IRS Updates: What You Need to Know

Tax season is here! Cray Kaiser knows that taxes are complicated and overwhelming. Let us help you by staying on top of the constantly changing news and tips about how to make taxes as worry-free as possible. Here are a few important IRS updates:

Fraud is on the Rise for Businesses

In the past few years, tax fraud has become a massive problem for both businesses and individuals. Throughout 2017, the IRS reported a huge increase in the number of fraudulent tax returns they received. The fraudulent returns came from all types of returns, including corporations, partnerships, and even estate and trust returns. As a business owner, you should be on high alert for signs that your business has been impacted by fraud. Some warning signs that you may have been targeted include:

  • A rejected electronic filing notification due to your EIN or social security number already used on a tax return
  • An unexpected tax transcript receipt
  • An IRS notice that doesn’t correspond to anything you’ve filed

Easily Check Your Refund and Extension Status

You’ve filed your taxes and are now eagerly anticipating your refund or waiting to see if your filing has been approved. The IRS has made it easier than ever to check the status of your refund. Here’s how:

To check the status of your 2017 tax refund: Log into using your social security or EIN number, filing status, and exact refund amount. In the majority of circumstances, the IRS issues refunds within three weeks from your electronic filing date, or six weeks if you filed by mail.

To track the status of your amended tax return: Similar to tracking your refund, you’ll want to track the status of your amended return using the amended status tool on the IRS website. An amended return can take up to three weeks from the date it was mailed to appear in the system, and up to 16 weeks to process.

If you have any questions about these updates or any other tax related concerns, please don’t hesitate to contact us at 630-953-4900.