IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline

Ferrone & Associates CPAsBlog

WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website PDF for further information. Filers missing the April deadlines will receive an automatic extension … Read More

The IRS Has Advice for Taxpayers Who Did Not Receive The Full Amount of Stimulus Money

Ferrone & Associates CPAsBlog

WASHINGTON — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit. Through December 31, 2021, the IRS issued more than 175 million third-round payments … Read More

Frustrated trying to contact the IRS?? Of course you are, everyone is! You may want to try this; IRS to Use Voice and Chat Bots

Ferrone & Associates CPAsBlog

The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support. The agency has begun using voice and chat bots on a pair of specialized telephone assistance lines and on its website. These new features are expected to help taxpayers get answers to simple payment or collection notice questions quickly, while … Read More

Artificial Intelligence May Be Helping Cut Down On Long Phone Wait Times

Ferrone & Associates CPAsBlog

As the IRS is continuing to navigate through an unprecedented amount of influx calls they are improving methods in order to provide taxpayers with guidance this tax season. The IRS has enacted artificial intelligence in hopes of expanding options taxpayers have to get their questions answered. They are introducing virtual bots capable of voice and text chat features. These bots … Read More

IRS Warns Tax Pros About Spear-Phishing Scams

Ferrone & Associates CPAsBlog

Scammers are increasingly on the rise. They have a variety of ways to draw your personal information and wreak havoc. One avenue scammers may take is phishing, specifically spear phishing. Spear phishing is when scammers target a specific group of people. The IRS and the Security Summit have issued a warning noting that scammers are now targeting tax professionals.  Scammers … Read More

Potential Scam Threats That Could Effect You and Your Taxes

Ferrone & Associates CPAsBlog

The IRS has issued a reminder for taxpayers to keep a close eye on potential scams. They are urging taxpayers to be aware of these dangers and to report any suspicious activity.  Text and email  Last year the IRS observed an increase in text message scams. Scams can also take place through emails, social media, and phone calls. Typically, the … Read More

Third Round Stimulus Check – Is It Taxable?

Ferrone & Associates CPAsBlog

You may be wondering how will COVID-19 relief payments affect my tax return? Taxpayers who did not receive their full third stimulus check may be able to claim this money on their tax return. Typically you must report all income when filing taxes, however the third stimulus check is a little different.  Who Is Eligible for the Recovery Rebate Credit? … Read More

The IRS Is Urging Taxpayers To Check If They Qualify For A Tax Credit

Ferrone & Associates CPAsBlog

The IRS has established a national Earned Income Tax Credit awareness day (EITC). The pandemic has brought several efforts to ease financial hardships. In lieu of the Child Tax Credit given to families with children, some taxpayers without children may be wondering what resources are available for financial tax assistance? The great news is an increasing number of people are … Read More

RMDs May Soon Start Even Later for Retirement Plan Savers

Ferrone & Associates CPAsBlog, Uncategorized

Investors may soon be able to preserve their retirement war chest for longer. The Securing a Strong Retirement Act, a bill originally pushed in 2021 but which may finally pass this year, would push the starting point for required minimum distributions (RMDs) to 74 and 75 years of age. That means retirees could stave off being required to tap into their tax-deferred … Read More

2022 Tax Filing Deadlines

Ferrone & Associates CPAsBlog

Did you know the last day to file federal income tax returns is a little different this year? Tax return deadlines are not allowed to fall on a holiday or weekend. The last day to file federal taxes this year will be April 18th. Deadline Extension Additionally, states struck by natural disasters this year have an extended deadline. These include … Read More