letter - Linkenheimer LLP CPAs & Advisors

California Tax Updates for May 21st

Update 1:

Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a section on the individual status letter (also known as a veteran affairs status letter). These letters help individuals get student loans or Veteran Affairs financing. They also show third parties such as employers that the letter holder has no outstanding CA income tax obligations. If you have questions, please contact your Linkenheimer CPA. You can also learn who may obtain an individual status letter and how, and get answers to a wide variety of questions by visiting the FTB here: https://bit.ly/2AuMxwb

Update 2:

Are you part of the California gig economy? The CA Franchise Tax Board (FTB) has updated its gig economy webpage, which it created to provide information to those who use platforms such as Uber, Lyft, […]

IRS Sending out ID Verification Letters

IRS Is Sending out Identity Verification Letters to Possible Identity Theft Victims: In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer’s name and/or social security number and sending out (by US Postal Service) Letter 5071C to request that the taxpayer verify his or her identity. (The IRS will not email or telephone the taxpayer directly to request this information so please be cautious of anyone calling or emailing claiming to be from the IRS.) Taxpayers may use the idverify.irs.gov site or call a toll-free number on the letter to confirm their identity, but the IRS is encouraging the use of idverify.irs.gov as the safest, fastest option. Once their identity is verified, the taxpayers can confirm whether or not they filed the return in question. If so, it will take approximately six weeks to process it and issue a refund. If not, the IRS can take steps at that time to assist them. If you have any questions, please contact your Linkenheimer CPA.