Monday, December 12, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Is it that time already? Russ Fox tells us “Nominations Due for 2016 Tax Offender of the Year” –
“To be considered for the Tax Offender of the Year award, the individual (or organization) must do more than cheat on his or her taxes. It has to be special; it really needs to be a Bozo-like action or actions.”
Get your nomination to Russ!
* The IRS has a new notice, as recently explained to me in an email alert from the National Society of Tax Professionals (highlights are mine) -
“CP 5747C LETTER REQUIRES A PHYSICAL VISIT TO AN IRS TAXPAYER ASSISTANCE CENTER (TAC):
If your client receives a CP 5747C letter requiring them to physically go to a Taxpayer Assistance Center (TAC) to authenticate their identity, this is part of the security measures instituted by the IRS.
The IRS wants taxpayers to know that the CP 5747C is a valid letter. The letters are issued as part of the Taxpayer Protection Program. Because these returns have already been identified as potential identity theft, there is a high risk of unauthorized disclosure; enhanced authentication procedures must be followed to avoid inadvertent unauthorized disclosure of taxpayer information. Taxpayers have responded that this is inconvenient for them and they do not understand why they have to actually go to the TAC. Tax professionals with a Power of Attorney on file for the taxpayer cannot conduct the validation for them.
Clients receiving this letter should call 844-545-5640 to make an appointment at their local TAC. (All TACs now operate by appointment only.) If they have any special circumstances they feel need to be considered they can let the customer service representative on the appointment line know.”
As noted above, this is a real PITA for the taxpayers selected – but I suppose necessary to avoid identity theft. I have not heard from any of my clients about receiving this letter – and I doubt I will (hope I will not) as none of my clients have had issues with identity theft in the past
* A reminder why Trump is totally unfit to be President at THE LIBERTY TIMES. Please share this with those you know who either supported Trump in the election or feel we should support him now that he is the apparent President-elect. We must continue to aggressively denounce and oppose this dangerous narcissist!
* TaxGirl Kelly Phillips Erb gives us some “Tax & Other Tips For A Great Office Holiday Party” at FORBES.COM.
* And KPE shares the word that “IRS Announces 2017Filing Season Opens January 23, Reminds Taxpayers About Delayed Refunds”.
Of course for me the filing season always starts on February 1st. I never begin working on 1040s until then – to make sure my clients have received all their W-2s and most other information returns.
* Jason Dinesen begins a new post series on “Getting Your Business Off to a Good Start” with “Part 1: Proper Recordkeeping” at DINESEN TAX TIMES.
Definitely a good place to start. Keeping good records is the most important topic when it comes to both business and personal taxes.
* Jason continues the series with “Part 2:Can I Keep Scanned Copies of Receipts?”
* Jean Murray explains “What Year-end Payroll Tasks Must I Take Care Of?” for business owners at THE BALANCE.
* As we approach the end of the year Rob Russell (“I explore the investing world underbelly & challenge the status quo”) talks about “Mandatory IRA Distributions: Avoid These 3 Common Mistakes” at FORBES.COM.