Letters from the IRS are already flowing into our office. Those guys will send a letter for just about anything! If you receive one of these love letters and you purchased one of our Tax Shields...don't sweat it, we got you covered! However, if you decided to roll the dice and didn't buy protection, it's gonna cost ya! General correspondence that just requires a written letter is only usually about $75, but more complex issues that require phone calls will run you a few hundred buckaroos. If you are lucky enough to be chosen for an audit, those fees might reach four figures.
There is a better chance your tax return will be audited this year than you having to use your house or car insurance your whole life. The IRS has 7 years to audit your 2016 tax return...
Order the 2016 Total Audit Package ($79) at the price of the Basic Audit Package for $49! This offer is valid until the 4th of July. E-mail firstname.lastname@example.org or call 414-545-1890 and use code SUMMERSAVER to protect your 2016 federal and state tax returns for only $49. Over the 7 year lookback period, that is only $7/year!
*Offer is not valid if you have already received 2016 correspondance from the IRS or State of Wisconsin prior to your purchase.
What lies ahead for you?
In late April, Treasury Secretary Steven Mnuchin and Gary D. Cohn, the director of Mr. Trump’s National Economic Council, laid out the bare bones of the Tax Reform Plan at the White House. While there was nothing really new laid out, this was the formal introduction of the plan that was suspected when Trump took office. Shortly after the election was over, we put together an E-Book, " Trump Tax", which you can download below. There have been many adjustments to the tax code over the years. The most important thing for you as a taxpayer is to be prepared to plan for changes that might effect your specific situation. We will keep you updated on all happenings of any changes, but it might be a good idea to start pondering how some of these changes might effect YOU.
Our Client Appreciation Contest now runs throughout the entire year. Each month we will draw a winner for gift cards and other great prizes, like the sweet new backpack pictured. Are you entered in the contest? Every referral that you send our way gets you 5 entries. You can also earn entries by giving us a review on Google, Yelp, or Facebook...that sounds pretty easy! Other ways to enter include: donating to MDA, taping a video testimonial, and more!
Even millionaires can get in trouble with the IRS. Each month we will highlight a relevant tax issue in the news.
This past April 2017, the IRS decided it had enough with Tori Spelling and Dean McDermott. Reportedly, their 2014 tax return resulted in an unpaid tax balance of $707,487.30. The couple had a lien placed on their account in 2016 and had failed to address the issue. So, the IRS took matters into their own hands and took all the money in Spelling & McDermott's bank accounts. Yes, as cruel as it sounds, the IRS is allowed to do this.
Hammernik Tip: Tax debt to the IRS can be daunting, but the worst thing you can do is ignore it. If this Hollywood couple would have contacted us, we could have prevented the IRS from emptying their bank accounts.
Do you know someone that cannot get the IRS off their back? Learn more about the process on our website and send them to us for a complimentary consultation.
The IRS is warning people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to the taxpayer in the mail but returned as undeliverable. The scam artist then threatens arrest if a payment is not made through a prepaid debit card. The scammer also tells the victim that the card is linked to the EFTPS system when, in fact, it is entirely controlled by the scammer. The victim is also warned not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made. EFTPS is offered free by the U.S. Department of Treasury and does not require the purchase of a prepaid debit card. Since EFTPS is an automated system, taxpayers won’t receive a call from the IRS.
If you are interested in learning more about tax scams, please listen to Nick Hammernik's interview on WUWM from March 2017. He warns that tax scams are a yearly cycle and they continue to evolve. It does not appear there is an end in sight anytime soon.
Is there a certain tax or financial topic you would like to see in next month's newsletter? Let us know!!
Hammernik & Associates
2448 S. 102nd Street #130
West Allis, WI 53227