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IRS Relaunches “Get an IP PIN” Tool

Identity Protection Personal Identification Number (IP PIN) is a six-digit number assigned to eligible taxpayers (victims of identity theft and residents of Florida, Georgia or the District of Columbia) to help prevent the misuse of their Social Security Numbers (SSNs) on fraudulent income tax returns. Back in March, the IRS temporarily suspended its “Get an IP PIN” tool due to security concerns. On 7/19/16, the IRS relaunched the site with a multi-factor authentication process aimed at preventing automated attacks. To verify their identities, taxpayers must have immediate access to an email address, account information from a credit card or other type of loan, and a text-enabled mobile phone. For more information on the process, taxpayers should consult Fact Sheet 2016-20 at www.irs.gov/uac/how-to-register-for-get-transcript-online-using-new-authentication-process . IRS Statement on “Get an IP PIN” Tool (7/19/16), available at www.irs.gov/uac/irs-statement-on-get-an-ip-pin-tool .

If you have any questions, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2020-09-03T20:05:10+00:00July 26th, 2016|irs|0 Comments

IRS Suspends Identity Protection PIN Online Program

The IRS has announced that it has temporarily suspended its online Identify Protection Personal Identification Number (IP PIN) program to look at further strengthening security features of the tool. The IP PIN online program allowed taxpayers, who had received such numbers and then lost or misplaced them, and certain other taxpayers, to retrieve IP PINs online. An IP PIN is a six-digit number assigned to taxpayers to help prevent the misuse of their Social Security Numbers (SSNs) on fraudulent income tax returns. Following the suspension of this system, taxpayers, who are IP PIN holders but who lost their CP01A letters containing an IP PIN, will need to call the IRS. The IRS Statement on IP PIN is available at https://www.irs.gov/uac/Newsroom/IRS-Statement-on-IP-PIN

If you have any questions, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2020-09-03T20:05:14+00:00March 11th, 2016|irs|0 Comments

1099 Requirements for 2015

The IRS requires that you file information returns (1099’s) for cash and check payments issued by your trade or business to individuals not treated as your employees as well as non-incorporated entities. The IRS strictly enforces the requirements and aggressively audits this area of the law; additionally, there are numerous penalties that may be assessed if you fail to comply. We recommend that PRIOR to making payments for services, you obtain taxpayer identification (ID) numbers from all of your service vendors. If they don’t provide you a SSN or IRS business ID number (EIN), you are required to withhold taxes on payments to that vendor. A 1099 form must be filled in if:

Amount Requiring Reporting

Contract Labor, Commissions, Director Fees and
Other Non-employee Compensation $600 or more

Dividends, Interest and Royalties $10 or more

Professional Fees […]

By Linkenheimer LLP|2020-09-03T20:05:15+00:00March 11th, 2016|irs, Uncategorized|0 Comments

Beware of Fake IRS Calls and Emails

Recently there have been an influx of calls and emails to citizens of Sonoma County from people claiming to be from the IRS. This is a known scam and is an ongoing issue. Here are some tips from the IRS website on how to identify a fake call from the IRS and what to do:

“The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never:

1. Call to demand immediate payment, nor will we call about taxes owed without first having mailed you a bill.
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.

If you get a phone call […]

By Linkenheimer LLP|2020-09-03T20:05:15+00:00February 23rd, 2016|irs|0 Comments

Depreciation & Expensing Provisions in the PATH Act

Depreciation & Expensing Provisions in the PATH Act

The PATH Act makes permanent the enhanced Code Sec. 179 expensing and phaseout limits, and 15-year write-off for qualifying leasehold improvements, restaurant buildings and improvements, and retail improvements. In addition, the Act provides for a retroactive extension of provisions that had expired at the end of 2014, including 50% bonus first-year depreciation (at a rate that gradually decreases). For further information and to discuss whether your purchase is a “qualifying property”, please contact us.

Enhanced Expensing Made Permanent

Under pre-Act law. For tax years beginning after Dec. 31, 2014, the maximum expensing limit had dropped to $25,000, and the investment ceiling dropped to $200,000.

New law. The Act makes the following changes to the Code Sec. 179 expensing election:

The $500,000 expensing limitation and $2 million phase-out amounts are retroactively extended and made permanent. After Dec. 31, 2015, both the expensing and phase-out limits are indexed for inflation.
The rule that allows expensing for computer software is retroactively extended and made permanent.
Qualified real property (generally qualified leasehold improvements, qualified restaurant, and qualified retail property) is eligible to be expensed.
For tax years beginning after Dec. 31, 2015, air conditioning and heating units are eligible for expensing.

15-Year Write-off for Qualified Leasehold and Retail Improvements and Restaurant Property Made Permanent

Under […]

By Linkenheimer LLP|2020-09-03T20:05:17+00:00January 12th, 2016|depreciation, expensing, irs|0 Comments