IRS Website Breached

By:  Amanda Wilson

The IRS announced yesterday that criminals had used the “get transcript” application on its website to gain access to the tax information of approximately 100,000 taxpayers.  The IRS has temporarily shutdown this application as it strengthens the security for the application.  The IRS press release on this breach can be found here.

This recent announcement underscores the prevalence of tax fraud.  If you have not already done so, I strongly encourage you to apply for an IPPIN to protect yourself from being a victim of tax fraud.  My recent post describing the IPPIN application process can be found here.

Tax Day Has Passed, But Don’t Forget June 30th!

By:  Amanda Wilson

Now that April 15th has passed, you might be thinking that you are done with tax filings for the year. But, if you have any foreign bank accounts or financial assets overseas, you may be required to file a Form 114 (commonly known as an FBAR).  This form must be filed  on or before June 30th if at any time during the 2014 calendar year the value of your foreign financial accounts exceed $10,000.  Foreign bank accounts include any accounts over which you have authority to sign for the account, even if you do not consider yourself the account owner.  A common example of this is where you were added as an account holder on a family member’s account.

Failure to file this form can result in serious penalties, and in some cases, criminal charges.

The FBAR is filed electronically here.

Yet Another Tax Scam

By:  Amanda Wilson

CBS This Morning covered an important story about yet another tax scam.  Under this scam, thieves posing as IRS agents call individuals and use scare tactics to frighten the victims into sending money.  The threat is that if money is not sent immediately, a warrant will be issued for the victim’s arrest.  This scam is so prevalent, I had a friend that received one of these calls this week.  The full CBS This Morning story can be found here.

Please be aware that the IRS does not contact individuals by phone.  If you receive one of these calls, hang up.



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