An IP PIN, you ask – what is it? Well, it is an Identity Protection PIN which prevents the filing of a tax return using your Social Security Number by someone other than you. These PINs have been around for several years but were issued only when someone had fraudulent activity on their account or […]
This year, tax season was extended to May 17, 2021; an extra month to file those Forms 1040 or to request an extension to file. You may have timely filed the Form 1040 or Form 4868 for an extension, but you receive a notice from the IRS about your return not being filed timely or […]
So, the dreaded news is received – you owe the IRS. What to do? Fear not; there is help available. It is called an offer in compromise and may help some taxpayers. An offer in compromise is an agreement between the taxpayer and the IRS that settles a tax debt for less than the full […]
While many of us panic to see a piece of mail from the IRS, it isn’t always bad news. So, please do yourself a favor and read the notice; don’t panic. The IRS may send you a letter or notice if you have a balance due, if there is an adjustment in the amount of […]
I mentioned in a prior article that individuals would be able to participate in the identity protection PIN program. This PIN is a six-digit number assigned to eligible taxpayers to help prevent misuse of Social Security Numbers being used on fraudulent federal income tax returns. If you would like to take advantage of this program, […]
The IRS mails letters or notices to taxpayers for many different reasons. Other than panicking, what should you do if you receive such a notice? Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice […]
The IRS has issued instructions for the return of stimulus checks sent to individuals who are ineligible or deceased. The following is a reprint from the IRS website instructing how the checks should be handled: If the payment was a paper check: Write “VOID” in the endorsement section on the back of the check. Mail […]
First of all, DON’T panic until you read the letter or notice. Every year, the IRS sends millions of notices and letters to taxpayers, and some of them, believe it or not, are benign. Next, you should IMMEDIATELY forward the letter/notice to your tax preparer. They are much more accustomed to these notices/letters and can […]
Sadly, the internet has brought new found problems as well as the tremendous benefits proven over the years. With regard to the IRS, there are everyday challenges to protect taxpayers and their sensitive data. You’ve heard it before, but the information in this blog bears repeating. In their attempt to avoid theft of taxpayer information […]
We have addressed the first seven Rights that taxpayers have according to the Taxpayer Bill of Rights. As we conclude this mini-series, we will look at the final three Rights. THE RIGHT TO CONFIDENTIALITY. Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by […]
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