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Resources & Useful Information

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Six IRS Tips for Year-End Gifts to Charity
 
IRS Special Edition Tax Tip 2014-23, November 17, 2014. Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
 
1. Qualified charities
2. Monetary donations
3. Household goods
4. Records required
5. Year-end gifts
6. Special rules. For more information visit IRS official website.
 
What to do if you get a notice from the IRS
 
[Source: [IRS] IRS Summertime Tax Tip 2014-01, July 2, 2014. Each year the IRS mails millions of notices. Here’s what you should do if you receive a notice from the IRS:
 
1. Don’t ignore it. You can respond to most IRS notices quickly and easily. And it’s important that you reply promptly.
 
2. IRS notices usually deal with a specific issue about your tax return or tax account. For example, it may say the IRS has corrected an error on your tax return. Or it may ask you for more information.
 
3. Read it carefully and follow the instructions about what you need to do.
 
4. If it says that the IRS corrected your tax return, review the information in the notice and compare it to your tax return.
 
5. You can handle most notices without calling or visiting the IRS. If you do have questions, call the phone number in the upper right corner of the notice. Make sure you have a copy of your tax return and the notice with you when you call.
 
6. Keep copies of any notices you get from the IRS.
 
7. Don’t fall for phone and phishing email scams that use the IRS as a lure. The IRS first contacts people about unpaid taxes by mail – not by phone. The IRS does not contact taxpayers by email, text or social media about their tax return or tax account.
 
For more on this topic visit IRS. Click on ‘Responding to a Notice’ at the bottom left of the home page. Also see Publication 594, The IRS Collection Process. You can get it on IRS.gov or call 800-TAX-FORM (800-829-3676) to get it by mail.
For more information, read Understanding Your IRS Notice or Letter.
 
Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls
 
IR-2014-84, Aug. 28, 2014 [Source: IRS] WASHINGTON -The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.
 
These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.
 
The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never:
1. Call to demand immediate payment, nor will we call about taxes owed without first having mailed you a bill.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
 
If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:
• If you know you owe taxes or think you might owe, call the IRS at 1.800.829.1040. The IRS workers can help you with a payment issue.
• If you know you don’t owe taxes or have no reason to believe that you do, report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or at www.tigta.gov.
• You can file a complaint using the FTC Complaint Assistant; choose “Other” and then “Imposter Scams.” If the complaint involves someone impersonating the IRS, include the words “IRS Telephone Scam” in the notes.
 
Remember, too, the IRS does not use unsolicited email, text messages or any social media to discuss your personal tax issue. For more information on reporting tax scams, go to www.irs.gov and type “scam” in the search box.  For more information visit IRS.gov.
 
Still Time to Act to Avoid Surprises at Tax-Time
 
IRS Special Edition Tax Tip 2014-21, October 23, 2014 [Source: IRS ] Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect.  Here are some actions you can take to bring the taxes you pay in advance closer to what you will owe when you file your tax return:
 
•Adjust your withholding
•Report changes in circumstances
•Change taxes with life events
•Be accurate on your W-4
•Pay estimated tax if required. 
 
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For any question and/or our services, please contact us at:
 
Prime Consultants & Associates, LLC
829 14th St. West Babylon, NY 11704
Tel: 631.671.4798; Fax: 214.396.1180
 
Queens, New York Office:
Prime Consultants & Associates, LLC
87-12, 175th St. Unit # 4B
Jamaica, NY 11432
Tel: 631.671.4798; Fax: 214.396.1180
 
Extension Office:
Ahmed CPA Firm, PLLC
1825 W Walnut Hill Lane Suite 120 Irving, TX 75038
Tel: 817.689.0486; Fax: 214.396.1180

Email: pcabusinesses@gmail.com
Website: www.pcabusinesses.com
 
This document was last updated on October 9, 2015
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