“We will never ask for your personal information” or “we will never post without your permission” are commonly used phrases when companies warn consumers about scams and other ways to steer clear of predators looking to steal your identity, or worse, your money! These warnings are important and can help prevent you from falling prey to an unscrupulous individual, or fake company looking to make a fast buck. In the digital age, it is imperative that you safeguard your information and deal only with legitimate persons and entities.

This is true even in the world of taxes. The IRS reports it has received nearly 100,000 calls from concerned taxpayers, in response to calls received attempting to collect taxes. In response, the following IRS warning has been issued:

● Do not provide credit card or other financial information over the phone to a caller claiming to be an IRS agent.

● The IRS will never seek to collect a tax payment over the phone, so if you’ve been asked to do so, terminate the call.

Asking the caller to verify certain information, such as your social security or tax ID number is a good way to identify a scam call. If you do this, be sure you don’t provide any of the information yourself, simply ask the caller to provide it to you. When a scam artist is unable to provide information within the knowledge of the IRS, it is a safe bet it isn’t the IRS on the other end of the line. For more information about how to avoid tax payment scams, call our office.

If you have questions about taxes, call us for help. Contact Stanek Tax Services @ (407) 434-1040.

And Remember, "Don't Panic, Call Stanek!"

If you are a federal employee with outstanding tax debts, you may find that money from your TSP account (Thrift Savings Plan) is garnished to make good on those debts.

The Federal Retirement Thrift Investment Board (FRTIB) issued a final rule on September 10 in the Federal Register that makes TSP accounts (Thrift Savings Plan accounts)subject to federal tax levies.

While this new rule might seem insignificant, the IRS has recently reported that collectively, federal workers owe $3.3 billion in back taxes. This new rule may help to collect some of that money.

TSP accounts will be frozen after the TSP (Thrift Savings Plan)  receives a qualifying tax levy or criminal restitution order. After the participant’s account is frozen, no withdrawal or loan disbursements will be allowed until the account is unfrozen. All other account activity will be permitted, including contributions, loan repayments, adjustments, contribution allocations and interfund transfers. Once a disbursement from the account is made in accordance with the restitution order or levy, the hold will be removed from the participant’s account.