Did You Receive IRS eMail ?

Beware Of Phishing Web Sites that send IRS look alike Logos in Emails for following reasons:
1. To Steal Tax payer Identity
2. To Obtain Personal Information about Tax Payer
3. To gain Financial Info. about Tax payers
4. End Result is that the Security Of the Tax payer's Bank and Credit/Debit Card Account is compromised 

IRS advises Tax payers to do the following:
o Don't Reply the Message.
o Don't Open Attachments
o Don't Click on any links in the eMail.
o Report Suspicious eMails to phishing@irs.gov

Note: IRS doesn't communicate with Tax payers using eMails or Social Media to request Financial or Personal Information.  IRS Only Communicates through then US mail.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

IRS 2012 Tax Program Update...

The New Tax law was passed on Jan 2, 2013 and since then following events have occurred:

1. IRS started accepting eFile returns by Jan 30, 2013 rather than customary Jan 15, of the current year.
2. Certain returns with Education credits, and Depreciation are beginning to be processed by  Feb15, 2013.
3. Estimated Tax Payments forms 1040-ES will be processed beginning Feb 20, 2013.  

Other Tax Programs are being constantly updated as IRS begins to process current year returns. and the industry reacts to all the changes in the new tax law.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

Dirty Dozen Scams : #10, #11, & #12

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

# 10 Zero Wages  - Typically Form 4852 (Substitute For W-2) or Corrected "1099" is used to Improperly reduce taxable Income to Zero. Taxpayer might submit statement rebutting wages and taxes reported by payer to IRS. Fraudulent tax payers explain on Form 4852 that company has issued erroneous W-2 and refuse to correct it for fear of IRS retaliation. Taxpayers should not participate in such schemes.  Such Filings may result in $5000 penalty.

#11 Trust Misuse - Unscrupulous Promoters have for years asked taxpayers to transfer assets in to trusts to shelter or evade income tax. While many such transfers are legitimate, some highly questionable transactions promise reduction of Income subject to taxes, less deductions, and reduced gift or estate taxes.  Such trusts rarely promise what they deliver and avoid income tax or shelter income illegitimately. Recently IRS has stepped up activities to monitor Annuity and Foreign trusts to shift Income & deduct personal expenses.  Seek a trusted Professional before entering such trust arrangements.

#12 Fuel Tax Credit Scams - IRS receives claims for excessive Fuel Tax Credits.While some farmers who use fuel for off-highway business purposes, are eligible for fuel tax credit, other Individuals claim tax credit for nontaxable uses of fuel when their occupations & income levels make such claims unreasonable. Fraud involving Fuel Tax Credit is frivolous tax claim and can result in $5000 penalty.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

IRS Dirty Dozen Tax Scams: # 9 Disguised Corporate Ownership

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

# 9 Disguised Corporate Ownership  - IRS Continues to monitor Corporate and other disguised entities formed and operated in certain states by requesting Employer Identification Numbers through third parties. Such entities under report income, take fictitious deductions, don't file tax returns, participate in listed transactions, launder money, and even finance terrorist activities. IRS is working with state authorities to bring such entities into compliance with us tax laws.

For Q & A, Call Kash @ Yajnik & Mehta Associates (925) 963 4891

IRS - Dirty Dozen Scams: # 8 Abusive Retirement Plans

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

# 8 Abusive Retirement Plans  - IRS Continues to discover Retirement Plan Abuses in Roth IRA and IRA Accounts. The Service is looking for taxpayers who avoid the limits on contribution and transactions that are not properly reported as early distribution. Beware of advisers who shift Assets into IRA at less than Fair Market Value and try to circumvent the annual contribution limits. Some LLCs engage in activity that is considered prohibited.

For Q & A call Kash @ Yajnik and Mehta : (925) 963 4891

Dirty Dozen Tax Scams: #7 Abuse Of Chartitable Organizations and Deductions...

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

#7 Abuse Of Charitable Organizations and Deductions  - IRS Continues to observe misuse of tax -exempt organizations.  This abuse includes arrangements to improperly shield income and or Assets from taxes and attempts by donors to maintain control over the donated property or income. This area includes donation of non-cash assets and claim the full value of the donated items on receipts and distribution of non-cash donated assets. The Pension Protection act of 2006 imposes increased penalties for inaccurate or inflated appraisals. It also seeks to set definition of qualified appraisers for tax payers claiming charitable deductions.

For Q & A Call Kash @ Yajnik and Mehta Associates, M: (925) 963 4891

Dirty Dozen Tax Scams: #6 NonTaxable Social Security With Large Witholding Credit

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

#6 Nontaxable Social Security Benefits with Exaggerated withholding Credit  - Taxpayers report nontaxable Social Benefits with Excessive withholding. The net result is no reported income to the IRS on the Tax return.  Often the withholding amount and the reported Income are both Incorrect. Tax Payers are advised Not to file such returns. Filing such Tax Returns may result in $5000.0 Penalty.

For Q & A, call Kash @Yajnik And Mehta Associates - (925) 963 4891