ssn

What To Do If Your Business Receives a “No-Match” Letter

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In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they point out that an employee’s name and Social Security number (SSN) don’t match the government’s records.

According to the SSA, the purpose of the letters is to “advise employers that corrections are needed in order for us to properly post” employees’ earnings to the correct records. If a person’s earnings are missing, the worker may not qualify for all of the Social Security benefits he or she is entitled to, or the benefit received may be incorrect. The no-match letters began going out in the spring of 2019.

Why discrepancies occur

There are a number of reasons why names and SSNs don’t match. They include typographical errors when inputting numbers and name changes due to marriage or divorce. And, of course, employees could intentionally give the wrong information to employers, as is sometimes the case with undocumented workers.

Some lawmakers, […]

By |2020-09-03T20:03:43+00:00August 19th, 2019|social security|0 Comments

Three Questions You May Have After You File Your Return

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Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year.

Question #1: What tax records can I throw away now?

At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes. In general, the statute of limitations is three years after you file your return. So you can generally get rid of most records related to tax returns for 2015 and earlier years. (If you filed an extension for your 2015 return, hold on to your records until at least three years from when you filed the extended return.)

However, the statute of limitations extends to six years for taxpayers who understate their gross income by more than 25%.

You’ll need to hang on to […]

By |2020-09-03T20:04:06+00:00April 18th, 2019|irs, New Tax Laws, tax planning, tax time|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 |2020-09-03T20:05:14+00:00March 11th, 2016|irs|0 Comments
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