Hill, Stonestreet & Co.

11/26/2024

ATTENTION:

Beneficial owner information reports are due by December 31st if your business was in existence before 2024. Single member LLC's, multi member LLC's, S corporations and C corporations that are not exempt must disclose beneficial ownership.

If you started your business in 2024, they are due within 90 days.

Go to https://boiefiling.fincen.gov

There are civil penalties for non-compliance of $591 per day. The criminal penalty is up to 2 years in prison.

02/17/2022

The IRS isn't responding timely to written correspondence from taxpayers or tax professionals who are representing their clients. Mailings continue to pile up or remain unanswered. What is worse is that they keep issuing automated notices which, most of the time, end up coming from an IRS office different than the original notice. It is counterproductive for us to respond to subsequent notices because our original letters have not been opened and a response to a different IRS office creates a new case number on the same issue.

It is just as frustrating for us as it is for taxpayers. Unfortunately, with the pandemic and the limited staff at the IRS, we can only be patient and hope they can catch up some day.

02/14/2022

The IRS has 6 million unprocessed tax returns from 2020 still. If you are still waiting for a refund, agency officials have stated they cannot even provide a time frame for when the returns will be processed or when funds will be sent out.

01/24/2022

E-filing opens today.

02/02/2021

https://www.cincinnati.com/story/news/2021/01/31/unemployment-fraud-1099-tax-forms-error-identity-theft-ohio/4266132001/?fbclid=IwAR2fUsIIOcOqsyYWTYQy7R2nnYazceSlH7AuHLKEv5InEpnVSuNXaxRDw_g

Most victims of unemployment fraud are just finding out now with tax forms coming in the mail.

01/30/2020

IRS TIPS RELATED TO PRIVATE TAX-DEBT COLLECTION FIRMS:

The agency started using private companies in 2017 to collect inactive tax receivables. Before being called by a private collector, affected taxpayers should receive two letters, one from the IRS notifying recipients that their tax accounts were transferred to a private collector and a second written correspondence from the collection firm. IRS currently uses four private collectors: CBE, ConServe, Performant and Pioneer.

10/24/2019

BE ON THE LOOKOUT FOR NEW VERSION OF SSN SCAM

In the latest scam related to social security numbers, scammers claim to be able to suspend or cancel the victim's SSN. It's another attempt by con artists to frighten people into returning 'robocall' voicemails.

Scammers may mention overdue taxes in addition to threatening to cancel the person's SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up.

Here are some telltale signs of this scam. The IRS and its authorized private collection agencies will never:

* Call to demand immediate payment using a specific payment method such as a prepaid debit card, iTunes gift card or wire transfer. The IRS does not use these methods for tax payments.

* Ask a taxpayer to make a payment to a person or organization other than the U.S. Treasury.

* Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.

* Demand taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed.

Taxpayers who don't owe taxes and have no reason to think they do should:

* Report the call to the Treasury Inspector General for Tax Administration

* Report the caller ID and callback number to the IRS by sending it to [email protected]. The taxpayer should write "IRS Phone Scam" in the subject line.

* Report the call to the Federal Trade Commission. When reporting it, they should add "IRS Phone Scam" in the notes.

07/01/2019

Our offices will be closed on Thursday July 4th and Friday July 5th.

06/18/2019

There are two new IRS impersonation telephone scams. In one, thieves posing as IRS employees tell victims they owe back taxes and must pay up fast or their Social Security numbers will be suspended or canceled. (I received this one.) The second involves the mailing of letters threatening liens or levies for unpaid taxes. The letters reference the "Bureau of Tax Enforcement," which does not exist.