Episode 21, IRS & Identity Thefts
In this week’s episode 21, I discuss the weekly tax updates; happening in Washington and the States. According to Federal news out of Washington, they want to begin raising taxes again soon. The IRS has begun issuing refunds for the early filers expecting a refund.
The States are asking that the taxpayers e-file their tax returns. In addition, VA reminds taxpayers they are not issuing refund checks. They are only issuing debit cards and direct deposits for refunds. LA is reminding taxpayers that they prefer to issue refunds by debit cards or direct deposit.
In other State news, IL has a proposal to charge .25 per sneaker tax to pay for job training for youth through a non-profit organization. What are your thoughts?
Rich Californians are beginning to leave the State.
For the main topic, I discuss identity theft and what the IRS is doing to help combat identity theft. I also discuss 4 things to consider when you get a refund check that you don’t think belongs to you.
Check the refund against what you were expecting.
Call the IRS to discuss the refund check.
Write a letter and send check back to the IRS as Void
DO NOT CASH THE CHECK IF THE REFUND DOESN’T BELONG TO YOU UNDER ANY CIRCUMSTANCES!
If you have a tax question or feedback about this episode, sent me an email to email@example.com.
According to the IRS, “if a taxpayer receives a notice from the IRS indicating identity theft, they should follow the instructions in that notice. A taxpayer who believes they are at risk of identity theft due to lost or stolen personal information should contact the IRS immediately so the agency can take action to secure their tax account. The taxpayer should contact the IRS Identity Protection Specialized Unit at 800-908-4490. The taxpayer will be asked to complete the IRS Identity Theft Affidavit, Form 14039, and follow the instructions on the back of the form based on their situation.”
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- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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