January 31, 2020
It seems that every week, I receive alerts about identity theft and tax scams – old and new – making the rounds in the form of e-mails, snail-mail, texts and phone calls.
There have been many news reports about how to protect yourself from identity theft. But how do you know if you’ve already become a victim, and what should you do if you have?
Here are some signs that your personal information has already been stolen and used by the thieves:
If you believe you are the victim of identity theft, you should immediately take the following steps:
If you receive a notice from the IRS or another taxing authority, you should respond to it right away. If you suspect that the notice is not legitimate, you can contact the IRS at (800) 829-1040 (for individuals) or (800) 829-4933 (for businesses) instead of calling the number included in the notice. If the notice is from a state or local taxing agency, check online for the appropriate number to call. Please contact our office if you would like assistance in responding to the notice, or in submitting an Identity Theft Affidavit.
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...
Frequently Asked Questions
If I am applying or already received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?
Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus).