The Internal Revenue Service (IRS) sounded the alarm about a new phishing scam in which cybercriminals are sending out fraudulent emails impersonating the IRS, claiming the attachments are tax transcripts, to fool recipients into clicking on and opening files containing malware that could infect their computers. The scam email bears an attachment labeled “Tax Account Transcript” or something similar and the subject line uses some variation of the phrase “tax transcript”. If you receive an email like this, do not open the email or the attachment. If you are using a work computer and you do open it, notify your company’s technology professionals as soon as possible. This malware is problematic for businesses, as the malware could Read More...
Congress Reinstates OSLT: How to File Payment for the Oil Spill Tax during Q3 2018.
Congress Reinstates OSLT: How to File Payment for the Oil Spill Tax during Q3 2018. What is the OSLT? The oil spill liability tax (OSLT) expired on December 31, 2017, but was subsequently reinstated for the period from March 1 through December 31, 2018. The cost of the OSLT is calculated at a rate of $0.09 per barrel (approximately $0.00214 per gallon) of crude oil products (including natural gasoline). How is the OSLT usually filed? This excise tax is filed quarterly with IRS Forms 6627 and 720, but deposits are required for each semimonthly period in which the tax liability is incurred. The amount of this deposit must not be less than 95% of the amount of net tax liability incurred during the semimonthly period, unless an Read More...
Deadline for Retirement Plan Distributions Approaching!
When do I have to Take My My First Retirement Plan Deduction? After you turn 70.5, you typically start receiving the required minimum distributions (RMD) from your retirement plans, individual retirement accounts (IRAs), and from employer-provided retirement plans. If you turned 70.5 in the year 2017, we want to remind you that APRIL 1st is the deadline to take the first of your required retirement plan distributions. What Employer-Sponsored Plans are Included The answer is simple: ALL employer-sponsored retirement plans are included in this Sunday, April 1st deadline. This includes: Profit-sharing plans 401(k) plans 403(b) plans 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as: Read More...