Laszlo and Associates

09/20/2016

Are you an early filer of Form 1040? If you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), expect your refund to be delayed a few weeks. This is done to prevent refund fraud and abuse.

https://t.co/g4Ck2nuH5s

IR-2016-117, Aug. 31, 2016 Español

09/20/2016

If you think that filing your Form 1040 late is a good idea, it's not. Penalties for filing late when you owe taxes will result in a penalty of 5% per month, up to a maximum penalty of 25%. Additionally, there is a Failure to Pay penalty of 0.5% per month, up to a maximum penalty of 25%. PLUS INTEREST! So, if you owe $10,000.00 in tax and have not filed your return, you could end up with a $5,000.00 penalty.

https://t.co/O0TWea8dmd

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax y...

07/20/2016

BEWARE of IRS impersonators calling and threatening with arrests. Criminals (typically from India) are calling unsuspecting citizens demanding payment over the phone via pre-paid debit card, or other unusual payment systems. The caller ID may even say "IRS" or "Internal Revenue Service". Do not fall for this scam. You should know if you owe back taxes or if there was an audit which caused an increase in tax.

https://t.co/zisqgdtjC1

IRS Special Edition Tax Tip 2016-05, March 31, 2016 Español

07/19/2016

Are you a victim of ID theft? Have you notified the IRS? If not, do so. Criminals only need your SSN, name and date of birth to prepare a false tax return. When you file your legitimate tax return, this will cause it to be rejected a prompt a letter from the IRS notifying you that a return has already been filed under your SSN. This will also cause a delay in your refund by 6-9 MONTHS! You will then have to prepare an affidavit (sworn testimony), file a police report, file a complaint with the Federal Trade Commission, notify one of the three main credit reporting agencies to place a fraud alert on your account and close any credit card accounts opened under your name.

By law, you are entitled to three (one from each credit agency) credit reports during a 12 month period. The only website to obtain your free credit report is www.annualcreditreport.com . Monitor your credit history before it becomes a complete nightmare!

Call Laszlo and Associates with any questions or assistance in ID Theft, IRS Audits or Collection matters.

(219)IRS-HELP (219) 477-4357

LRTAX.COM 219irshelp.com (will be up and running soon)

07/19/2016

The appears to have taken some measures to prevent a common tax fraud scheme; by delaying refunds in 2017 until the taxpayers' credit(s) can be verified. The credits which are most commonly abused are the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). A refundable tax credit is a type of tax credit that is treated as a payment. If the total of all payments (including any refundable tax credits) is more than a person's total tax liability, the Internal Revenue Service refunds the overpayment to the taxpayer. If you claim one or both of these credits, your #1040 refund will be delayed until February 15. This begins in early 2017.

This may seem like a nuisance, but approximately $21 BILLION in fraudulent refunds were issued in 2016.

https://www.irs.gov/for-tax-pros/new-federal-tax-law-may-affect-some-refunds-filed-in-early-2017

The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing the information now to help the tax community prepare for the 2017 season,...

07/18/2016

[Do you need to amend your Form 1040 to claim an additional tax credit or ***PAY MORE TAX TO THE IRS? To claim a refund file Form 1040X no more than three years from the date you filed your original tax return. You can also file it no more than two years from the date you paid the tax, if that date is later than the three-year rule.

Any questions regarding amending your 1040 or any other concerns, contact Laszlo and Associates at (219)IRS-HELP

https://www.irs.gov/uac/irs-offers-tips-on-filing-an-amended-tax-return

You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim a tax credit or deduction. Here are 10 tips from the IRS on amending your return:

07/15/2016

Here's what you need to know if you receive an letter in the mail:

1) Do not ignore the letter. This only leaves the IRS with the option of adjusting (increasing) your taxes without your input. This could be your only chance to correct a small omission or error before the IRS begins collection actions, which include additional penalties and interest, Federal Tax Liens, seizure, levies on wages, bank accounts, PayPal accounts, and any other income source.

2) Call Laszlo and Associates at (219)IRS-HELP for further explanation, counseling and representation. We offer a FREE initial confidential consultation at our offices to discuss your tax matter.

https://t.co/oVLdSBplvP

Find out what to do if you receive a letter from the IRS saying your tax return is being audited by mail. For information about Form 4549, go to youtube.com/...

07/15/2016

warns of pertaining to victims of Orlando attack. This is also happening with the victims of the terror attack from last night. Beware of donating any money to charities claiming to help the victims or their families.

https://t.co/C37gNOUdN4

WASHINGTON ― The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to last weekend’s mass shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups.

07/14/2016

Do you have a Federal Tax Lien filed under your name or business? A Federal Tax Lien can severely affect your credit score and ability to borrow for college, a new home or new car. There are options available! Get your credit score up and get your life back. Call Laszlo and Associates with any questions. (219)IRS-HELP (219)477-4357.

https://t.co/Vvb2v931eX

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after

07/14/2016

to college students: Be wary of IRS impersonators demanding payment for a "Federal Student Tax" which does not exist.

http://go.usa.gov/cSqHP

(219) IRS-HELP

IR-2016-81, May 27, 2016 Español

07/14/2016

IRS Tax Tip: what to do if you receive an IRS correspondence. Here's a hint: don't ignore the letters. If you have any questions about your letter, call Laszlo and Associates @ (219)IRS-HELP. We can help.

http://go.usa.gov/xcuHH

The IRS normally sends correspondence in the mail. We mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter or notice: