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March 2018 Archives

IRS Releases Complete "Dirty Dozen" List of Tax Scams for 2018

The Internal Revenue Service (IRS) recently released its top-12 list of tax scams to watch for in the current tax year, an annual list called the "Dirty Dozen." Topping the list in 2018 are the perennial telephone and phishing scams, identity theft, and return preparer fraud. Also included are acts such as falsely padding deductions, making improper claims for business credits, and falsifying income. For the complete list and information from the IRS on how to protect yourself from tax scams, click here.

Estimated $1.1 Billion in Federal Refunds Awaiting 2014 Tax Return Filings

The Internal Revenue Service (IRS) estimates it is holding about $1.1 billion in unclaimed federal income tax refunds for approximately 1 million taxpayers who did not file a 2014 federal tax return. The deadline to file a 2014 return to collect any refund due is this year's tax deadline, Tuesday, April 17, 2018.

Disclose Your Foreign Assets Now - IRS Offshore Voluntary Disclosure Program Will End This Year!

For those taxpayers who may still be on the fence about whether to voluntarily disclose offshore assets, the time to decide is now! The Internal Revenue Service (IRS) has announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018.

IRS Warns Taxpayers about Aggressive Phone Scams this Tax Filing Season

The Internal Revenue Service (IRS) has included phone scams on its "Dirty Dozen" list of common tax scams for the 2018 filing season. Taxpayers should be aware of criminals posing as IRS agents and making threatening or aggressive demands for money through phone calls. According to the IRS, this is the time of year when they see a jump in the number of reports of scam phone calls threatening potential victims with arrest, deportation, or license revocation if payment demands are not met immediately.

Tax-Related Identity Theft on the Decline, but Stay Vigilant

The Internal Revenue Service (IRS) is keeping tax-related identity theft on its "Dirty Dozen" list of tax scams to watch for in 2018, despite a significant decline in this type of crime in recent years. Tax-related identity theft is the act of using a stolen taxpayer identification number to file a fraudulent tax return and claim a refund. In 2017, the IRS received 242,000 reports of identity theft, compared to 401,000 reports in 2016. This is due in part to the Security Summit partnership, launched in 2015, which has enacted various safeguards to prevent tax-related crimes. However, identity theft remains on the IRS' list of most common tax-related crimes. To read suggestions to protect yourself and your business from identity theft, click here.

Phishing Remains on the IRS "Dirty Dozen" List of Tax Scams in 2018

The Internal Revenue Service (IRS) kicked off its annual "Dirty Dozen" awareness campaign about common tax scams for 2018 with a reminder that phishing schemes are still a serious threat to personal information safety, and are evolving. The most recent variation on phishing (previously described here) involves an unexpected deposit into the bank account of a target. Criminals are filing fraudulent tax returns, and directing refunds to be deposited into real bank accounts of victims. The criminals then call the victim who received the deposit and demand the return of the funds as erroneous.

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