Is your money safe?

With identity theft and scams running rampant, it is more important than ever to protect your personal information. An article from Dime Spring lists the top 5 ways to keep your money safe:

-Password Protect your Smartphone: Most people keep a lot of private information in their phones, so it's extremely important to keep this device safe.

-Use a shredder: Many documents have personal information on them, such as your bank account numbers and social security numbers. Keep these documents away from identity thieves by shredding documents that have any personal information on them.

-Check Financial statements/accounts: Be aware of what is happening with your money. The more often you check your statements, the more aware you will be of how much money is taken out of your account.

-Protect your WiFi: Use a strong password that no one would guess, and be wary of using financial websites on public wifi networks.

-Watch tweets and status updates: Be aware of what you are posting on your social networks. Telling people you are going on vacation also tells them that you will not be home. Be wary of what information you are giving out to the world.

What ways do you keep your personal information safe?

http://www.dimespring.com/articles/i-am-1-percent-how-safe-is-your-money

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

 

"Phishing" for Information

If you have received an email or text message from the IRS, do not reply or open any links or attachments. The IRS does not communicate with taxpayers through any type of electronic communication. The IRS website states that “Phishing is a scam typically carried out by unsolicited email and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information” (IRS). Scammers will use the IRS name and logo fraudulently, and most people assume that the message is legitimate. These “phishing” scams are so abundant, that the IRS has posted a list of known email scams.

 http://www.irs.gov/uac/Phishing-and-Other-Schemes-Using-the-IRS-Name

If you have received fraudulent emails or text messages, visit the IRS website to learn how to report these scams.

http://www.irs.gov/uac/Report-Phishing

If you have any questions, please contact us.

 

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

 

Have you recently made changes to your business?

 

 

If you have recently made changes to your business, you most likely need to notify the state of the changes. What changes need to be reported to the state?

• Changes to the company name and/or address
• Changes to the registered agent/office information
• Changes to the director or member information
• Changes to the number of authorized shares
• Changes in any business activities of the company

If you have made any changes to your business, contact us and we will gladly assist you. 

http://smallbiztrends.com/2013/09/do-you-need-to-notify-state-of-changes-to-business.html

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

How to Report Tax Fraud:

Have you ever wondered how you would report tax fraud? If you suspect that someone has stolen your identity, has filed a fraudulent tax return or you are receiving fraudulent e-mails from the IRS, you need to report these activities immediately. The IRS has a section on their website that gives you information on how to report suspected tax fraud activities. If you have any questions about tax fraud, please contact us!
 http://www.irs.gov/Individuals/How-Do-You-Report-Suspected-Tax-Fraud-Activity%3F

Are Baby Boomers the Most Charitable Generation?

A recent article from the CPA Practice Advisor pointed out that Baby Boomers are the most charitable generation, donating more than 43% of all charity dollars! “When it comes to charitable giving, Baby Boomers are still the most active, even while at the same time they are looking at retirement and aging issues” (CPA Practice Advisor). This interesting article also points out that certain generations are more likely to give to certain charities. For example, the older generations are more likely to donate to veteran’s causes, while the younger generations donate more to children’s charities. Read the article below and tell us what you think!

http://www.cpapracticeadvisor.com/news/11109162/baby-boomers-lead-the-way-in-charitable-giving

What You Need to Know about Bankruptcy

Millions of people in the United States struggle with debt and long to be free of the burden of unpaid bills that they simply cannot pay. For some, there is the option of claiming bankruptcy. As defined by the Bing Dictionary, bankruptcy is the “legal inability to pay debts: the state of having been legally declared bankrupt”. When you declare bankruptcy, you are saying that it is impossible to pay off the debt you have. Although claiming bankruptcy can take away the stress and burden of debt, there are negatives to the process as well.  Claiming bankruptcy can clear some debts: credit cards, bills, certain loans. But it does not cover student loans, alimony, or child support. Also, claiming bankruptcy will negatively affect your credit score, and can prevent you from taking out a car loan or a mortgage.

 Bankruptcy is a process in which the individual or the business can eliminate their debts under the protection of the federal court. There are two types of bankruptcy: liquidation and reorganization. Liquidation is a means of converting assets into cash, which will pay off the outstanding debts. Reorganization is the process of organizing outstanding debts and coming up with a payment plan to pay back the debtors. The most common claims for individuals are Chapter 7 and Chapter 13. The following is a list of the different types of bankruptcy, provided by the US Courts website:

 ·    Chapter 7 is Liquidation
 ·    Chapter 9 is Adjustment of debts of a Municipality
 ·    Chapter 11 is Reorganization
 ·    Chapter 12 is Adjustment of debts of a family farmer or fisherman with regular income
 ·    Chapter 13 is Adjustments of debts of an Individual with regular income
 ·    Chapter 15 is Ancillary and Other Cross-Border Cases

 The following are links with more information on bankruptcy.
http://www.nolo.com/legal-encyclopedia/chapter-7-13-bankruptcy-basics-29829.html
http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx

 

 518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com 

IRS Cracking Down on Identity Theft

Identity thieves, beware. The IRS has opened more criminal investigations on tax-fraud cases this year than in 2012, and it’s only August. By assigning tax-fraud cases to more employees, the IRS has been proactive in cutting down on identity theft. Because of the focus on tax fraud investigations, the IRS has rejected almost 5 million suspicious tax returns. Click the link below to learn more.

http://www.accountingtoday.com/news/Criminal-Investigations-Identity-Theft-Increasing-IRS-67638-1.html