Bradley Hall

This week’s social media topic is: Ghost Preparers * There are real-life ‘ghosts’ - These are paid tax preparers who hide by not signing thetax returns they’re paid to do. Take a look at #IRS tips to help you avoid their schemes: https://lnkd.in/d96VWiH * Although most #TaxPros are ethical and trustworthy, always watch out for preparers who won’t sign the tax returns they prepare. Learn more from the #IRS about avoiding ghost preparer scams. https://lnkd.in/d96VWiH * ‘Ghost’ tax return preparers may require cash payment up front and make you claim fake tax deductions to boost the size of your refund. #IRS reminds you not to fall for this scam: https://lnkd.in/d96VWiH * After a tax return is filed, “ghost” preparers disappear, leaving you to deal with consequences ranging from a stolen refund to follow-up action from the #IRS. Be sure to choose a trusted tax professional that will stick around. https://lnkd.in/d96VWiH

Understand what qualifies as income from other sources, including interest, dividends, rental income, and other earnings beyond salary. #taxes #irs #income

I get tax refunds are *fun* but not getting one just means you did NOT give the IRS an interest free loan. You paid exactly the right amount. You must have a good tax preparer. 😉 #taxrefund #IRS #interestfreeloan #taxpreparer

And with so much political debate over how much funding the IRS should receive, it is difficult to imagine that the agency's multiple issues are going to magically fix themselves in the near future. Read more 👉 https://lttr.ai/AUicV #Taxes #IRS

One key to the GREAT SUCCESS of the #IRS Private Debt Collection Program is its flexibility. #Taxpayers choose installment plans tailored to fit their budget to pay down #tax debt over time. To date, taxpayers have paid more than $1.6 Billion in past-due taxes. #TaxTwitter

What is a CP2𝟶𝟶𝟶 Notice and How Should You Handle It? Receiving a CP2000 notice from the IRS can be stressful, but it doesn’t mean you’re being audited. It’s simply a proposal for additional taxes due to a mismatch between the income or payment information on your tax return and what third parties reported to the IRS (like your employer or a financial institution). Why Did You Get a CP2𝟶𝟶𝟶 Notice? The IRS uses a system to compare your tax return to what others (like your employer or financial institutions) reported. If there’s a difference, they send a CP2000 notice. Common reasons include: 𝗨𝗻𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗶𝗻𝗰𝗼𝗺𝗲: You might have forgotten to include income from freelance work or a side job. 𝗜𝗻𝗰𝗼𝗿𝗿𝗲𝗰𝘁 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴: Your return shows different amounts than what the IRS has on file. 𝗠𝗶𝘀𝘀𝗶𝗻𝗴 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀: You might have forgotten to include a W-2, 1099, or other forms. Steps to Take: 𝘙𝘦𝘢𝘥 𝘵𝘩𝘦 𝘕𝘰𝘵𝘪𝘤𝘦 𝘊𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 The notice will explain the discrepancies and suggest additional taxes, penalties, or interest you might owe. 𝘊𝘰𝘮𝘱𝘢𝘳𝘦 𝘵𝘩𝘦 𝘐𝘙𝘚’s 𝘐𝘯𝘧𝘰 𝘸𝘪𝘵𝘩 𝘠𝘰𝘶𝘳 𝘙𝘦𝘤𝘰𝘳𝘥𝘴 Check the income and payment amounts in the notice against your own records (W-2s, 1099s, etc.). Mistakes can happen, but you also might have missed something when filing. 𝘙𝘦𝘴𝘱𝘰𝘯𝘥 𝘵𝘰 𝘵𝘩𝘦 𝘐𝘙𝘚 You generally have 30 days to respond. You can: 𝗔𝗴𝗿𝗲𝗲 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗜𝗥𝗦’s 𝗳𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗽𝗮𝘆 𝘁𝗵𝗲 𝗽𝗿𝗼𝗽𝗼𝘀𝗲𝗱 𝗮𝗺𝗼𝘂𝗻𝘁. 𝗗𝗶𝘀𝗮𝗴𝗿𝗲𝗲 𝗮𝗻𝗱 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗲𝘃𝗶𝗱𝗲𝗻𝗰𝗲 (𝗹𝗶𝗸𝗲 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗲𝗱 𝗳𝗼𝗿𝗺𝘀 𝗼𝗿 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻) 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘆𝗼𝘂𝗿 𝗰𝗮𝘀𝗲. 𝗣𝗮𝘆 𝘁𝗵𝗲 𝗔𝗺𝗼𝘂𝗻𝘁 𝗗𝘂𝗲 If you agree with the notice, you can pay the additional taxes. If needed, you can also set up a payment plan with the IRS. 𝗚𝗲𝘁 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗛𝗲𝗹𝗽! If you’re unsure about what to do or if the case seems complex, reaching out to a tax professional can help ensure you respond correctly. 𝗪𝗵𝗮𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝘀 𝗜𝗳 𝗬𝗼𝘂 𝗜𝗴𝗻𝗼𝗿𝗲 𝗜𝘁? Failing to respond to a CP2000 notice can result in additional penalties, interest, and even IRS collection actions like liens or levies. It’s essential to act quickly and avoid further complications. How to Prevent Future CP2𝟶𝟶𝟶 Notices: Double-check your income: Make sure all your income is reported before filing. Keep detailed records: Save copies of all relevant forms like W-2s and 1099s. Use tax software or professional help: These tools can catch potential discrepancies before you file. 𝗕𝗼𝘁𝘁𝗼𝗺 𝗟𝗶𝗻𝗲 A CP2000 notice can be a hassle, but it’s manageable. Carefully review the notice, respond promptly, and don’t hesitate to seek expert advice if needed. At Tax Relief Negotiators, we’re here to help you navigate IRS notices and resolve any issues. Reach out to us today if you have questions!

