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Newsletter
In our constantly updated
newsletter, we will try to keep you
up to date as possible regarding various tax, accounting, and
miscellaneous other matters that may be of interest to you. Please
visit often to keep current. Previously published information can
be found in the Archive section.
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The
State of the Estate Tax
Congress
adjourned for one week as of May 28 without passing any estate tax
legislation. We have no guidance on the carryover basis
rules in effect for one year. We are monitoring the progress
(or lack thereof) of the estate tax legislations. |
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 IRS
Announces Interest Rate for Calendar Quarters Beginning July 1,
2010
The IRS
has announced that the interest rates for tax overpayments and
underpayments for the calendar quarter beginning July 1, 2010
will remain at 4%. |
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IRS
Scam E-mail
The spam
campaign, usually with "Notice of Underreported Income"
on the subject line, is now the world's biggest e-mail virus
problem. The spam was first spotted on September 9 and still
continues. The e-mail encourages victims to either install
the Trojan attachment or click on a Web link or order to view
their "tax statement", which takes the victim to a
malicious website. The Zeus Trojan is hard to detect and it
hacks into bank accounts and drains money out of them.
Researchers estimate that the criminals are emptying more than a
million dollars per day of of the victims' bank
accounts. |
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FDIC
Insurance
The
standard insurance amount currently is $250,000 per depositor. The
$250,000 limit is permanent for IRAs and other certain retirement
accounts. The $250,000 limit is temporary for all other deposit
accounts through December 31, 2013. On January 1, 2014, the
standard insurance amount will return to $100,000 per depositor
for all account categories except IRAs and other certain
retirement accounts, which will remain at $250,000 per depositor.
If you have any questions regarding FDIC coverage, call
1-877-275-3342. |
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California Tax Refunds
The
California Franchise Tax Board (FTB) is working with the State
Controller's Office to issue delayed corporation franchise and
income and personal income tax refunds as quickly as possible.
Individual taxpayers may check the status of their personal income
tax refunds on the FTB's
Web site. Individuals will need the following information to
check their refund status: their Social Security number, their
mailing address, the refund amount show on the return, and a
compatible Internet browser and computer operating system. Refunds
are processed first-come-first-served. The latest
information provided by the FTB is that the refunds will take up
to 25 business days from the date of filing. They are not
required to pay any interest until 45 days after April 15. |
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Email
Scams
A new email scam, claiming to come
from the IRS Taxpayer Advocate Service, has started
appearing again. It is a
variation of refund scams that the IRS has uncovered before.
It is another refund scam, enticing individuals into revealing
personal information, such as Social Security numbers, and
financial information, such as bank and credit card numbers, by
promises of refunds from the IRS. Individuals are directed to go
to a website that mimics the IRS website. Once there, they enter
their personal and financial information, supposedly to claim
their refunds. Criminals then use the information to empty bank
accounts and access credit accounts. Merely clicking a
link in a bogus IRS email will launch malware, which infests the
user's computer, the spokesperson warned. Criminals use malware
to steal passwords and other sensitive information without the
user's knowledge.
Watch
out for the following email: the "from" line of
the newest scam reads, "IRS" and the
"subject" line says "Notification - Taxpayer
Advocate Service". The text of the e-mail includes a
line that reads, "After several recalculations of your tax
payments since 2005, IRS makes you eligible to receive a refund
of xxx.xx US Dollars."
The
IRS does not send taxpayers unsolicited e-mails and the IRS does
not use e-mail to discuss a taxpayer's tax account information,
such as refunds, with the taxpayer. Taxpayers can help the
IRS shut down these scams by reporting them to the Service.
Individuals can forward suspicious e-mails to the IRS at phishing@irs.gov.
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IRS Alerts Taxpayers of Website and E-Mail Scams
The IRS has issued a warning to taxpayers regarding website and
e-mail scams. Concern over the increase in websites purporting to
be official websites prompted the IRS to alert taxpayers and
remind them that the address for the official IRS website is
www.irs.gov. The IRS warns that these phony websites look very
much like the official IRS website; however, they prompt taxpayers
to enter personal and financial data, which will then be used to
steal the taxpayer's identity. Taxpayers are urged to closely
check the address of the website. The phony addresses end with
.net or .com; however, only irs.gov is the legitimate address.
The IRS
further warned of e-mail phishing scams that lead the victim to
one of these phony sites. Taxpayers have received e-mails,
claiming to be from the IRS, advising them of a federal tax refund
and directing them to open a link that takes them to one of these
websites. Taxpayers are advised not to open unsolicited e-mail
claiming to be from the IRS, or open any attachments or provide
any personal information. |
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Electronic
Tax Payment Options
There are
2 ways that you can pay your taxes other than by manual check:
Credit
Card Payments: During tax
season, we receive many inquiries regarding the payment of Federal
and State income taxes by credit card. There are 2 private
companies awarded contracts by the IRS. Both companies charge a
convenience fee, approximately 2.49% of the payment amount.
Click on the links to set up a payment if you decide to use the
credit card payment method, or call the toll free numbers. Official
Payments Corporation (1-800-272-9829) and Link2Gov
Corporation (1-888-729-1040).
Electronic
Federal Tax Payment System (EFTPS): This is a free
service provided by the US Department of Treasury. You can
pay federal taxes electronically, either by phone or online, 24
hours a day, 7 days a week. To use EFTPS, you must first
enroll. Visit the EFTPS
website or call the EFTPS at 1-800-555-4477 for an enrollment
form. You must access EFTPS at least by 8 PM (ET) at least
one business day in advance of the due date to report your tax
information. Individuals can schedule payments up to 365
days in advance of their tax due date, and scheduled payments can
be changed or cancelled up to 2 business days in advance of the
scheduled payment date.
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