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Tax Fraud: How Not To Become A Victim This Filing Season by Hass and Associates Accounting Hong Kong Tax News and Tips

The Internal Revenue Service has issued a lot of warnings about tax-related fraud. It’s on the rise, and it can be a real pain if you’re a victim.

If you haven’t filed yet, this is not the year to procrastinate. As I reported this week, the IRS said that threatening and aggressive phone calls by someone impersonating an IRS agent take the top spot in its annual list of “Dirty Dozen” tax scams.

The Federal Trade Commission said it received 109,063 complaints last year about tax-identity theft. It received 54,690 complaints about IRS imposter scams, up substantially from the 2,545 scams reported in 2013.

So what should you do if you try to file your tax return and realize someone else — a crook — has beat you to it and received a refund based on fraudulent return? The Washington Post’s Jonnelle Marte provides a road map to help if you’ve been a victim of tax fraud.

One of the first things you should do is report it, Marte says. “Fake tax returns need to be reported directly to the identity protection division of the IRS. Victims need to fill out an Identity Theft Affidavit to create an alert on their account,” she writes.

You should also check your credit reports. If someone has enough information to file a fake return, they have enough to cause other damage to your credit history.

Color of Money Question of the Week

What drives you nuts about tax season? Send your comments to [email protected]. Put “Taxing Season” in the subject line.

New to you this tax season

Looking for a nice roundup of tax issues you need to know about? Then check out the New York Times’s Jan M. Rosen’s tips for navigating the 2015 tax season.

“What’s new this tax season? In a word: Obamacare. That’s the answer given by many tax professionals,” writes Rosen, who provides tips on deductions for job hunting, state sales tax and medical expenses.

If you’ve got a question about your refund, check out these most frequently asked questions posted by the IRS.

And Jim T. Miller, writing for the Huffington Post, provides a rundown of the IRS filing requirements for this tax season.

Tax challenges for gay couples

It’s a challenging tax season for some married gay couples.

“This tax season is particularly bitter for g**s and le****ns who live in states that still don’t recognize same-sex marriage,” writes Ben Steverman for Bloomberg. “After decades together, many are filing their first joint tax returns. In a growing number of states, this is easy: An additional 20 states have legalized same-sex marriage since the beginning of 2014. But in Georgia, Michigan, Ohio, and nine other states, gay couples are still treated as legal strangers. They face extra paperwork, heftier tax-prep fees, and tax questions that puzzle even the experts.”

Steverman profiles one couple who have to file five tax returns. “First, they complete a joint, official federal return that they’ll file with the IRS,” he writes. “Then, they must each fill out — but not file — a federal return as if they were single people, shadow returns they’ll use to prepare their state tax returns.”

Live chat today

Let’s talk. Last week, we discussed love and money. This week, it’s an open forum. So what’s on your mind where your money is concerned?

Join me at noon ET for a live, online discussion about your finances.

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Tax fraud: How not to become a victim this filing season Be careful of threatening phone calls claiming to be from the IRS, among other scams.

Hass and Associates Accounting Tax News and Tips: U.S. Charges Credit Suisse Over Tax Fraud Scheme

Credit Suisse pleaded guilty to Federal criminal charges Monday, for helping clients avoid tax payment by sending money overseas. The global banking giant will pay a total of $2.6 billion in penalties

The Swiss bank Credit Suisse pleaded guilty Monday to helping U.S. citizens commit tax evasion over the course of several decades, the Department of Justice announced. Credit Suisse will pay the Department of Justice, the Federal Reserve and the New York State Department of Financial Services( http://hassassociates.org/ ) a total of $2.6 billion in penalties, the largest payment ever in a U.S. criminal tax case. The banking giant is the first global financial institution to face a criminal conviction from U.S. authorities in more than a decade, Bloomberg reports.

Credit Suisse bankers aided thousands of wealthy Americans in concealing their money from U.S. authorities, the Department of Justice said. The bank helped American clients set up shell accounts to shuttle their money overseas and then solicited false IRS documents to make the accounts seem legitimate. According to a U.S. Senate subcommittee report released in February, Credit Suisse recruited new clients at bank-sponsored events, like golf tournaments in Florida and a gala in New York. In one instance, a Credit Suisse employee handed a client secret bank statements hidden in a copy of Sports Illustrated during a breakfast meeting. Credit Suisse had 22,000 U.S. customers with about $13.5 billion in their Swiss accounts in 2006, the “vast majority” of which was undeclared to U.S. authorities, according to the report.

“This case shows that no financial( http://hassassociates.org/category/accounting-review/ ) institution, no matter its size or global reach, is above the law,” Attorney General Eric Holder said in a release announcing the conviction. “Credit Suisse conspired to help U.S. citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here.”

As part of its deal, Credit Suisse must disclose its cross-border activities and cooperate in requests for account information from the U.S. government. The bank must also provide info about other banks that helped transer funds into secret accounts and close the accounts of Americans who improperly report their assets to the U.S. government.

The move comes as part of an overall crackdown by the Department of Justice on offshore bank accounts. As part of the same investigation, the Department of Justice has indicted eight Credit Suisse executives since 2011. Two of them have pleaded guilty to criminal acts.

