Money Issues Links
Social Security and OIG Hold 5th Annual National Slam the Scam Day
"As public servants, we must use every tool at our disposal to raise awareness and protect the American people against Social Security imposter scams," said Martin O’Malley, Commissioner of Social Security. "Scammers use fear and deception to scare people out of their critical benefits. We urge everyone to protect their personal information, remain vigilant, do not give money, and report any scam attempts to oig.ssa.gov.” Social Security scams -- where fraudsters mislead victims into making cash, gift card, or wire transfer payments to fix alleged Social Security number problems or to avoid arrest -- are an ongoing government imposter fraud scheme. Social Security impersonation scams have been one of the most common government imposter scams reported to the Federal Trade Commission." more »
IRS: Take Care When Choosing a Tax Return Professional, Ensure That Your Personal and Financial Information is Safe and Secure
"Review the preparer’s history. Check the Better Business Bureau website for information about the preparer. Look for disciplinary actions and the license status for credentialed preparers. For CPAs, check the State Board of Accountancy’s website, and for attorneys check with the State Bar Association. For enrolled agents go to IRS.gov and search for “verify enrolled agent status” or check the IRS Directory of Federal Tax Return Preparers. Ask about service fees." more »
2024 Tax Filing Season Set for January 29; IRS Continues to Make Improvements to Help Taxpayers
Here you'll find items of current interest — new programs, recent guidance or timely reminders.Tax Updates and News From the IRS: Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS announced a major policy change that will end unannounced visits to taxpayers by agency revenue officers to reduce public confusion and increase overall safety. The change reverses a decades-long practice by IRS Revenue Officers, the unarmed agency employees whose duties included visiting households and businesses to collect unpaid taxes. Effective immediately, the unscheduled visits will end except in a few unique circumstances. more »
IRS Reminds Those Aged 73 and Older to Make Required Withdrawals From IRAs and Retirement Plans by Dec. 31
Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. RMDs are taxable income and may be subject to penalties if not timely taken. For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023. New for 2023: The Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. more »