DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

IRS ALERT: Two New Tax Scams

The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know:

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June DiSabatino, CPA Newsletter

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June 2019

In this Issue: 

  • 5 Summer Tax Savings Opportunities
  • Get Your Life Back! Ideas to Unplug
  • Payroll Fraud Schemes Every Business Should Know
  • Never Take on the IRS Alone

This Month:

  • June 16: Father's Day
  • June 17: 2nd qtr estimated taxes due
  • June 17: 2018 tax deadline for U.S. citizens living abroad

Summertime offers unique tax saving situations. Outlined here are five ideas everyone can use. Plus, this issue includes ideas to help you unplug from your electronics and discusses possible payroll fraud schemes. Finally, spend a minute reviewing the wisdom of asking for help should you be contacted by the IRS.

Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to send it to them.

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2018 Audit Rates - Don't get complacent...

The IRS reported audit rates declined last year for the seventh year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!

But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about.

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Owe Taxes? Make Payment Arrangements Now!

If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now to ensure your payment arrangements are completed before the deadline.

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Tax Scam Alert! Defend Yourself Now

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year:

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Beware of fake tax transcript emails

If you get an email claiming to be from the IRS with an attached tax return transcript file, delete it.

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Five Reasons Why the IRS Will Audit You

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:

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Outsmart email scams in 3 simple steps

So you got an email from the IRS. Or did you? Here are three steps to follow to help you avoid becoming a victim of an email scam.

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It's Your (and the IRS's) Lucky Day! You won a prize. Now what?

When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know.

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Renew your ITIN soon

Don't delay in renewing your Individual Taxpayer Identification Number (ITIN) if it's set to expire at the end of 2018.

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Don't Run Afoul of the IRS's "Nanny Tax"

The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS.

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Understanding Tax Terms: Contemporaneous Records - Why should you care?

If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So what does it mean and why should you care?

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Audit-proof your shareholder loan

Business owners may face a lot of scrutiny if they borrow money from their company and then get audited. Find out how you can prepare.

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Don't get hooked by a phishing scam

Don't get hooked by a phishing scam

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Don't fall for the "tax-deduction" charity scam

Don't fall for the "tax-deduction" charity scam

The IRS is warning taxpayers about fake charitable organizations tricking people into donating to receive tax deductions.

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Audit Rates Decline for Sixth Year in a Row But don't get complacent...

The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!

But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about. Here is what you need to know:

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2nd quarter interest rates increase

2nd quarter interest rates increase

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If You're Expecting a Refund, Read This

The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know.

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Calling the IRS? Let the agency know who you are

Calling the IRS? Let the agency know who you are

If you need to call the IRS this tax season, be aware that you'll be asked to verify your identity. This is part of the IRS's continuing effort to keep taxpayer data secure. You can help your phone call go smoothly by having the following information handy when you dial:

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Watch out for scams this tax season

Watch out for scams this tax season

The IRS is warning taxpayers to keep on high alert for the next few months. Scammers may try to get their hands on your money or tax return by collecting your personal or financial data. According to the IRS, its employees will never:

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