Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“Our business consists of multiple entities, in several states and industries. Jerry has helped minimize taxes, reporting and operational headaches by customizing our structure by state. Besides daily activities, Jerry has helped greatly in structuring large transactions with third parties. He’s great about planning for the future while addressing today’s operational needs”.
Richard B., Encore Partners, LLC

IRS Reminder: Tax Scams Continue Year-round

Although the April filing deadline has passed, scam artists remain hard at work, and the IRS today urged taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams.

The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues and another threatens people with a tax bill from a fictional government agency. Here are some details:

  • The SSN hustle. The latest twist includes scammers claiming to be able to suspend or cancel the victim’s Social Security number. In this variation, the Social Security cancellation threat scam is similar to and often associated with the IRS impersonation scam. It is yet 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. 

  • Fake tax agency. This scheme involves the mailing of a letter threatening an IRS lien or levy. The lien or levy is based on bogus delinquent taxes owed to a non-existent agency, “Bureau of Tax Enforcement.” There is no such agency. The lien notification scam also likely references the IRS to confuse potential victims into thinking the letter is from a legitimate organization.

IRS: Be vigilant against phone scams Annual ‘Dirty Dozen’ list continues

 

Phone scams or “vishing” (voice phishing) continue to pose a major threat. The scam has cost thousands of people millions of dollars in recent years, and the IRS continues to see variations on these aggressive calling schemes.

Phone scams again made the IRS’ Dirty Dozen list, an annual compilation of some of the schemes that threaten taxpayers not only during filing season but throughout the year.

The IRS is highlighting each of these scams on consecutive days to help raise awareness and protect taxpayers. The IRS also urges taxpayers to help protect themselves against phone scams and identity theft by reviewing safety tips prepared by the Security Summit, a collaborative effort between the IRS, states and the private-sector tax community.

10 Financial Documents You Should Never Throw Away

With spring cleaning season in full swing, you might be tempted to go Marie Kondo on your entire house, tossing out everything that doesn’t spark joy. Wait! While storing financial documents probably won’t ever bring you joy, not having them when you need them down the road will definitely spark anxiety—and could cause massive headaches when it comes to the IRS. The key is to know how to organize them properly and when you can safely shred them.

“Organizing your financial documents allows you to reduce your paperwork clutter and gain control of your financial life,” says Tony Steuer, an authority on financial literacy and author of GET READY! A Step-by-Step Planner for Maintaining Your Financial First-Aid Kit. “Being able to quickly find your important documents will help you during major life events, such as when you apply for a loan, meet with your estate planning attorney, or are forced to leave your house in an emergency.” It will also help your spouse, children, or executor in the event you become incapacitated or pass away.

IRS warns of new phone scam using Taxpayer Advocate Service numbers

The Internal Revenue Service today warned the public about a new twist on the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service (TAS), an independent organization within the IRS.

Similar to other IRS impersonation scams, thieves make unsolicited phone calls to their intended victims fraudulently claiming to be from the IRS. In this most recent scam variation, callers “spoof” the telephone number of the IRS Taxpayer Advocate Service office in Houston or Brooklyn. Calls may be ‘robo-calls’ that request a call back. Once the taxpayer returns the call, the con artist requests personal information, including Social Security number or individual taxpayer identification number (ITIN).

TAS can help protect your taxpayer rights. TAS can help if you need assistance resolving an IRS problem, if your problem is causing financial difficulty, or if you believe an IRS system or procedure isn’t working as it should. TAS does not initiate calls to taxpayers “out of the blue.” Typically, a taxpayer would contact TAS for help first, and only then would TAS reach out to the taxpayer.

3 Awful Reasons to Take Social Security Benefits at 62

Because Social Security eligibility kicks in at age 62, many seniors rush to claim benefits as early as possible. But there's a downside to filing at 62: reducing your benefits by taking them ahead of full retirement age (FRA).

For today's workers, FRA is either 66, 67, or 66 and a certain number of months -- it all depends on your year of birth. Either way, filing at 62 means taking benefits early and reducing them in the process.

What sort of reduction are we talking about? If you're looking at an FRA of 67, filing at 62 will slash your benefits by 30%. And unless you happen to undo your application in time, once you lock in that lower benefit, it'll remain in effect for the rest of your life.

Now there are certain circumstances under which claiming benefits at 62 makes sense. But these three reasons for filing early just don't.

Designed by NJ Designs