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Law Office of Steven F. Schroeder

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Law Office of Steven F. Schroeder

Mr. Schroeder is a California Bar Certified Attorney, Enrolled Agent, California Real Estate Broker with a background in tax, accounting, estate planning.
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A Recognized Authority

The Law Office of Steven F. Schroeder, PC is a firm focused on estate planning and taxation. For the past three years Mr. Schroeder has been named as one of the top estate planning and tax attorneys in CA by Orange Coast Magazine. He is one of approximately 400 of the 250,000 lawyers in California that is certified as a tax specialist by the California State Bar. AVVO has a

warded Mr. Schroeder a 10.0 rating – the highest rating given to practicing lawyers in the nation. Understanding your needs is Critical

You need an attorney/ tax advisor who understands your unique needs. Such an advisor should bring relevant experience from a wide number of fields to help you solve and anticipate potential problems. He must be a business person, an attorney, and a financial consultant with a strong accounting background who will be part of your team. That's our philosophy and that what we bring to you. Our work is custom tailored to fit your business and your personal needs. Let us take care of the legal issues and tax matters which can bog down your business and personal lives. Our approach begins with complete flexibility, plus a good dose of creativity and common sense. We will work with you as much as possible to reduce any and all costs. Or if you prefer, we can handle any or all phases of your legal needs. Good Service is the Cornerstone

An attorney is expected to provide prompt, timely service. He should be available by day and in emergencies at night. He should provide service that reflects the concern, and interest he has in his client's affairs. The attorney should consider each and every one of his clients to be his best client. He looks out for that client's best interests. These are the rules by which we run our practice.

09/03/2024

Late Summer Tax Checkup – Did You Know?

Every year, millions of Americans face the disappointment of an unexpectedly large tax bill in the spring. Often, those bills occur because people did not adequately plan for the tax impacts of their activities the previous summer. A late summer or early fall tax checkup can help you stay up to date with your payments, protecting you from disheartening April surprises.

Here are some key questions to consider when reviewing your tax situation:
- Did you take on a seasonal or part-time job for the summer?
- Did you earn summer income as a gig worker, freelancer or independent contractor?
- Did you receive other income not subject to tax withholding, such as interest or dividends?
- Did you sell valuable assets like antiques, cryptocurrency, artwork, jewelry, collectibles, stocks or musical instruments at a gain?
- Did your tax filing status change (for example, because you got married)?

Any of these circumstances could result in your regular paycheck withholding being insufficient to cover your tax obligations. You can use the IRS Withholding Estimator tool (link below) to check whether your payments are staying on track. If not, you may need to submit a new Form W-4 to your employer to request extra withholding, or make quarterly estimated tax payments. A tax professional can help you analyze your tax circumstances now, so you can make the right moves to bring about a favorable outcome later.

IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

08/26/2024

Summer Day Camp Expenses May Be Eligible for a Tax Credit – Did You Know?

Parents who paid for their children under the age of 13 to attend summer day camps may qualify to claim the Child and Dependent Care Credit on their 2024 tax returns. This credit provides assistance for parents who pay care expenses for a qualifying child so that they can work or seek work. You may also be able to claim the credit for day camp or other care costs for a dependent age 13 or older with a permanent disability. Note that expenses associated with sending children to overnight summer camps generally do NOT qualify for this credit.

To qualify for the Child and Dependent Care Credit, you must have earned income, and your adjusted gross income (AGI) must not exceed limits set by the IRS. Typically, the credit covers 20-35% of qualifying day camp or other childcare expenses, up to a maximum of $3,000 for one child or $6,000 for two or more children. Your exact credit amount may depend on factors such as your spouse's income and whether you received any reimbursement for childcare costs from a state agency or other source.

When claiming the Child and Dependent Care Credit, you generally must provide the name and taxpayer identification number (TIN) of the day camp or care provider on your tax return. In most cases, married taxpayers must file a joint return in order to get the credit, although exceptions exist for cases where spouses live apart. A tax professional can help you determine whether your summer day camp or other childcare expenses qualify for this valuable credit, and if so, help you maximize your credit amount.

08/21/2024

So, you are thinking of voting for Harris in November. You might want to reconsider after reading her/ Biden's economic proposals and how much it will ultimately cost you and your family. A few highlights, and why every small business owner and middle class American should vote against Harris in November.

