Nguyen's Tax and Associates

By law, the IRS cannot issue refunds before mid-February for tax returns that claim the EITC or the additional child tax credit. The law requires the IRS to hold the entire refund even the portion not associated with the EITC or ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting Feb. 27, 2018, if these taxpayers choose direct deposit and there are no other issues with their tax return.

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Don’t Fall for Scam Calls and Emails Posing as IRS Scams continue to use the IRS as a lure. These tax scams take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo or a fake website to try and steal money from taxpayers. Identity theft can also happen with these scams. Taxpayers need to be wary of phone calls or automated messages from someone who claims to be from the IRS. Often ...these criminals will say the taxpayer owes money. They also demand payment right away. Other times scammers will lie to a taxpayer and say they are due a refund. The thieves ask for bank account information over the phone. The IRS warns taxpayers not to fall for these scams. Below are several tips that will help filers avoid becoming a scam victim. IRS employees will NOT: Call demanding immediate payment. The IRS will not call a taxpayer if they owe tax without first sending a bill in the mail. Demand payment without allowing the taxpayer to question or appeal the amount owed. Require the taxpayer pay their taxes a certain way. For example, demand taxpayers use a prepaid debit card. Ask for credit or debit card numbers over the phone. Threaten to contact local police or similar agencies to arrest the taxpayer for non-payment of taxes. Threaten legal action such as a lawsuit. If a taxpayer doesn’t owe or think they owe any tax, they should: Contact the Treasury Inspector General for Tax Administration. Use TIGTA’s IRS Impersonation Scam Reporting web page to report the incident. Report the incident to the Federal Trade Commission. Use the FTC Complaint Assistant on FTC.gov. Please add "IRS Telephone Scam" to the comments of your report. In most cases, an IRS phishing scam is an unsolicited, bogus email that claims to come from the IRS. Criminals often use fake refunds, phony tax bills or threats of an audit. Some emails link to sham websites that look real. The scammers’ goal is to lure victims to give up their personal and financial information. If they get what they’re after, they use it to steal a victim’s money and their identity. For those taxpayers who get a ‘phishing’ email, the IRS offers this advice: Don’t reply to the message. Don’t give out your personal or financial information. Forward the email to [email protected]. Then delete it. Do not open any attachments or click on any links. They may have malicious code that will infect your computer. More information on how to report phishing or phone scams is available on IRS.gov. All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

Early Withdrawals from Retirement Plans Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution: Early Withdrawals. An early withdrawal normally is taking cash out of a retirement plan before the taxpayer is 59 years old.... Additional Tax. If a taxpayer took an early withdrawal from a plan last year, they must report it to the IRS. They may have to pay income tax on the amount taken out. If it was an early withdrawal, they may have to pay an additional 10 percent tax. Nontaxable Withdrawals. The additional 10 percent tax does not apply to nontaxable withdrawals. These include withdrawals of contributions that taxpayers paid tax on before they put them into the plan. A rollover is a form of nontaxable withdrawal. A rollover occurs when people take cash or other assets from one plan and put the money in another plan. They normally have 60 days to complete a rollover to make it tax-free.

Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others WASHINGTON The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits....Continue reading

1. General Filing Rules. In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or a dependent of another person. For example, if a taxpayer is single and under age 65, they must file if their income was at least $10,350. 2. Tax Withheld or Paid. Did the taxpayer’s employer withhold federal income tax from their pay? Did the taxpayer make estimated tax payments? Did they overpay... last year and have it applied to this year’s tax? If the answer is yes to any of these questions, they could be due a refund. They have to file a tax return to get it. 3. Earned Income Tax Credit. A taxpayer who worked and earned less than $53,505 last year could receive the EITC as a tax refund. They must qualify and may do so with or without a qualifying child. They may be eligible for up to $6,269. 4. Additional Child Tax Credit. Did the taxpayer have at least one child that qualifies for the Child Tax Credit? If they do not qualify for the full credit amount, they may be eligible for the Additional Child Tax Credit. Beginning in January 2017, by law, the IRS must hold refunds for any tax return claiming either the EITC or the Additional Child Tax Credit until Feb. 15. This means the entire refund, not just the part related to either credit. 5. American Opportunity Tax Credit. To claim the AOTC, the taxpayer, their spouse or their dependent must have been a student enrolled at least half time for one academic period to qualify. The credit is available for four years of post-secondary education. It can be worth up to $2,500 per eligible student. Even if the taxpayer doesn’t owe any taxes, they may still qualify.

Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016 14 cents per mile driven in service of charitable organizations

Tax Season Starts January 23 Refunds for Returns with EITC or ACTC Delayed The PATH Act of 2015 requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund even the portion not associated with the EITC and ACTC until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 - ...if there are no processing issues with the tax return and the taxpayer chose direct deposit. Filing Deadline is April 18 The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017. This date is due to April 15 falling on a Saturday and the following Monday being Emancipation Day, a legal holiday in the District of Columbia.