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IRS NOTICES

Don’t Panic! Eight Things to Know If You Receive an IRS Notice 
 
IRS Tax Tip 2010-73The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices – just in case one shows up in your mailbox.

*I feel the need to emphasize MAILBOX, because the IRS does not have email. Therefore, if you ever receive an email from someone claiming to be representing the IRS it is fraudulent. This is a new wave of internet phishing emails that has recently surfaced.*

  1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
  2. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
  3. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
  4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
  5. If you agree with the correction to your account, then usually no reply is necessary unless a payment is due or the notice directs otherwise.
  6. If you do not agree with the correction the IRS made, it is important that you respond as requested. You should send a written explanation of why you disagree and include any documents and information you want the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
  7. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry.
  8. It’s important that you keep copies of any correspondence with your records.

 

As a benefit of being a client of Calibrate™ we offer all of our clients Government Representation. We ask that if you receive a Notice from the IRS or the Department of Revenue that you forward the notice to us immediately.

 We will respond to ALL notices within 5 business days, we will work to resolve the matter, and if necessary we will meet with the IRS or Department of Revenue on your behalf.

Posted on Monday, May 10th, 2010 at 5:19 pm
Filed under: Informational by Amy Malerba
No Comments »

Haiti Donations

Ten Facts About Claiming Donations Made to Haiti
 

Special Edition Tax Tip From the IRS

 

If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Here are 10 important facts the Internal Revenue Service wants you to know about this special provision.

1. A new law allows you to claim donations for Haitian relief on your 2009 tax return, which you will be filing this year.

2. The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.

3. To be eligible for a deduction on the 2009 tax return, donations must be made after Jan. 11, 2010 and before March 1, 2010.

4. In order to be deductible, contributions must be made to qualified charities and can not be designated for the benefit of specific individuals or families.

5. The new law applies only to cash contributions.

6. Cash contributions made by text message, check, credit card or debit card may be claimed on your federal tax return.

7. You must itemize your deductions in order to claim these donations on your tax return.

8. You have the option of deducting these contributions on either your 2009 or 2010 tax return, but not both.

9. Contributions made to foreign organizations generally are not deductible. You can find out more about organizations helping Haitian earthquake victims from agencies such as the U.S. Agency for International Development ( www.usaid.gov).

10. Federal law requires that you keep a record of any deductible donations you make. For donations by text message, a telephone bill will meet the record-keeping requirement if it shows the name of the organization receiving your donation, the date of the contribution, and the amount given. For cash contributions made by other means, be sure to keep a bank record, such as a cancelled check or a receipt from the charity. Receipts should show the name of the charity, the date and amount of the contribution.

For more information see IRS Publication 526, Charitable Contributions and Publication 3833 , Disaster Relief: Providing Assistance through Charitable Organizations. To determine if an organization is a qualified charity visit IRS.gov, keyword “Search for Charities”. Note that some organizations, such as churches or governments, may be qualified even though they are not listed on IRS.gov.

Source: http://www.irs.gov/newsroom/article/0,,id=218679,00.html

Posted on Friday, January 29th, 2010 at 4:40 pm
Filed under: Informational by Amy Malerba
13 Comments »

Holiday Fraud

At CALIBRATE CPAs we are always fine tuning and refining our processes, along with this we have to remind ourselves of the basics to protecting our personal and professional identities.

As we are in the thick of the Holiday Shopping Season we wanted to remind you of a few tips to safeguard against FRAUD.

Here are steps you can take to guard against fraud.

* Photocopy credit cards and other important documents that you keep in your wallet. Use the copies to notify your bank and credit card companies if your wallet is lost or stolen. Then cancel the cards and put a hold on all charges.

* Always review your bank and credit card statements to make sure the charges are legitimate. Notify issuers immediately of any unauthorized entries. Then consider changing your account number or canceling the card.

* Shred statements or receipts before disposing of them.

* Never give personal information to an unsolicited caller. Scammers can falsify names and numbers that appear on your caller ID. Look up the company’s number to make sure it’s legitimate; then call back if you wish.

* Don’t open e-mail attachments from unknown parties, and don’t respond to unsolicited e-mail requests for personal information.

* Avoid writing down your PIN or passwords, and shield the numbers when using ATMs or similar machines. Even if nobody is nearby, thieves may have affixed hidden cameras.

* Protect your computer with a firewall, anti-virus software, and an anti-spyware program and update them.

* Finally, just use common sense. If the deal seems too good to be TRUE, than IT IS…

Calibrate wishes you a continued Holiday Season…

Posted on Tuesday, December 8th, 2009 at 1:25 pm
Filed under: Informational by Amy Malerba
12 Comments »

Welcome to Our Blog

Welcome to the first-ever Calibrate Blog! Over the years we’ve kept in communication with our clients through regular mailings about due dates and mailed or e-mailed newsletters, now we’re adding another mode of communication… the Blog.

We’re hoping this will be another great resource for you! It’ll be our way to continue to stay in touch and another measure in our continual quest of helping you “Fine Tune Your Financials!”

Posted on Monday, November 9th, 2009 at 2:37 pm
Filed under: General by Amy Malerba
8 Comments »


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