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Tax News

March 2016

These are just a few of our favorite resolved cases since the start of 2016. 

Running a small business is not for the faint of heart, but it can certainly be rewarding. After all – you’re doing what you love to do! But tax season can have even the most seasoned of entrepreneurs running for the hills. At Polston Tax, it’s our job to help make your taxes a breeze, and we like to look out for our small business owner friends. This week, we’re focusing on Landscapers and Gardeners. Here are a few tips to help you guys and gals plant some seeds for tax savings and grow your returns come April. (See what we did there??) 

We have heard about two new tax scams involving verification of tax returns. These scams continue to become more deceptive, so please be aware! Below are more details about these two new tricks to steal your tax information and possibly your identity.

The Conning CEO

This scam largely depends on HR Professionals or payroll service employees. A phishing email is sent to someone who might handle W-2s for a company. A few variations of the text include:

Do you have federal tax returns from previous years that you haven’t filed? If your 2012 tax returns were never filed, then you should definitely reconsider. The IRS released a press release last week saying:

Do You Really Want to Talk to the Revenue Officer?

Quick answer: No, you don’t.

As we gear up for Tax Day – which is on April 18th this year! – we’re doing a series of posts for the small business owners who most frequently come to us with questions. This week, we’re discussing a deduction we hope you won’t need – a tax writeoff for employee theft or embezzlement.

Do you have unpaid debts? If yes, the Treasury Offset Program, operated by the Treasury Department’s Financial Management Service, may apply your tax refund to your delinquent debts. This program is not only for unpaid federal government debt, it can also be used for unpaid child support, unpaid State taxes or student loans. If you have received a letter stating that your refund will be applied to an unpaid debt you may dispute the claims if they are false, but be proactive. You only have 60 days.

Our Vice President and Managing Attorney Rachel Pappy was interviewed by Fox 25 Morning Anchor Leslie Draffin on Wednesday, February 24, 2016. 

Check out the interview and learn the top things to keep in mind this tax season, including why the tax deadline was pushed back to April 18th.

As we gear up for Tax Day – which is on April 18th this year! – we’re doing a series of posts for the small business owners who most frequently come to us with questions. What kinds of industry-specific tax breaks can you expect this year? And how should you prepare? We’ll spill all the details below.

We’re always here to offer a lending hand come tax season, but did you know we also offer tax preparation services to help create resolutions with the IRS or State? You must be fully compliant in order to have an accepted resolution. You may be thinking, “What exactly does tax compliance entail and why is it important?” Here’s the low-down: 

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