Tax refund projections are subject to change as the IRS fine-tunes its system to detect fraud. Click to view the full IRS announcement below.

When Can I Expect My Refund?

The New York State Department of Labor has provided a helpful update in regard to the Wage Theft Protection Act. The law gives more protection to workers in New York State. This is a must read for employers.

Click here to learn more.

{BULLETIN FROM THE INTERNAL REVENUE SERVICE}

Don’t be Scammed by Cyber Criminals

The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams – known as phishing – is to trick you into revealing your personal and financial information. The scammers can then use your information – like your Social Security number, bank account or credit card numbers – to commit identity theft or steal your money.

Here are five things the IRS wants you to know about phishing scams.

1. The IRS never asks for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts.

2. The IRS does not initiate contact with taxpayers by email to request personal or financial information. If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS site:

• Do not reply to the message.

• Do not open any attachments. Attachments may contain malicious code that will infect your computer.

• Do not click on any links. If you clicked on links in a suspicious e-mail or phishing website and entered confidential information, visit the IRS website and enter the search term ‘identity theft’ for more information and resources to help.

3. The address of the official IRS website is www.irs.gov. Do not be confused or misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov. If you discover a website that claims to be the IRS but you suspect it is bogus, do not provide any personal information on the suspicious site and report it to the IRS.

4. If you receive a phone call, fax or letter in the mail from an individual claiming to be from the IRS but you suspect they are not an IRS employee, contact the IRS at 1-800-829-1040 to determine if the IRS has a legitimate need to contact you. Report any bogus correspondence.  You can forward a suspicious email to phishing@irs.gov.

5. You can help shut down these schemes and prevent others from being victimized. Details on how to report specific types of scams and what to do if you’ve been victimized are available at www.irs.gov. Click on “phishing” on the home page.

With 2011 drawing to a close it’s the perfect time to plan ahead for a successful new year. To maximize your tax planning efficiency,  dedicate a specific location to gather all year-end documents including: year-end statements, 1009s, W-2s, and receipts for charitable contributions. By organizing as you go the process will be much less stressful and you will be more effective!

For more information, contact your TMD CPA.

The IRS has published an updated tax guide to assist taxpayers. The guide offers tax benefit tips  and provides more than 5,000 interactive links to help taxpayers.

Click here to access the publication. If you have any questions, don’t hesitate to consult your TMD CPA.

The IRS recently released the standard mileage rates for 2012. For business use - rates remain at 55 1/2 cents per mile. For medical or moving expenses, 23 cents per mile (half-cent decrease from 2011). For services to charitable organizations, 14 cents.

For the full notice from the IRS, click here.

New reports from U.S. regulators indicate we can expect several more months to years of deliberation on whether the United States would switch to global accounting rules used in 120 countries.

The U.S. Securities and Exchange Commission (SEC) had noted it would give more clarity by year-end on whether it will adopt IFRS rules authored by the International Accounting Standards Board  (IASB). An original convergence deadline of June 2011 was shifted earlier and current discussions indicate much more time to come. Stay Tuned!

There’s still time to take advantage of tax credits before year-end!

Research and Development Tax Credit:

Federal and state research and development (R&D) tax credit programs exist that may reward your day-to-day efforts aimed at producing an improved product. The credit is set to expire on 12.31.11.

Health Insurance Tax Credit:

To encourage smaller businesses to offer medical insurance coverage for their employees, the law offers a tax credit to offset all or part of the cost.  If your business  qualifies as a small employer, meaning fewer than 25 employees and average annual wages of less than $50,000, you are eligible for a credit of up to 35% of non elective contributions you make on behalf of your employees for medical insurance premiums. The credit varies based on the numbers of employees and average compensation.

To learn more about these tax credits, contact your TMD CPA today.