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Tax Tips: Five Signs of Small Business Identity Theft, New Protection Methods

Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards.
Identity thieves are more sophisticated than they used to be. They know the tax code and filing practices and how to get valuable data. The IRS has seen a sharp increase in fraudulent business tax forms. These include Forms 1120, 1120S and 1041, as well as Schedule K-1. These affect business, partnership, estate and trust filers.
Signs of Identity Theft
Business filers should be alert for signs of identity theft. They should contact the IRS if they experience any of these issues:
• The IRS rejects an e-filed return saying it already has one with that identification number.
• The IRS rejects an extension to file request saying it already has a return with that identification number.
• The filer receives an unexpected tax transcript.
• The filer receives an IRS notice that doesn’t relate to anything they submitted.
• The filer doesn’t receive expected or routine mailings from the IRS.
New Procedures to Protect Businesses in 2018
The IRS, state tax agencies and software providers have ways to detect suspicious returns. However, some new measures can help validate returns in advance. The IRS and states are asking businesses and tax professionals to help verify if a tax return is legitimate. These procedures are new for 2018. Software for business tax returns will ask questions related to:
• The person authorized to sign the return
• Payment history
• Parent company information
• Past deductions
• Filing history
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Tax Tips: Get Ready for Taxes: Taxpayers with Expiring ITINs Should Submit Renewal Applications by Dec. 31

WASHINGTON— The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018.
The IRS mailed letters over the summer to more than 1 million taxpayers whose ITINs are set to expire at the end of the year – those with middle digits 70, 71, 72 or 80. In addition, any ITIN that has not been used on a federal tax return at least once in the last three consecutive years will also expire at the end of the year. Affected taxpayers who expect to file a tax return in 2018 must submit a renewal application by the deadline.
Who Should Renew an ITIN?
Taxpayers with ITINs set to expire at the end of the year and who need to file a tax return in 2018 must submit a renewal application. Others do not need to take any action.
• ITINs with middle digits 70, 71, 72, or 80 (For example: 9NN-70-NNNN) need to be renewed if the taxpayer will have a filing requirement in 2018.
• Taxpayers whose ITINs expired due to lack of use should only renew their ITIN if they will have a filing requirement in 2018.
• Taxpayers who are eligible for, or who have, an SSN should not renew their ITIN, but should notify IRS both of their SSN and previous ITIN, so that their accounts can be merged.
• Taxpayers whose ITINs have middle digits 78 or 79 that had already expired and were never renewed should renew their ITIN if they will have a filing requirement in 2018.
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CNSC - Chinese Newcomers Service Center 新僑服務中心 shared BBC Stories's Discovering the truth about my parents after 20 years.

BBC Stories
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This is the amazing story of one daughter, two families a world apart, and a reunion 20 years in the making. ❤️😢❤️

CNSC - Chinese Newcomers Service Center 新僑服務中心 shared INSIDER food's Aloha Tofu factory.

INSIDER food
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Tofu is made fresh at this factory in Hawaii.


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CNSC - Chinese Newcomers Service Center 新僑服務中心 shared KTSF Television's post. ...

舊金山中央地鐵竣工再延誤 或到2021年才通車(視頻)SF: Central Subway project faces more delay www.ktsf.com/central-subway-project-faces-more-delay/

CNSC - Chinese Newcomers Service Center 新僑服務中心 shared Asians Never Die's post. ...

It doesn't matter the occasion .. Whenever elderly people give money.. it has to be in this red envelope 😂😂