1. Impose a 3.8% NIIT tax on S-Corporation profits, and limited partnership interests;

2. Increase the Medicare surcharge tax on households earning over $400,000 by 1.2% (from 3.8% to 5%);

3. Increase the top marginal tax rate from 37% on income over $731,200 for married couples to 39.6% on income of only $450,000, and this would be retroactive to tax year 2024;

4. Removal of long-term capital gains tax rates for households over $1MM, and before you say that is a lot, when you sell your house and have a gain on that sale it may push your income that year over $1MM, this would effectively make the long-term gain rate 43.4% FED and CA 13.3% (total 56.7%);

5. A big one for inheritances, treat transfers by gift or death, as a realization event, i.e., you will be taxed on any appreciation of property received via gift or inheritance; and

6. Tax unrealized gains on assets you have not sold, i.e., on stock, real estate, businesses you might own, etc., at a rate of 25%, and while this applies to individuals worth over $100MM, it will have a cascading affect on the stock markets and other equity markets like real estate.

08/21/2024

Bogus "Self Employment Tax Credit" – Did You Know?

Scammers have been spreading misinformation through ads and social media posts about a supposed Self Employment Tax Credit, which they claim people can use to get massive IRS refunds. In reality, no such credit even exists. The scammers charge fees to prepare tax returns, on which they actually file bogus claims for the specialized Credit for Sick and Family Leave, which was only available for 2020 and 2021.

In reality, only a small number of self-employed people who experienced very specific COVID-related circumstances qualify for the Credit for Sick and Family Leave. IRS personnel flag suspicious credit claims for investigation. In the end, people who get lured in by these scammers have to repay their tax refunds, with penalties and interest charges added. Meanwhile, the scammers disappear with the fees they collect to file false tax returns.

Remember, if a tax credit or tax refund claim sounds too good to be true, it usually is. A trusted tax professional can help you determine whether you missed any legitimate credits on your past tax returns, and if so, help you file amended returns to claim your refunds.

08/12/2024

Teachers: Make Sure to Save Receipts for Classroom Supplies to Get a Tax Benefit

If you are a teacher gearing up for the new school year, you may be able to reduce your tax bill by keeping records of your expenses. Classroom teachers and certain other school employees may qualify to deduct the cost of classroom supplies on their tax returns. The Educator Expense Deduction is an "above the line" deduction, which means that you may claim it even if you do not itemize deductions on your return.

Eligible teachers and classroom staff may deduct up to $300 in classroom expenses (up to $600 for joint filers who are both educators) for tax year 2024. Qualifying expenses may include the cost of typical school supplies like books, paper, writing utensils and rulers, along with athletic supplies for courses in health or physical education. You may also be able to deduct unreimbursed costs to participate in professional development workshops or courses.

You must maintain complete records of all deductible expenses, such as itemized receipts or invoices. A tax professional can help you determine whether you qualify for the Educator Expense Deduction, and if so, help you claim it on your tax return next spring.

08/06/2024

Checking Eligibility Before Transferring Clean Vehicle Credit to a Dealer – Did You Know?

For the first time in 2024, people who purchase or lease vehicles that qualify for the Clean Vehicle Credit (CVC) may transfer the credit to a registered seller (usually a dealership). The transferred credit may be used as a down payment, or exchanged for a reduction in the vehicle price. However, you may only claim and transfer a CVC if you meet the eligibility requirements.

Most importantly, for at least one the years 2023 and 2024, your adjusted gross income (AGI) must not exceed the limit for your filing status. The current AGI limits are $300,000 for joint filers, $225,000 for head of household filers and $150,000 for all other filing statuses. In addition, you must use any vehicle you purchase using a transferred CVC predominantly for personal (not business) purposes.

People who transfer a CVC to a vehicle dealer in 2024 must report the credit amount and verify their credit eligibility on their 2024 tax returns. Those with AGIs above the limit will need to repay the credit and may face added IRS penalties. Note that an invalid CVC must be repaid directly to the IRS by the person who claimed and transferred the credit, not by the vehicle dealer. A tax professional can help you determine whether you qualify for the CVC, and if so, whether transferring your credit to a dealer makes sense for you.

07/31/2024

Disaster Tax Relief Available – Did You Know?

