19. February 2009 by admin.

The following is from the IRS website and it is good information……

IRS TAX TIP 2009-11

1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice.

2. If you receive a letter from the IRS that indicates more than one tax return was filed for you, this may be a sign that your SSN was used fraudulently.

3. Another sign that you may be the target of identity theft is an IRS letter indicating you received wages from an employer unknown to you.

4. The IRS has a department which deals specifically with identity theft issues. The IRS Identity Protection Specialized Unit is available if you have been in contact with the IRS about an identity theft issue and have not achieved a resolution.

5. You can contact the IRS Identity Protection Specialized Unit by calling the Identity Theft Hotline at 800-908-4490 Monday through Friday from 8:00 am to 8:00 pm local time (Alaska and Hawaii follow Pacific Standard Time).

6. The IRS Identity Protection Specialized Unit is also available if you believe your identity may be at risk of being stolen due to a lost or stolen purse or wallet or due to questionable activity on your credit card or your credit report.

7. The IRS never initiates communication with taxpayers about their tax account through emails. If you receive an e-mail or find a Web site you think is pretending to be the IRS, forward the e-mail or Web site URL to the IRS at phishing@irs.gov.

8. The IRS has many more resources available to help inform taxpayers about identity theft on the IRS Web site at IRS.gov. On IRS.gov you can access information on how to report scams and bogus IRS Web sites. You can also visit the IRS Identity Theft Resource Page, which you can find by typing Identity Theft Resource Page in the search box on the IRS.gov home page.

9. The Federal Trade Commission is also available to assist taxpayers with identity theft issues. You can reach them at 877-ID-THEFT (877-438-4338).

10. Visit OnGuardOnline.gov for protection tips from the federal government and the technology industry.

Posted in General | 1 Comment »

19. February 2009 by admin.

If you are on CASH BASIS, and you never rec’d payment, you have no write off because you only declare it when you receive it.. never received it, never declared it, no write off.
 
If you are on ACCRUAL BASIS, then you declared the revenue when the invoice was generated.  NOW, you can write off a bad debt expense.

use the search box for further explanation of CASH BASIS

This is an area of confusion for many taxpayers, especially since Sales Tax (at least in Florida) has to be reported on an ACCRUAL BASIS even if for IRS purposes the taxpayer is on a CASH BASIS.  If you need any more help with this, contact us www.USATaxHelp.com

Posted in Income Tax | 1 Comment »