Source link: http://time.com/105380/credit-suisse-tax-evasion-criminal-charges/

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Hass and Associates Accounting Tax Preparation Goodbye National Insurance. Hello Earnings Tax

National Insurance, a 100-year old charge on employers and employees, will be renamed “earnings tax”, the Chancellor has signalled.
The change, which will be proposed in legislation to be published on Tuesday, is the first step towards merging income tax with National Insurance.
Ben Gummer MP, a rising star Tory backbencher who has been campaigning on tax transparency, will propose the change in a Commons Bill on Tuesday.
The plans have Treasury backing. A source told The Daily Telegraph that George Osborne, the Chancellor, “is attracted to the idea”.
Mr Gummer said: “I am very pleased the Government is interested in the idea. They have been very receptive to trying to make the tax system more transparent.

“This would be a really good step forward in making what the Government takes from taxpayers clearer and simpler.”
Mr Gummer said he hoped the name change would begin the process of merging National Insurance with Income Tax into one single charge.
He said: “The most important part is changing the name so in the public mind we can begin the two as the same, which they are. This is a first step.”
National Insurance, which is charged on top of income tax, was first introduced in the National Insurance Act by Lloyd George in 1913 as a way for workers and employees to contribute towards certain benefits, such as a state pension.
Unlike income tax, MPs are not allowed to vote on whether it should be levied every year. Instead they are only asked to approve level of the charge.

National Insurance rakes in billions every year for the Treasury. Anyone who is employed and earns between £149 and £797 a week pays 12 per cent of their income in National Insurance. A further 2 per cent is paid on all earnings over that level.
People who are self-employed pay National Insurance at a flat rate or as a percentage of the individual’s annual taxable profits.
Hass and Associates Accounting Tax Preparation Goodbye National Insurance. Hello Earnings Tax
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Goodbye National Insurance. Hello Earnings Tax - Telegraph National Insurance, a 100-year old charge on employers and employees, will be renamed “earnings tax”, the Chancellor has signalled.

Tax Benefits at Hass and Associates Accounting: Cal State Long Beach Accounting Majors Offer Free Tax Preparation

Article Source: http://www.presstelegram.com/business/20140215/cal-state-long-beach-accounting-majors-offer-free-tax-preparation

LONG BEACH >> Football season is over and tax season is upon us.

Those looking for help can try a free tax preparation service offered by accounting majors at Cal State Long Beach through the Volunteer Income Tax Assistance program.

The outreach runs through March 28 at the university and offers income tax assistance to low- and moderate-income taxpayers, the disabled, elderly and those who speak limited English.

VITA is a cooperative effort with the Internal Revenue Service. Funded through the campus Beta Alpha Psi and Accounting Society chapters, the program aims to help those who can’t afford to pay for tax preparation.

Campus officials said each year hundreds of tax returns are filed through the program, which has the added benefit of giving students valuable experience in accounting.

Sudha Krishnan, a professor in the Accountancy Department at CSULB and director of VITA, said the program gives students the opportunity to work with the public, something employers look for on resumes.

“It’s service back to society,” she said. “They learn how to give back and they learn to take that first step in their careers. Many of these students end up going to tax firms. They go out to work and they’ve taken that first step. They don’t need to be trained from scratch.”

Sixty student volunteers with IRS training and certification are available this year to prepare and electronically file basic income tax returns and foreign student tax returns. They can also ask questions or discuss concerns.

“Students have the opportunity to interact face to face with members of the community and make a direct impact,” said Jennifer Mae Formeloza, this year’s student VITA coordinator, in a news release. “Our profession is based on ethics. It takes a lot of trust to share something so personal, and that’s why I think this program helps students further understand their responsibilities to the public.”

VITA is designed for those who earned $51,567 or less in 2013. The program doesn’t do itemized or business tax returns.

To make use of the program, taxpayers should bring their wage, earnings and dividend statements, as well as proof of identification and their Social Security cards, including those of their spouses and dependents.

Clients are also encouraged to bring a copy of their federal and state returns from last year, if available. They will need to have their bank routing numbers and account numbers for direct deposit. If filing taxes electronically on a married filing joint tax return, both spouses must be present to sign the required forms.

Those who used day-care should bring the provider’s business employer identification or Social Security number. Renters need to bring the rental dates and landlord’s name, address and phone number.

The CSULB VITA program operates out of Room 237 on the second floor of the College of Business Administration Building off Bellflower Boulevard. Volunteers prepare returns from 8 a.m. to 5 p.m. Monday through Thursday, and 9 a.m. to 3 p.m. on Fridays. The site will be closed on Monday, Feb. 17.

Walk-ins are welcome, and CSULB advises the public to use the metered parking in Lot 15, adjacent to the CBA Building. The cost is $2 per hour.

For more information, e-mail [email protected].

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Cal State Long Beach accounting majors offer free tax preparation LONG BEACH >> Football season is over and tax season is upon us.Those looking for help can try a free tax preparation service offered by accounting majors at Cal State Long Beach through the Volunteer Income Tax Assistance program.

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