The IRS will be hosting daily webcasts to help small business owners with common tax problems and situations.  They announced today what each topic will be on and it is easy to register for a webcast that could help to save you money and trouble.  Take a look at what the IRS is offering (below) and follow the links to register.

April 30 – Can I Deduct This?
The discussion will cover the most common tax deductions for entrepreneurs. This includes the requirements for deducting auto expenses, recordkeeping requirements for deducting business travel expenses and the basics of the home office deduction. Speakers will also share valuable IRS resources to help keep businesses “tax healthy.”
To register for a webcast on April 30, go to:

• Session 1
• Session 2

May 1 – Employee vs. Independent Contractor
This presentation will help explain the difference between a common-law employee and an independent contractor, a situation frequently encountered by small businesses. The discussion will include the categories affecting these statuses, including: behavioral control; financial control and relationship of the parties. Speakers will also identify valuable on-line resources to help properly classify workers.
To register for a webcast on May 1, go to:

• Session 1 
• Session 2

May 2 – Pay Now? Pay Later? Can’t Pay? (Payment options)
This webcast will discuss IRS payment options. Learn about paperless options to pay business and payroll taxes, how to set up an installment agreement at IRS.gov and how to determine eligibility for an Offer in Compromise.
To register for a webcast on May 2, go to:

• Session 1
• Session 2

May 3 – Small Business Resources
Learn how to find information quickly using the IRS Small Business and Self-Employed Tax Center. Examples will include how to determine the need for an Employer Identification Number (EIN) and best resources specifically for small businesses on the Online Learning and Educational Resource.
To register for a webcast on May 3, go to:

• Session 1
• Session 2

May 4 – Paycheck Checkup
The Tax Cuts and Jobs Act of 2017 could affect how much tax someone should have their employer withhold from their paycheck. Speakers will discuss who should perform a Paycheck Checkup. Taking a few minutes now to make sure people have the right amount of tax taken out of their paychecks for their personal situation may prevent an unexpected surprise at tax time in early 2019.
To register for a webcast on May 4, go to:

• Session 1
• Session 2

Continuing education credit will not be offered for these webcasts. Please email questions about these webcasts to: SBSE.SL.Web.Conference.Team@irs.gov

"IRS Announces Small Business Week Webcasts." IRS Newswire. April 26, 2018. Retrieved from: ​https://.www.irs.gov/newsroom/irs-announces-2018-national-small-business-week-webcasts

The IRS does not:

• Demand that you use a specific payment method, such as a prepaid debit card, gift card or wire transfer. The IRS will not ask for your debit or credit card numbers over the phone. If you owe taxes, make payments to the United States Treasury or review IRS.gov/payments for IRS online options.
• Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. Generally, the IRS will first mail you a bill if you owe any taxes. You should also be advised of your rights as a taxpayer.
• Threaten to bring in local police, immigration officers or other law enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.

Taxpayers who receive the IRS phone scam or any IRS impersonation scam should report it to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by emailing phishing@irs.gov with the subject line “IRS Phone Scam.”
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"IRS, Security Summit Partners warn of new twist on phone scam; crooks direct taxpayers to IRS.gov to "verify" calls." IRS Newswire. April 24, 2018. Retrieved from: ​https://www.irs.gov/newsroom/irs-security-summit-partners-warn-of-new-twist-on-phone-scam-crooks-direct-taxpayers-to-irsgov-to-verify-calls.

The IRS has announced its plans to begin utilizing private collection agencies to assist in collecting on overdue federal tax balances.  The new program has been authorized by a law enacted by Congress in December of 2015.  The IRS states that taxpayer rights will still be protected and accounts being sent to these agencies will receive written notice in advance.   The four contractors the IRS has selected are:

• CBE Group, 1309 Technology Pkwy, Cedar Falls, IA 50613
• Conserve, 200 CrossKeys Office park, Fairport, NY 14450
• Performant, 333 N Canyons Pkwy, Livermore, CA 94551
• Pioneer, 325 Daniel Zenker Dr., Horseheads, NY 14845

These private contractors will identify themselves as being contracted by the IRS to collect the taxes.  These companies must still abide by the Fair Debt Collection Practices Act and again, respect taxpayer rights. 
 
A large concern about this is that with rampant phone scams, one may be wary of receiving calls from an agency attempting to collect a tax debt.  The IRS has stated that they will do everything possible to help avoid confusion.
 
Remember that one of the taxpayer rights is your right to a representative.  If you are confused about your tax account and/or the representatives contacting you, it may benefit you to hire professional representation.  Please call Compass Tax Group for a free consultation to see how we can help at 720-420-7996.

​Amy Lee, EA

The IRS has just announced that their interest rates are remaining the same for the 3rd Quarter of 2015.  These interest rates are as follows:

• three (3) percent for overpayments [two (2) percent in the case of a corporation];
• one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000
• three (3) percent for underpayments; and
• five (5) percent for large corporate underpayments.

IRS Newswire Issue Number IR-2015-84 also provides the following information:

You can also review the Revenue Ruling here.

Did you know that the IRS has a Taxpayer Bill of Rights?  These are implemented to protect you as a taxpayer and it is up to you (or your representative) to be sure that they are being met.  The IRS has recently released a short video that helps to explain the Taxpayer Bill of Rights and you can watch it here. ​

If you'd like assistance in ensuring your rights are being met, including your right to representation, call us for a free consultation at 720-420-7996.  

​Amy Lee, EA
Compass Tax Group, LLC

It's important to be aware of telephone scams that are out there, especially if you owe the Internal Revenue Service in back taxes and are worried about the consequences.  There is one particular scam that feeds on the fear of taxpayers by making threats if they don't receive payment right away, including jail time.   The Internal Revenue Service has come out with 5 easy ways that you can identify a telephone scam.  Remember, the IRS will never:

1. Call you about taxes you owe without first mailing you an official notice.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

The Internal Revenue Service goes on to say the following:

"These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don't answer, they often leave an "urgent" callback request."

If you get one of these calls and you know you don't owe taxes (or have no reason to believe that you do), report the incident to the Treasury Inspector General for Tax Administration (TIGTA) at 1.800.366.4484 or at www.tigta.gov.  If you've been targeted by this scam, also contact the Federal Trade Commission and use their "FTC Complaint Assistant" at FTC.gov. Please add "IRS Telephone Scam" to the comments of your complaint.

If you believe you do owe taxes, you can call 1-800-829-1040.  It might also benefit you to get in touch with us at Compass Tax Group for a free consultation.  We can tell you what kind of options you have for resolving your debt before collection efforts by the Internal Revenue Service increase.  We can be reached at 720-420-7996.

For more information on reporting tax scams, go to www.irs.gov and type "scam" in the search box.  Additional information about tax scams are available on IRS social media sites, including YouTube http://youtu.be/UHlxTX4rTRU?list=PL2A3E7A9BD8A8D41D. and Tumblr http://internalrevenueservice.tumblr.comwhere people can search "scam" to find all the scam-related posts.​


Amy Lee, EA
Owner of Compass Tax Group, LLC