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IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns: Time is Running Out; Agency has $1 Billion in Refunds

The Internal Revenue Service reminded taxpayers today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. But time is running out. To claim this money, taxpayers must file a 2013 federal tax return by [...]

By | April 4th, 2017|Blog|Comments Off on IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns: Time is Running Out; Agency has $1 Billion in Refunds

IRS, States and Tax Industry Renew Alert about Form W-2 Scam Targeting Payroll, Human Resource Departments

The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments. This week, the IRS already has received new notifications that the email scam is making its way across [...]

By | March 16th, 2017|Blog|Comments Off on IRS, States and Tax Industry Renew Alert about Form W-2 Scam Targeting Payroll, Human Resource Departments

Understanding the Child and Dependent Care Tax Credit

The IRS urges people not to overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year. Taxpayers can use the IRS Interactive Tax Assistant tool, Am I Eligible to Claim the Child and Dependent Care [...]

By | March 13th, 2017|Blog|Comments Off on Understanding the Child and Dependent Care Tax Credit

Where’s My Tax Refund?

For many Americans, tax refunds are typically spent before they are received. We anticipate a tax refund and the next thing we know, we're planning a vacation or buying a new car or furniture. Some people want to use the tax refund to pay off a bill or to purchase something they have been waiting [...]

By | February 21st, 2017|Blog|Comments Off on Where’s My Tax Refund?

Five Things to Know About the Child Tax Credit

The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, a qualifying child must pass several tests: [...]

By | February 8th, 2017|Blog|Comments Off on Five Things to Know About the Child Tax Credit

Early Withdrawals from Retirement Plans

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution: Early Withdrawals. An early withdrawal normally is taking [...]

By | February 7th, 2017|Blog|Comments Off on Early Withdrawals from Retirement Plans

Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit

IRS Newswire: Issue #IR-2017-07 The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The EITC is a federal income tax credit for workers who don't earn a high income ($53,505 or less for [...]

By | January 24th, 2017|Blog|Comments Off on Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit

The IRS’s Collection Powers – Know Your Rights

Unfortunately, when taxpayers wonder “Can the IRS really do that?” the answer is often yes. The IRS faces very few limitations when it comes to collection abilities. However, with Packey Law Corporation working for you against the IRS, can forestall and/or discontinue many collection efforts. Packey Law Corporation can advise you of your rights.  It is [...]

By | January 10th, 2017|Blog|Comments Off on The IRS’s Collection Powers – Know Your Rights

Safeguarding Taxpayer Data – Security Plan

Cybercriminals want sensitive client information. As a tax professional, we take multiple steps to safeguard taxpayer's data by implementing and executing an aggressive security plan. It is a vital step our office uses to secure and protect taxpayer's information. This ongoing security plan is evaluated and measured up to the IRS standards of safeguarding taxpayer's [...]

By | January 4th, 2017|Blog|Comments Off on Safeguarding Taxpayer Data – Security Plan

IRS Tests W-2 Verification Code for Filing Season 2017

For filing season 2017, the Internal Revenue Service will expand an initiative to verify the authenticity of Form W-2 data. This initiative is one in a series of steps to combat tax-related identity theft and refund fraud. The objective is to verify Form W-2 data submitted by taxpayers on e-filed individual tax returns. The IRS [...]

By | December 28th, 2016|Blog, Uncategorized|Comments Off on IRS Tests W-2 Verification Code for Filing Season 2017