IRS Phone Scam

There have been a growing number of tax-related phone scams, where the scammers are usually after your money and possibly your identity. Please be aware that the IRS will NEVER call you.

A scammer may call you and:

  • Identify themselves as an IRS agent, with a fake name and a fake badge number.
  • Alter the name and phone number that appears on your Caller ID to make it look like they’re calling from the IRS or Washington, D.C.
  • Convincingly … Continue reading »

4 Reasons NOT to Wait for Your K-1

Four on dices

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form to get started on your income tax return.

5 Proven Steps to Survive a Connecticut Labor Department Audit

Number five on the start of a running track

You received a notice of audit from the State of Connecticut Labor Department. What should you do?  Follow these 5 Proven Steps to Survive a Connecticut Labor Department Audit.

 

1) Give a Power of Attorney to Your CPA

To have your CPA represent you in front of the Connecticut Department of … Continue reading »

3 Proven Steps for Taxpayers to Survive Tax Season

 

melting ice cubes

1)Be Prepared

Ah yes, the Boy Scout Motto, “Be Prepared”.  It is very applicable to surviving tax season. How can you get prepared?  Start with completing your tax organizer.  We send these out to our clients in early January.  This will contain all of the prior year information.  Some clients don’t like filling out the tax organizer.  That’s fine. … Continue reading »

How to File Your Form 1099’s and Avoid IRS Penalties

moneyDetermine Who Needs to Be Issued a 1099

A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more.  An unincorporated business includes Limited Liability Companies (LLC’S), Partnerships and Sole Proprietors.   Additionally, a 1099 needs to be issued for all legal services rendered irrespective of whether the law firm is incorporated or not.

Continue reading »

Web Statistics