People who live in areas affected by federally declared disasters like hurricanes, wildfires, flooding and severe storms may qualify for special tax relief programs. The most common forms of relief offered include extended deadlines to file and/or pay taxes, along with free access to copies of past returns for those who lost critical records.

There is typically no need to apply for these programs, as the relief is granted automatically to all eligible people. The IRS Disaster Relief webpage (link below) can help you determine whether you qualify for deadline extensions, or other benefits that make the road of recovery a little easier to navigate.

IRS Disaster Relief Page: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

07/23/2024

Standard Mileage Rates for 2024 – Did You Know?

Below are the 2024 standard mileage rates for vehicle uses that qualify for a tax deduction. These rates apply for most passenger vehicles, including cars, vans, SUVs and pickup trucks.

- 67 cents per mile for business use of a vehicle (1.5 cents increase from 2023)
- 21 cents per mile for certain medical purposes or moving purposes for qualified active-duty Armed Forces members (1 cent decrease from 2023)
- 14 cents per mile for vehicle use for qualifying charitable work (unchanged)

In most cases, taxpayers who qualify to claim a vehicle expense deduction may either use the standard mileage rate or actual expenses to figure their deduction. However, if you use your car or truck for business, you generally must use the standard rate for the first year you put the vehicle in service if you want to preserve this option for future years.

A tax professional can help you determine whether the standard mileage rate or actual expenses will result in a larger deduction in your circumstances. Keep in mind that if you choose to deduct actual expenses, you will need to keep detailed records of all vehicle-related costs.

07/16/2024

Transferring a Clean Vehicle Credit May Increase Your Tax Benefit – Did You Know?

Beginning in 2024, people who qualify for the Clean Vehicle Credit may transfer the credit to a registered dealership as a down payment, or in exchange for a discounted vehicle price. Vehicles eligible for the CVC include many fully electric cars and trucks (EVs), plug-in hybrids (PHEVs) and vehicles powered by fuel cells. Transferring a CVC to the vehicle seller will enable you to receive an immediate benefit from the credit, instead of having to wait to claim the credit on your 2024 tax return.

Some people will also receive a larger credit amount by transferring their CVCs. Since the CVC is not refundable, you cannot claim a credit amount on your tax return greater than the tax you owe. However, this restriction generally does not apply to transferred CVCs. Therefore, transferring your CVC may help you receive the maximum credit amount available. A tax professional can help you determine whether transferring a CVC to the vehicle seller would work to your advantage.

07/08/2024

BOI Filing Requirement Scams - Did You Know?

Beginning in 2024, many businesses must file new beneficial ownership information (BOI) reports, which identify owners who exert control over and/or hold a significant financial stake in the company. Reporting companies must file these forms with the Treasury Department's Financial Crimes Enforcement (FinCEN).

Unfortunately, scammers are using this new filing requirement to attempt to steal money and sensitive information from businesses. If your business receives a message about a supposed FinCEN reporting obligation, examine it carefully and look for these telltale signs of a scam:

- Any request for payment: FinCEN does not charge a fee to file BOI reports.
- Messages with links to click on or QR codes to scan: Authentic FinCEN messages will not have these features.
- Any reference to an "Important Compliance Notice," "Form 4022" or a "U.S. Business Regulations Dept.": FinCEN does not use this terminology, and no such form or department exists.

Do not respond to any suspicious message requesting money or BOI from your company. If you are unsure whether a message is legitimate, contact FinCEN directly (fincen.gov) for more information.

07/03/2024

Newlyweds Have Special Tax Considerations – Did You Know?

If you get married in 2024, you may need to update your tax planning and report new information to the IRS and Social Security Administration (SSA). In particular, newly married couples should:

- Report any name changes to the SSA and get a new Social Security Card (link below)
- Report any address changes to the IRS and the U.S. Postal Service
- Recheck their paycheck withholding and/or estimated tax payment amounts. Marriage can affect your tax rate, as well as your deductions and credits. You can use the IRS Withholding Calculator (link below) to make sure you are staying on track.

One of the biggest tax decisions you will need to make as a newly married couple is whether to file separate returns or file jointly. A tax professional can help you determine which status is most advantageous for you.

Social Security Administration: https://www.ssa.gov/myaccount/
IRS Withholding Estimator: https://apps.irs.gov/app/tax-withholding-estimator

06/26/2024

Summer Jobs - Did You Know?

