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.
We'd like to draw your attention to the new 1099 forms for 2021. If you (as a business) prepare your own 1099’s, please be aware of the changes:
1099-NEC: This form reports nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, Box 1 may show cash you received for the sale...
We are pleased to announce that Congress changed some of the PPP rules over the weekend. It is important to note that several of the rules have been relaxed; those of you who were getting close to the end of your “8 week window” can now take a deep breath, as that period has been extended. As always, we are staying up-to-date as the new rules are rolled...
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,...