Check out the top tax avoidance strategies that landed on this year’s #IRS “Dirty Dozen” list of tax schemes: https://ow.ly/b57e50Ren8F (https://lnkd.in/d-xWMcdu) #TaxSecurity

For my public company audit colleagues, in case this had escaped your attention. #stock #stockbuyback #sec #tax #sharerepurchase #irs #cfo Public companies have been waiting nearly two years for regulations to implement the 1% excise tax on repurchased shares, which passed as part of the Inflation Reduction Act. The new rules give them the deadline for paying the new tax, although they’ll have to wait a bit longer for the agency’s final rules on how to calculate the tax and who has to pay it. The first deadline for the new tax, which covers buybacks made in tax years ending anytime in 2023 up through June 30 of this year, is Oct. 31. So if you need a last-minute Halloween costume and need to file last-minute Forms 720 and 7208, you might have to choose just one. (We’d recommend filing the taxes.) Going forward, the taxes must be filed in “the first full calendar quarter after the end of the corporation’s taxable year,” according to the new rules. https://lnkd.in/euKWKpXC

💼💰 The IRS is stepping up its game! With $80 billion in new funding, they're gearing up to boost audit rates for the big players. Wealthy individuals and large corporations, watch out! The Treasury's coffers are about to get a major refill. #taxrelief #irs #experthelp #financialfreedom #taxseason #taxtips #backtaxes

Tax scams: What to know, what to do If you get a call, text or letter that claims to be from the IRS — or if you see information online about how to get a big refund — it might be a scam, or just bad tax advice. Here’s what to look for: A big payday — if it sounds too good to be true, it probably is Threats or urgent requests to pay right now or else, or to pay in a specific way Misspellings and grammatical errors Links, attachments or odd URLs — all trusted IRS links go to irs.gov What to do: Make sure it’s the IRS reaching out: See tips on how to know if it’s really the IRS contacting you, or give the IRS a call https://bit.ly/4cTHykW Protect yourself and your information: Get an Identity Protection PIN https://bit.ly/4dI9ObA If someone scammed you — or tried to — report it https://bit.ly/2TW9vlv Contact an Axley & Rode trusted advisor if you have questions. #axleyrode #trustedadvisor #taxscam

Facing an IRS Bank Levy? Don't Panic - Here's What You Need to Know. ▲The IRS sends multiple notices before a bank levy: Don't ignore these notices (like the 10-58 bill and the CP504 final notice). Ignoring them increases the chances of a bank levy occurring within 6 months. ▲Take action before the levy hits: Call the IRS to discuss your options and potentially avoid a bank levy altogether. ▲If you can't get this, I can guide you through filing yourself or represent you with the IRS, call me 954-328-3501 📍 Join us on YouTube |• Link 🔗 in bio •| 📞 To schedule an appointment, link in the bio. 🌴 Share, and repost to benefit others! . . . #SullivanTaxGroup #IRS #BankLevy #TaxTroubles #FinancialHelp #IRSNotice #TakeAction #TaxAssistance #IRSRepresentation #FinancialAdvice #TaxRelief #IRSDebt #TaxHelp