April 27, 2015
Imagine receiving this message in your email: Fraudulent IRS tax scheme affecting Florida Physicians. Physicians should be on the lookout for problems with their federal tax return. The Florida Medical Society has learned within the last week that multiple Society members have been affected by a multi-state identity theft scheme designed to steal their federal tax refund. The scheme involves the use of a stolen Social Security Number (SSN) to file a fraudulent ax return in a physician’s name in order to receive the tax refund Physicians typically have learned they were targeted by such fraud when they were unable to e-file a tax return because a return was already filed using their SSN, a refund was received before they filed a tax return, or they received an IRS 5071C letter informing them of possible fraud related to their taxes.
Identity Theft was a big issue this past filing season. We saw more activity with rejected returns than we have had in prior years. We had clients receiving letters telling them their income tax return had been received prior to us preparing the return for filing.
Some things you should do if you receive one of these letters or your 2014 return was rejected:
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.