If you're currently working at a summer job or know a teen or student who is, here is a useful tax-saving tip:

Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.

However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.

In the case of lawn care, potential deductible expenses may include: business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc.

06/17/2024

Summer Home Upgrades and Kids' Activities May Bring Tax Benefits – Did You Know?

Some projects and activities that people typically undertake in summer may qualify for 2024 tax credits. For example, upgrades to keep your home cool and comfortable may be eligible for clean energy or energy efficiency credits. Examples of potentially qualifying improvements include Energy Star-rated windows and doors, solar-powered water heaters, and new central air conditioning units or ventilation systems. More information about these programs may be found on the IRS Home Energy Tax Credits webpage (link below).

In addition, if your children attend summer camps, day camps or childcare programs so that you can work, the Child and Dependent Care Credit may enable you to reclaim some of the cost. A tax professional can help you determine whether you qualify for these or other tax-saving programs, and if so, help you properly document expenses to preserve your eligibility.

Home Energy Credits: https://www.irs.gov/credits-deductions/home-energy-tax-credits

06/10/2024

Overseas Tax Filing & Quarterly Installment Deadlines

If you are a U.S Citizen or Green Card Holder living abroad and have not filed your taxes yet, the deadline is coming up on Monday, June 17th, 2024.

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is also June 17th.

For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

06/04/2024

Letters from the IRS - Did You Know?

If the IRS needs to contact a taxpayer, the agency will generally send a letter in the mail rather than emailing or calling. Taxpayers may receive IRS letters for many reasons, including:

- The taxpayer owes tax and did not pay it with their return or set up a payment plan.
- The IRS has a question about a tax return or needs more information to process it.
- The IRS has made an adjustment to a tax return or refund amount.
- The IRS needs to verify a taxpayer's identity.

If you receive an IRS letter in the mail, do not ignore it, but also do not panic. Some IRS notices do not require the taxpayer to take any action, while others advise the taxpayer of an issue that can be readily resolved. In many cases, you will not need to respond to the letter. For example, if an IRS notice simply informs you of a minor change made to your return or your refund amount, you can just file it with your tax records for future reference.

However, if the letter asks you to provide the IRS with additional information, you should respond as quickly as possible. Pay special attention to whether the notice includes a deadline to respond. Taxpayers who fail to reply to an IRS letter by a specified deadline may face penalties or forfeit their appeal rights.

You have the right to appeal any IRS decision about your tax return or the amount of tax you owe. If you do not understand an IRS notice or believe the IRS has made an error, a tax professional can help you figure out the situation and plan your next steps.

05/29/2024

National 529 Day - Did You Know?

If you put money in a 529 account for education, withdrawal of earnings are tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or partial tax deduction for 529 plan contributions. They may also offer incentives and promotions to encourage families to open and contribute to 529 accounts today on National 529 Day.

The Tax Cuts and Jobs Act (TCJA) also expanded eligibility for 529 savings plans. Up to $10,000 per year may be used for Kindergarten through Grade 12 education (public, private, or religious schools).

05/21/2024

U.S. Citizens and Residents Living Abroad - Did You Know?

Generally, U.S. citizens and resident aliens must pay federal tax on their worldwide income, including income received while living outside the country. Even those who qualify to exclude foreign earned income for tax purposes, or to claim a credit for taxes paid to other countries to offset their U.S. tax liability, generally must still file a federal tax return.

People living abroad typically qualify for an automatic two-month extension to file, meaning that they may file their 2023 federal tax returns anytime through June 17, 2024. However, this extension applies only to filing, NOT to taxes owed. The IRS will generally add interest charges to any tax amounts not paid by the standard April filing deadline.

Remember also that if you own or control financial accounts based outside the U.S., you may need to report not only the income from those accounts, but also the account balances on your tax return. You may also have to file a special Foreign Bank Accounts Report (FBAR) form. You cannot include the FBAR with your tax return, as it must be filed with a different treasury department than the IRS. A tax professional can help you file your tax return and all other required reporting forms by the appropriate deadlines electronically, to ensure rapid processing.

05/15/2024

I have heard a lot lately, mainly from "mainstream media" that illegal immigration is good for the economy. Outlets like the Huff Post will publish articles like "As Lawmakers Debate Border, Immigrants Set To Add $7 Trillion To Economy". They focus only on the revenue generated and ignore the costs.

