Magnifying the communication scam nightmare
As tax season prepares for launch, countless Americans are at climbing risk for falling victim to unsolicited telephone calls, texts, and emails from individuals falsely claiming to be Internal Revenue Service and Treasury workers. Though phone scams have progressively been ceaseless year-round, the Treasury Inspector General for Tax Administration (TIGTA) is careful to stress this particular year as prey to the greatest attack ever beheld.
By Donna Woronka
You think you’ve hired an independent contractor, but the IRS or State Department of Labor may see that you’ve hired an employee. If there’s any uncertainty, chances are good that you’ll lose that argument, and at a high cost in back payroll taxes and penalties. That’s why it’s critical that you understand the differences between the two legal classifications and that you keep your independent contractors independent.
Here are some questions to help you determine ...
How FATCA will affect your foreign financial dealings
By Mary Vasilescu
If you have offshore financial interests or make payments to foreign entities, you need to know about the Foreign Account Tax Compliance Act, which removes the veil from foreign banks and other entities that enable U.S. citizens to evade taxes on assets accumulated in other countries. Foreign entities are required to satisfy payment documentation and reporting requirements. Lacking the cooperation of those entities,...
Protecting Your Personal Information During Tax Season
By Wiss Associate
As accountants, we understand that your identity is just as important as your financial well-being. With tax season just around the corner, scammers will use this opportunity to get access to personal information. Some common strategies include receiving calls from:
A self-proclaimed “Governmental Agency”
U.S. Treasury or IRS
Sweepstake entry representative
We’ve all heard stories of someone who have fallen...