employees focused on identity theft in late 2012. If any taxpayers fear that they are identity theft victims they can contact the IRS at 1.800.908.4490 extension 245.

In the upcoming months ProfessionalTaxResolution.com will give you helpful tips to prepare for tax season. If you have any tax questions or tax debt you are unable to pay, our tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit us today at www.professionaltaxresolution.com. With over 16 years in the business of resolving tax debt, we have a thorough understanding of tax law together with the experience to know which settlement option will be the best fit for your specific set of circumstances.

For more information about our tax debt resolution services visit us at www.professionaltaxresolution.com. Contact us by phone at 877.889.6527 to receive a free, no obligation consultation

Tax Time! Time to File your Taxes!

Posted on January 31, 2013 by Kursti Nakagawa

Tax Time!

It’s that time of the year again! People need to start thinking about their taxes.

Wednesday, January 30^th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22^nd, but the fiscal cliff debate pushed the start date back.

Everyone needs to start organizing and preparing to file their taxes. Generally you can expect your refund three weeks after the IRS receives your return. Last year, over 110 million taxpaying citizens received an average refund of $2,803 each.

However, there are certain taxpayers who will need to wait to file. Those taxpayers that are claiming either Lifetime Learning Credit or the American Opportunity Tax Credit, two well liked education credits, will have to wait until mid-February to file their returns, a delay which could affect approximately three million people.

Other filers who may need to wait to file their returns include those who claim general business credits and residential energy credits. These filers may have to wait until late February or March for their returns to be processed. The full list of Forms can be viewed on the IRS website.

Lastly, if you have been an unfortunate victim of identity theft, you may also have to wait for your refund. The IRS has had recent troubles involving identity theft and tax fraud. The victims of these crimes many have 180 day delays according to the Taxpayer Advocate Service.

If you have tax any questions or tax debt you are unable to pay our tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit us today at www.professionaltaxresolution.com. With over 16 years in the business of resolving tax debt, we have a thorough understanding of tax law together with the experience to know which settlement option will be the best fit for your specific set of circumstances. (Clonazepam)

For more information about our tax debt resolution services visit us at www.professionaltaxresolution.com. Contact us by phone at 888-589-5175 to receive a free, no obligation consultation.

Income Tax May Be Delayed Due To Fiscal Cliff

Posted on January 3, 2013 by Kursti Nakagawa

Tax Refund Delay

The fiscal cliff has been the talk of the news for the last part of 2012. The nation did not go over the fiscal cliff, however due to the delays tax refund information is uncertain. Congress’ tardy action on the fiscal cliff tax provisions has caused problems for the Internal Revenue Service.

The Internal Revenue Service now has to program its system and issue tax forms based on the revised laws. The IRS has not announced when taxpayers can start filing their 2012 returns, which means refunds will probably be late. Filing usually begins in mid-January.

“The IRS is currently reviewing the details of this week’s tax legislation and assessing what impact it will have on this year’s filing season,” said the agency, adding it will issue additional guidance “soon.”

This year may be even more problematic since Congress did not act until New Year’s Day. The IRS has already published Form 1040 for 2012, but many lines are listed as “reserved.” The reserved lines are “placeholder’s” for several fiscal cliff provisions, said an IRS agency spokesperson. The IRS still has to put together an instruction booklet for filing out the tax forms. This is causing tax preparers to wait for further instruction.

This is not the first time the IRS has had to deal with such a delay. Two years ago, it took until mid-December for President Obama and lawmakers to reach an agreement on similar problems. In this case tax season was delayed until mid-February. That particular year 9 million taxpayers were affected.

For more information about our tax debt resolution services visit us at www.professionaltaxresolution.com. Contact us by phone at 877.889.6527 to receive a free, no obligation consultation.

Help! What to Do if You Receive a Notice of Deficiency.

Posted on December 13, 2012 by Kursti Nakagawa

Help! What To Do If You Receive A Notice of Deficiency

A Notice of Deficiency is a formal written claim by an agency that you owe income taxes with interest and penalty dues. The Notice of Deficiency also explains that an assessment is being calculated in regard to your income taxes owed. A Notice of Deficiency is also referred to as a “ninety day letter”; because once you receive the letter you have 90 days to take action.

Most people react in fear when receive such a notice in the mail. They feel overwhelmed and are not sure how to act appropriately. Keep in mind that not responding to a Notice of Deficiency is the worst possible course of action. If a tax agency does not receive a timely response after issuing an official Tax Notice, they will indeed take action to collect the outstanding debt. During this time, interest and penalties will continue to accrue on the unpaid balance. Moreover, failure to resolve an outstanding tax debt can result in a variety of collection efforts including tax levies, tax liens and wage garnishments.

If you receive a Notice of Deficiency your first step should be to consult with a tax professional on the matter immediately. A tax professional can work with you to resolve such tax debt issues by correcting incomplete or incorrect tax filings or by evaluating and negotiating various settlement or payment options. Settlement options may include Offers in Compromise, Installment Agreements, or Penalty and Interest Waivers.

In some cases, the IRS may declare a taxpayer “currently not collectible” after they have received documentation that the person has no ability to pay the tax debt. If this determination has been made, all collection activities including garnishments and levies must be stopped. In cases similar to this, the help of a qualified Certified Public Accountant is well worth the investment. If you have received a Notice of Deficiency it is important to seek help from a tax expert immediately. To receive a free Notice Consultation with a licensed tax expert simply call us at 877.889.6572.

For more information about our tax debt resolution services visit us at www.professionaltaxresolution.com. Contact us by phone at 877.889.6527 to receive a free, no obligation consultation.