Based on the Center for Immigration Studies though, "While illegal immigrants often receive other services for their U.S.-born children, even when we estimate the net fiscal impact of just the illegal immigrants themselves, excluding their U.S.-born children, we still find they create a lifetime net fiscal drain of $68,000 on average (taxes paid minus benefits received).

From January 20, 2021 through September 30, 2023, there were nearly 6 million illegal alien encounters and nearly 1.7 million "gotaways".

Based on the above, Biden's immigration policy will cost American taxpayers roughly $523 billion. There are roughly 160 million individual taxpayers. This works out to roughly $3,200 per taxpayer, and it will only get worse.

05/13/2024

Clean Vehicle Credit Dealer Transfer – Did You Know?

As of January 1, 2024, people who buy or lease cars or trucks that qualify for the Clean Vehicle Credit (CVC) may transfer the credit to an eligible seller (usually a dealership). The transferred credit may be used as a down payment, or exchanged for a reduction in the vehicle price. Eligible vehicles include many fully electric cars and trucks (EVs), plug-in hybrids (PHEVs) and vehicles powered by fuel cells.

To transfer the credit, you must present a government-issued photo ID, and provide the seller with information including your current address and valid taxpayer ID number. You will also need to sign a certification of eligibility for the CVC, along with pledges to file a 2024 tax return and to use the vehicle primarily for personal (not business) purposes within the U.S.

In turn, the dealer must certify that the vehicle meets IRS standards for the CVC, and provide you with documentation of the date of sale, selling price and other vehicle information. Store these documents securely, as you will need to refer to them when filing your federal tax return for 2024. A tax professional can help you determine whether transferring a CVC to the vehicle seller would make sense for you.

05/06/2024

Unclaimed 2020 IRS Refunds Deadline – Did You Know?

The IRS has issued a reminder that time is running out to claim your 2020 tax refund if you did not file a 2020 federal return. The deadline to file a 2020 IRS return and claim your refund is May 17, 2024. Filing a missed 2020 return may also qualify for the Earned Income Tax Credit (EITC), Recovery Rebate Credit or other credits if you meet the requirements.

Unclaimed IRS refunds refer to money that is owed to taxpayers by the IRS but has not been claimed. This can happen for a variety of reasons, such as incorrect mailing addresses, changes in phone numbers, or simply overlooking the refund.

By law, there is a limited three year window to claim a refund. After that date, unclaimed 2020 federal tax refunds will become the property of the U.S. Treasury.

04/29/2024

Amended Tax Returns – Did You Know?

After filing their tax returns, people may sometimes realize that they made a mistake like missing a deduction, adding incorrectly or choosing the wrong filing status. In some cases, fixing the mistake may require filing an amended return that shows both the originally reported figures and the corrected ones. However, for some errors, filing an amended return is not necessary.

For example, if you made a minor math mistake on your return, IRS personnel will generally just fix the error and send you a notice explaining any resulting change to your refund or tax due. Similarly, if you neglected to include a required form with your return, the IRS will typically just send you a letter requesting that form. In these cases, filing an amended return would actually only cause confusion and further delay the processing of your refund.

For other mistakes, you can use the IRS "Should I File an Amended Return?" tool (link below) to determine whether filing an amended return is required. If you just want to check the status of your return and/or refund, you can use the "Where's My Refund?" tool.

Should I File An Amended Return? https://www.irs.gov/help/ita/should-i-file-an-amended-return

Where's My Refund? https://www.irs.gov/wheres-my-refund

04/23/2024

Tax Refund Myths and Realities – Did You Know? (1/2)

Taxpayers who are owed a 2023 tax refund naturally want to know how quickly that refund will come. Unfortunately, a lot of myths and half-truths about IRS refunds circulate online, giving people false expectations or leading them to waste time on unnecessary steps. Here are two key facts you need to know to avoid falling for the rumors.

- Calling the IRS will generally not yield more information about your refund. You can get the most up-to-date information about your refund status nearly around the clock by using the online Where's My Refund tool (link below) or by calling the automated refund hotline at 800-829-1954.

