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IRS Tax Return Data Breach – Will This Impact You?

Over 100,000 taxpayers’ tax return information was taken from the IRS data and traced to somewhere in Russia.  The criminals used an online tool provided by the IRS through which taxpayers are able to obtain transcripts of their previously filed tax returns.  This service is called “Get Transcript” and is available to anyone that has the right information to access an individual’s transcripts.  Unfortunately, the information needed to access this service is readily available from other online sources.

$1 Billion Available in Unclaimed Tax Refunds

Every year the IRS reports around $1 Billion in refunds that are available for individuals who did not file a tax return with half of these refunds are more than $600. Maybe you decided not to file thinking that you don’t itemize and/or your employer is withholding tax so you don’t need to file.

If this is the case, you might want to consider the following reasons to file a return:

When to Seek Assistance from Your Accountant

If you wait for your regular appointment to discuss current tax-related issues, it might create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. If you have a substantial change in taxable income or deductions, by contacting our accounting office to discuss those changes would be beneficial to you in the long run. We can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.

Shrinking Talent Pool Posing Challenges For Local CPA Firms

If your local Orlando business is having a hard time finding an affordable accounting firm to work with, you’re not alone. According to a recent article in the Orlando Business Journal, large Orlando accounting firms who would like to increase their staff are having trouble finding new hires and retain old ones due to the smaller pool of local professionals.