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If You Accept Credit Cards- READ THIS!!!

Posted by Harry Daniels on January 7, 2018

I find the following information to be concerning for business owners who accept credit card payments. The company that processes your credit card receipts is beginning to send out Form 1099-K reporting the amount of credit card transactions to businesses and to the IRS. In and of itself, reporting the amount of transactions to the IRS does not bother me. However, what happens or could happen next does bother me. (more…)

Posted in: IRS

Documenting Your Travel Expenses

Posted by Harry Daniels on February 25, 2016

Travel expenses are a high priority issue on IRS audits. As such, as you go through the year, be sure to keep complete records for all of your business related travel, whether it is to attend seminars, conventions, trade events, or a general business meeting. Complete records include all receipts, hotel charges, airline ticket receipts, a log of any car mileage incurred and event flyers or promotional material showing that there was an actual event that took place. The IRS wants to be sure the travel expense was tied to a trip or event. (more…)

Posted in: IRS, Tax Returns

Protect Your Identity This Tax Season

Posted by Harry Daniels on January 19, 2016

As tax season begins, I wanted to alert you to an issue which is already making its appearance felt this year. Scammers will send you e-mails and call you, asking for personal identifying information on behalf of the “IRS.” In fact, my son received one of these e-mails just the other day.

I cannot stress enough that these are NOT legitimate requests from the IRS. The IRS will ONLY contact you via mail, never by phone, and never by e-mail. Please do not click on any links in e-mails reported to be from the IRS or someone on the IRS’ behalf as these are phishing scams designed to obtain your personal information.

Please be careful with these as we get closer to April 15th. Do not hesitate to contact me if you have any questions about this.

Posted in: IRS

IRS Data Breach Alert

Posted by Harry Daniels on June 1, 2015

THIS IS NOT TO SCARE YOU OR CAUSE YOU UNNECESSARY WORRY OR CONCERN BUT TO MAKE YOU AWARE OF AN IRS ISSUE.

On May 27, 2015, the IRS announced that they had recently discovered a data breach where information on approximately 104,000 taxpayers had been accessed without authorization. The unauthorized accessed was gained through the IRS online “Get Transcript” program. This program while not producing a copy of the tax return, allows the taxpayer to get line-by-line information going back 5 or more years. In order for a hacker to break in and get this information, they would have already had to have access to information such as your social security number, matching name, address, and other personal information. Otherwise, the hacker would not have enough information to access your account in the IRS system. (more…)

Tags: Client Alert, Data Breach, IRS

Posted in: IRS