Tuesday, April 22, 2014

What’s in Your Social Security Account?


If you were to lose track of a prior-year tax return and suddenly needed it, where would you look? An unexpected place to check is your Social Security account. Every taxpayer should look at their Social Security records at least once every few years. Checking your Social Security account ensures that all wages and/or self-employment income you have earned has been recorded, and is correct, should you need those records in future years. You can check your Social Security account by clicking on this link, and answering a series of questions to identify yourself. Checking these records every few years is a good idea, as it allows time for you to catch mistakes while you still have records available, and it also can help with retirement savings. Reviewing your Social Security account about a decade before you retire is recommended, as it will allow you to see your Social Security contributions and plan ahead accordingly.
518 Arbor Hill Rd.
Kernersville, NC 27284
 Ph: 336-996-3338
 
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
 
 

Friday, April 11, 2014

When an Employee Loses a W-2…What Are Your Obligations?


As a best practice, accept requests for duplicate W-2s only in writing. It is very important to document the request for a duplicate W-2. When you issue a duplicate W-2, follow these steps:
1.      Type in the upper right-hand corner on each copy of the W-2 the phrase “REISSUED STATEMENT”.
2.      If you are mailing a W-2 to a former employee, photocopy the envelope and confirm that the copy shows the address used for the employee. Write on the copy the date that you mailed the duplicate.
To best protect your company and yourself, it is a good idea to have a duplicate W-2 request form. Below is a sample form provided by the American Institute of Professional Bookkeepers:
 
              Duplicate W-2 Request Form
 
   Date of request _________________________________
   Duplicate mailed for ______________________________
 
 
   If your address has changed, please give your new address:
   Name _________________________________________
   Street address __________________________________
   City______________ State ___  Zip _________________
 

If a W-2 is returned to you, keep it in the envelope. If the employee contacts you, put the returned W-2 in its original envelope into a second envelope and mail to the correct address. If the employee does not contact you, keep the returned W-2 in the original envelop for at least 4 years as proof that it was mailed by the federal deadline.
If you have any questions, please contact us!
 518 Arbor Hill Rd.
Kernersville, NC 27284
 Ph: 336-996-3338
 
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
 

Thursday, April 3, 2014

IRS Warns Taxpayers of Phone Scam in the Piedmont


The Internal Revenue Service has released a warning about telephone scams that sound like legitimate phone calls. Scammers are impersonating IRS employees and calling taxpayers stating that money is due. The scammers will then ask for your credit or debit account number or will ask you to pay with a prepaid money card. According to Mark Hanson from the IRS, “Somebody calls you and they have your name, they have your phone number, they have your social security number and they’ve also found a way to make caller ID make it appear like the call is coming from the IRS so it’s very convincing.” These scams have also been occurring through emails. The best thing to do is to not have any contact with the scammers at all. If you feel that your personal information has been compromised, you should file a report with your local law enforcement or with the Internal Revenue Service (the report can be found at www.irs.gov).
518 Arbor Hill Rd.
Kernersville, NC 27284
 Ph: 336-996-3338
 
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).