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Thursday, June 15, 2017

Tax Identity Theft


  

Tax identity theft occurs when someone uses your Social Security number to file a tax return claiming a fraudulent refund.

 

You may be unaware that this happened until you e-file your return and discover that a return already has been filed using your Social Security Number. Or, the IRS may send you a letter saying they have identified a suspicious return using your Social Security number.

 

Know The Warning Signs

  • The IRS sends you a letter indicating possible identity theft.
  • More than one tax return was filed using your Social Security number.
  • You owe additional tax, refund offset or have had collection actions taken against you for a year you did not file a tax return.
  • IRS records indicate you received wages or other income from an employer for whom you did not work.
  • Your e-filed tax return is rejected by the IRS indicating a return has been filed using your Social Security number.
     
    Steps to take if you become a victim
     
  • File a complaint with the Federal Trade Commission at www.identitytheft.gov
  • Contact one of the three major credit reporting bureaus to place a fraud alert on your credit records:
    Equifax 800-766-0008
    Experian 888-397-3742
    TransUnion 800-680-7289
  • Contact the IRS Taxpayer Identity Theft Division 800-908-4490
  • Contact your financial institutions, credit card companies, and any other entities you do business with.
  • Respond immediately to any IRS notice.
  • Complete IRS Form 14039 Identity Theft Affidavit.
  • Continue to file your tax returns and pay your taxes even if you must do so by paper.
  • File a police report with your local police department.
  • Report suspicious online or emailed phishing scams to: phishing@irs.gov
  • Report phone, fax or mail phishing scams by calling 800-366-4484.
  • Request a copy of fraudulent returns using IRS Form 4506-F.
     
     
    How to reduce your risk
     
  • Do not open, click on, or download attachments from suspicious emails.
  • Protect you personal data.
  • Make sure your tax records are secure.
  • Do not give out any personal information over the telephone (do not get into conservations, simply hang up immediately).
  • Request a FREE IRS Publication 4524 Security Awareness for Taxpayers by calling the IRS at 800-829-3676
  • If you are unsure about an IRS letter's authenticity and whether it came from the IRS, go to IDVerify.IRS.gov and follow the prompts to verify your identity.
  • Check with your state to see if there are additional steps to take at the state level.
     
    REMEMBER: THE IRS DOES NOT INITIATE CONTACT WITH PAXPAYERS BY EMAIL, ELECTRONIC COMMUNICATION, TEXT MESSAGES, OR SOCIAL MEDIA CHANNELS.
     
    This article was written by Donald M. Scherzi, CPA, CFP, LLC
    Mike Lupo, SCORE Counselor
     
     
     
     

Thursday, June 8, 2017

Financial Statements and Business Success




 

An analysis of small business financial statements, management decisions and the relationship to business success had the following results:

 

50% of the business owners did not regularly review financial statements, and almost 90% of those businesses were experiencing financial troubles.

 

How about YOU?

 

Steve Koenig, SCORE Counselor


 

 

Thursday, June 1, 2017

Marketing tip of the month - new series




 

#1 SLEEPING WITH THE ENEMY

You need to know EVERYTHING about what your competitors are doing. Collect their ads, brochures, print out their website info and STUDY them for their strategy, product or service features, and benefits. We call that sleeping with the enemy.

 

Martin Kahn, SCORE Counselor


 

IRS Change of Address


 

 

It is the business owner's responsibility to report a change of address to the IRS and other tax agencies.

 

Form 1040 filers report a change of address on Form 8822.

 

Form 1120, 1120S, and 1065 check the address change box on page 1 of their tax return to report a change of address.

 

Also, you will want to report a change of address with the U.S. Post Office and any other entities you do business with.

 

Failing to report an address change could result in not receiving timely notices and other correspondence from the IRS and various tax agencies. This in turn could result in missed deadlines, various penalties, and additional interest charges.

 

Remember, it is your responsibility alone to keep your address current to avoid potential tax issues down the road.

 

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor


 

 

Thursday, May 18, 2017

Filing Past Due Tax Returns


  

It is in your best interest to file all tax returns that are due, regardless of whether or not you can pay any tax due in full.

 

Here's Why You Should File Your Past Due Tax Returns...NOW

 

1-Limit interest interest charges and late payment penalties.

 

2-Avoid the risk of losing a tax refund you were due.

 

3-Protect Social Security & Disability Benefits

 

4-Avoid issues obtaining loans.

 

What Happens If You Don't File Voluntarily?

 

If you fail to file your tax return, the IRS may file a substitute tax return for you...one that will be the worst of all worlds since they will report only income and no, exemptions, deductions and tax credits you may be entitled to.

 

If You Need Information To File A Prior Year Tax Return

 

If you need wage and income information, complete Form 4506-T Request for Transcript of Tax Return, and check the box on line 8. This way you be be sure you are reporting all income when you do file your tax return and avoid having the IRS sending you a notice for unreported income.

 

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor


 

 

Thursday, May 11, 2017

When it all works right



We recently had the need to replace a washer/dryer. The old one just got tired and was preparing to go out with a lot of noise. We searched all the big suppliers and found that an exact replacement was not generally available. We knew our system was old. After a few days of on line searching, I found one and only one potential supplier that had a few similar units. Much to my surprise their web site had an exact model replacement. A phone call determined that they did, in fact, show a few in of them in inventory. The site reflected an unusually low price as well, and the phone conversation confirmed the price.

We were in the store within hours and purchased the exact replacement for the price shown. But this is only part of the story. That evening the washer completely failed. The store confirmed a delivery date within three days and time, within four hours. When the time passed, we called and were told the truck broke down, but they expected to make the delivery later that day. They did, after renting a replacement truck and shifting the items to be delivered on the route. I knew this was true because of the rental truck company name on the vehicle. They overcame the issues with three very tired delivery men. These men removed the old unit, installed and checked out the new one and made sure we were satisfied before they left.

 

We recommended this store to three friends who were also pleased. Now we are considering replacing a stove, oven and dishwasher. Guess where we will be going!!!

 

How does your business stack up?

 

 

Steve Koenig, SCORE Counselor


 

 

Sunday, May 7, 2017

Business Conference a BIG SUCCESS

South Palm Beach SCORE Business Conference was a BIG SUCCESS


Jennifer Suzuki not only helped us at the Conference, she shares her thoughts (as a client) with the "world"
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Date: Sat, May 6, 2017 at 1:14 PM



Jennifer Suzuki said she was with you at Saint John Paul II Academy in Boca Raton, FL . Jennifer wrote: "Speaking to business owners at an unbelievable SCORE event here in BOCA Raton, FL. Hoping to inspire local businesses here in South Florida to identify and follow their purpose, passions and plan. #SCORE #FloridaBusiness For those of you unfamiliar with this non-profit, we live in a great country that provides invaluable resources to be your own boss and thrive as an Entreprenuer!! #SmallBusiness #eDealerSolutions" Learn more about tagging on Facebook .
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Jennifer Suzuki said she was with you at Saint John Paul II Academy in Boca Raton, FL.
Jennifer wrote: "Speaking to business owners at an unbelievable SCORE event here in BOCA Raton, FL. Hoping to inspire local businesses here in South Florida to identify and follow their purpose, passions and plan. #SCORE #FloridaBusiness For those of you unfamiliar with this non-profit, we live in a great country that provides invaluable resources to be your own boss and thrive as an Entreprenuer!! #SmallBusiness #eDealerSolutions"
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