- The Where's My Refund Tool cannot always give a refund date. Some taxpayers may believe something is wrong if this tool does not display a mailing or deposit date for their refunds. Although the IRS issues many refunds within 21 days, some returns take longer to process. You will get a refund date once the IRS finishes reviewing your return.

IRS Where's My Refund tool: https://www.irs.gov/refunds

04/15/2024

Filing Extensions and Minimizing Penalties – Did You Know?

Taxpayers who request an extension to file their 2023 federal income tax returns have until October 15th, 2024. However, an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 15th payment deadline may be subject to late penalties and interest charges.

Electronic payments may be made using the IRS online payment portal (link below). The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.

If you are required to file, you should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.

IRS Online Payment Portal: https://www.irs.gov/payments

04/11/2024

Tax Filing Misinformation and Scams – Did You Know?

Every filing season, the IRS sees a surge in tax-related scams, including widespread circulation of false statements about tax laws and refunds across the internet. Several currently trending myths encourage people to file IRS forms with bogus information, setting up unsuspecting readers to face IRS, civil or even criminal penalties.

For example, scammers recommend using software to fill out extra W-2 (Wage and Tax Statement) forms, with false income and withholding figures attributed to made-up employers. Other scams involve inventing fictitious household employees, then claiming that those employees were paid substantial medical leave benefits. The promoters of these fraudulent practices claim people can use the schemes to "legally" obtain large IRS refunds.

In reality, IRS personnel carefully check W-2s and other tax forms against information reported by employers and other entities and individuals. Submitting false documents to the IRS can trigger very serious consequences, even if the person who filed the forms believed they were following legitimate advice. To avoid getting lured in by scammers, seek tax guidance only from a trusted tax professional.

04/09/2024

Tax Filing & Quarterly Installment Deadline on April 15

The tax filing and payment deadline is coming up on April 15, 2024 (April 17 in Maine and Massachusetts). Note, however, that some residents of regions affected by federally declared disasters have extended deadlines to pay their 2023 taxes. Check the IRS Disaster Relief page (link below) to see if you qualify for an extension.

If you are required to make quarterly installments, the first payments for the January 1 – March 31 quarter are also due on April 15th.

IRS Disaster Tax Relief Info: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

04/04/2024

Tax Saving Opportunities for New Parents

If you welcomed a new child into your household in 2023, then you may qualify for one or more valuable tax credits that could significantly reduce your tax or increase your refund. In order to claim these benefits, you generally must first obtain a taxpayer ID number for your child. For most credits, that number must be a Social Security number (SSN), but in some cases you can use an individual taxpayer ID number (ITIN) or adoption taxpayer ID number (ATIN) instead.

Many people with children qualify for a Child Tax Credit (CTC) of up to $2,000 per child, of which up to $1,600 may be refundable as the Additional Child Tax Credit. Meanwhile, the fully refundable Earned Income Tax Credit (EITC) has significantly higher maximum credit amounts and income limits for people with children than for those with no children.

If you paid child care expenses in 2023 so that you could work or seek work, you may also be eligible for the nonrefundable Child and Dependent Care Credit. Other nonrefundable credits available to qualifying parents include the Credit for Other Dependents and the Adoption Tax Credit. A tax professional can help you find and claim all the tax benefits you qualify for, and file your return electronically to get your refund as quickly as possible.

04/02/2024

IRS Online Account Setup Scams – Did You Know?

Each year, the IRS issues a list of the most prevalent scams that put taxpayers' identities and hard-earned money at risk. Some dangerous scams relate to IRS online accounts. Many taxpayers find that setting up an online account helps them stay on top of their taxes and make better planning decisions. Unfortunately, this IRS service has also drawn the attention of digital scammers.

In one common scheme, the scammer contacts a taxpayer, posing as a representative of a supposedly helpful service for people with limited computer skills. The scammer offers to help the taxpayer set up an online IRS account, asking for sensitive information like the taxpayer's address, photo ID, and Social Security number (SSN) or Individual Taxpayer Identification number (ITIN). The scammer then sells this information to criminals, who use it for tax fraud and other forms of identity theft.

The IRS warns taxpayers that ANY such offer is a scam. Most people can readily set up their own IRS online accounts by following the instructions at irs.gov. If you do need help, only seek it from a trusted person, like a family member or tax professional.

IRS Online Account: https://www.irs.gov/payments/your-online-account.

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