M D Tax Insurance And Financial Services

1065 Partnership and 1120 S-Corporation returns on extension are due Monday, September 17, 2018 1065 Partnership and 1120 S-Corporation returns on extension are due Monday, September 17, 2018

NEW YORK: Sahil Patel, the notorious Indian American leader of a gang that operated for at least two years through an intricate phone scam that specialized in getting personal information of victims based in the United States, then terrorizing them through phone calls with threat to either have them arrested or deported if they don’t pay money to federal government agencies, was sentenced to over 14 years in prison, on Wednesday, in New York City

Statement from the IRS: The IRS experienced a hardware failure Wednesday afternoon affecting a number of tax processing systems, which are currently unavailable. Several of our systems are not currently operating, including our modernized e-file system and a number of other related systems. The IRS is currently in the process of making repairs and working to restore normal operations as soon as possible. We anticipate some of the systems will remain unavailable until tomorrow.... The IRS remains in close contact with e-file software transmitters and the tax community during this period. A number of taxpayer and tax practitioner tools are unavailable. IRS.gov remains available, although a number of the services on the site are not, including Where’s My Refund. Taxpayers can continue to prepare and file their tax returns as they normally would. Taxpayers can continue to send their tax returns to their e-file provider; these companies will hold the tax returns until the IRS resumes accepting electronic tax returns. Taxpayers who have already filed their tax returns do not need to take any additional action. The IRS is still assessing the scope of the outage. At this time, the IRS does not anticipate major refund disruptions; we continue to expect that 9 out of 10 taxpayers will receive their refunds within 21 days.

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. These telephone scams are being seen in every part of the country, and we urge people not to be deceived by these threatening phone calls, IRS Commissioner John Koskinen said. We have formal processes in place for people with tax issues. The IRS respects taxpayer rights, and these angry, shake-down calls are not how we do business. 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: Call to demand immediate payment, nor will we call about taxes owed without first having mailed you a bill.. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe. Require you to use a specific payment method for your taxes, such as a prepaid debit card. Ask for credit or debit card numbers over the phone. 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. Additional information about tax scams are available on IRS social media sites, including YouTube and Tumblr where people can search scam to find all the scam-related posts.

The IRS will begin accepting individual electronic returns on Tuesday, January 19, 2016. In 2016, Emancipation Day will be observed on Friday, April 15, on what would normally be Tax Day. Tax Day, which falls on a Friday, gets pushed ahead by statute to the next business day, which is Monday, April 18, 2016.

We are IRS ITIN acceptance agent. We can accept your ITIN application in our, no need to go IRS office. Call us at 510-396-4242 for more information.

2015 Telephone Scam Still Making the Rounds See our news release, Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls, and the October 2013 item, below, for more information. March 2014 New Email Phishing Scam... The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number and the following message: Your reported 2013 income is flagged for review due to a document processing error. Your case has been forwarded to the Taxpayer Advocate Service for resolution assistance. To avoid delays processing your 2013 filing contact the Taxpayer Advocate Service for resolution assistance. The recipient is directed to click on links that supposedly provide information about the "advocate" assigned to their case or that let them "review reported income." The links lead to web pages that solicit personal information. Taxpayers who get these messages should not respond to the email or click on the links. Instead, they should forward the scam emails to the IRS at [email protected]. For more information, visit the IRS's Report Phishing web page. The Taxpayer Advocate Service is a legitimate IRS organization that helps taxpayers resolve federal tax issues that have not been resolved through the normal IRS channels. The IRS, including TAS, does not initiate contact with taxpayers by email, texting or any social media. See more

IRA changes for 2015 Now, the Internal Revenue Service has clarified, in guidance issued Monday, exactly how and when a new once-per-year limit on these transactions will be applied. In a rollover, an IRA holder withdraws money from a traditional IRA or a Roth IRA and redeposits the dollars into the same type of IRA within 60 days. During that period, the taxpayer can use the money without owing tax or penalties.... In years past, the IRS’s own publications said taxpayers could do one such rollover per IRA every 12 months. The Tax Court, however, said a taxpayer could do only one rollover each 12 months, no matter how many IRAs he or she had. The IRS subsequently said the tightened rules wouldn’t apply before 2015, but didn’t immediately address all the questions that came up. In its new guidance, the IRS said owners of multiple IRAs get a fresh start on Jan. 1. That is, a 60-day rollover made in 2014 will have no impact on any distributions and rollovers during 2015 involving any other IRAs owned by the same individual, the IRS said. Another significant clarification, according to Jeffrey Levine, a CPA at Ed Slott & Co. in Rockville Centre, N.Y.: The rule applies to IRA and Roth IRAs in the aggregate. As a general rule, Mr. Levine and other tax specialists advise taxpayers to avoid 60-day rollovers, because of the risk of missing the deadline and inadvertently incurring tax on a big retirement-account balance. Instead, to move IRA money from one financial institution to another, they suggest requesting a direct transfer. Doing a trustee-to-trustee transfer avoids all this nonsense, Mr. Levine says. The IRS did clarify, in addition, that a check from one IRA custodian made payable to another IRA custodian will qualify as a trustee-to-trustee transfer, not a rollover, even if the first custodian gives the check to the IRA owner. That’s very taxpayer-friendly, Mr. Levine says, because some smaller financial institutions prefer to effect transfers that way.