February 2017

Tax Insight–February 2017                 Rita Bhayani



As Tax Season Begins, Beware of Scams

The Treasury Inspector General for Tax Administration (TIGTA) has been actively tracking down and bringing to justice those who make phone calls impersonating IRS employees in an attempt to scam innocent taxpayers.


Although TIGTA has recently been instrumental in prosecuting some of these scammers, there is still concern that the perpetrators will attempt to ramp up their criminal activity at any time. And with the beginning of tax season, scammers are trying harder than ever to deceive you.


Remember that the IRS will not contact you by phone with threats for non-payment of tax liability. The IRS does not require Green Dot, iTunes, Amazon.com, MoneyPak or any other kind of gift card, debit card or credit card for tax payment. The IRS will never ask you to wire money to a bank account for payment.


If you receive a phone call, simply hang up! Do not engage. If you think you might owe taxes, call me and I will assist you in contacting the correct person at the IRS.


Important Dates & Information


•    Form W-2, Form 1099 and other tax information forms are required to be mailed by January 31. If you do not receive the forms by February 15, let your tax professional know.


•    The IRS began accepting e-filed individual tax returns on January 23. Individual tax returns are due Tuesday, April 18.


•    The IRS expects to issue refunds to taxpayers within 21 days from the date an e-filed tax return is accepted; however, refund claims in January and early February that contain the earned income tax credit or the additional child tax credit will not be issued until February 15.


•    The 2017 standard mileage rate for business travel is 53.5 cents per mile, 14 cents per mile for charitable purposes and 17 cents per mile for deductible medical or moving expenses.


Did You Know?

Over 50 percent of all Valentine’s Day cards are purchased in the six days prior to the observance.


Quote Corner
“Try to be a rainbow in someone's cloud.” ~ Maya Angelou