Showing posts from February, 2020

IRS "Beefs Up" Identify Theft Resources for Tax Professionals and Clients

The IRS has announced the launch of "Identity Theft Central", a resource designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses. The resource provides information on how to report identity theft, how taxpayers can protect themselves against phishing, online scams and more. It is located on the IRS website and is available 24/7.
The IRS, state tax agencies and the nation’s tax industry, all working in partnership under the Security Summit banner, have made substantial progress in the fight against tax-related identity theft since 2015. However, thieves are still constantly looking for ways to steal the identities of individuals, tax professionals and businesses in order to file fraudulent tax returns for refunds. As a part of the effort to help educate and improve protections for taxpayers, tax professionals and businesses, the IRS has redesigned the information into a new, streamlined pag…

Did your business recently receive Summary of Account Notice from the FTB? Not to Worry

In late January/early February 2020, we began mailing FTB 3713 Summary of Account Payments, Transfers, and Credits to business entities who made an Estimated Tax Payment(s) or Estimated LLC Fee payment during the 2019 tax year.

This account summary provides:

• Payment

• Transfer

• Credit information

• Payment amounts and effective dates

The notification letter provides the same data available internally to FTB call center agents and proactively addresses the most common reason tax professionals contact the Tax Practitioner Hotline: calling to verify payments.

For 2020, the FTB added “This is Not a Bill” to the top of the letter for added clarity and to discourage recipients from remitting payment with the notice. Finally, payment information is also available online to businesses and their tax representatives who register for a MyFTB account.

Contact Wilson Tax Law Group at949-397-2292if you have IRS or FTB tax concerns.