If you are receiving Social Security Disability and decide to take on employment ( starting your own business or going to work for an organization) you have options!
Social Security gives disability recipients a trial work period which allows recipients to test their ability to work for at least nine months and still receive full social security benefits. They only require that each recipient report their work directly to them.
What is a trial work period?
· Any month where your 2015 earnings are over $780
· If self employed, it is $780 after expenses, thus your net income
· Work more than 80 hours in your own business
Below are 2 of the many items on the IRS tax scam list
Falsely Padding Deductions on Returns: Taxpayers should avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe or possibly receive larger refunds. Think twice before overstating deductions such as charitable contributions and business expenses or improperly claiming such credits as the Earned Income Tax Credit or Child Tax Credit.
Falsifying Income to Claim Credits: Don’t invent income to erroneously qualify for tax credits, such as the Earned Income Tax Credit. Taxpayers are sometimes talked into doing this by scam artists. Taxpayers are best served by filing the most-accurate return possible because they are legally responsible for what is on their return. This scam can lead to taxpayers facing big bills to pay back taxes, interest and penalties. In some cases, they may even face criminal prosecution.
With the enhancement of multiple processing systems at the IRS, most refunds are being disbursed in a timely manner, but for certain returns there may be some delays. It has come to our attention that conflicting information on when these affected refunds will actually be available may be received by your clients when visiting IRS information sources, including the IRS.gov website, taxpayer hotline and the IRS automated number. In some cases, IRS information will indicate that a deposit has been made to the bank when, in fact, it hasn't.
The IRS is aware of the problem and has indicated that they are working to resolve it as soon as possible, enabling taxpayers to receive correct information.
The IRS recently identified and halted an automated attack upon its Electronic Filing PIN application on IRS.gov. Using personal data stolen elsewhere outside the IRS, identity thieves used malware in an attempt to generate E-file PINs for stolen social security numbers. An E-file pin is used in some instances to electronically file a tax return.
No personal taxpayer data was compromised or disclosed by IRS systems. The IRS also is taking immediate steps to notify affected taxpayers by mail that their personal information was used in an attempt to access the IRS application. The IRS is also protecting their accounts by marking them to protect against tax-related identity theft.
IRS cybersecurity experts are currently assessing the situation, and the IRS is working closely with other agencies and the Treasury Inspector General for Tax Administration. The IRS also is sharing information with its Security Summit state and industry partners.
Based on our review, we identified unauthorized attempts involving approximately 464,000 unique SSNs, of which 101,000 SSNs were used to successfully access an E-file PIN.
The incident, involving an automated bot, occurred last month, and the IRS continues to closely monitor the web application.
This incident is not connected or related to last week’s outage of IRS tax processing systems.
The IRS Systems have resume Operations!
The IRS has announced late Thursday evening that all their systems are no Operational for individual and business tax returns!
The IRS emphasized that taxpayers do not need to take any additional steps or action due to the outage, including people who filed just before or during the outage. Throughout this period, tax preparers were able to continue to efile tax returns by sending these tax returns into the IRS.
Please be advised that they do have a backlog to clear up
The IRS is experiencing hardware failure which has affected a number of tax processing systems. They have several systems that are not currently operating properly. The IRS is aware of their system failures and is continuously working to restore their normal operations as quickly and securely as possibly.
However, once their systems are back up, they will be working their backlog this may take some time for them to get caught up prior to resuming to normal.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.