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2/27/2013

Email Phishing Scam Warning From IRS

The IRS warns of bogus IRS emails.  The following Tax Tip was posted to their site:


Beware of Bogus IRS Emails
The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal and financial information. The criminals then use this information to commit identity theft or steal your money.
The IRS has this advice for anyone who receives an email claiming to be from the IRS or directing you to an IRS site:

  • Do not reply to the message;
  • Do not open any attachments. Attachments may contain malicious code that will infect your computer; and
  • Do not click on any links in a suspicious email or phishing website and do not enter confidential information. Visit the IRS website and click on 'Identity Theft' at the bottom of the page for more information.

Here are five other key points the IRS wants you to know about phishing scams.

  1. The IRS does not initiate contact with taxpayers by email or social media channels to request personal or financial information;
  2. The IRS never asks for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts;
  3. The address of the official IRS website is www.irs.gov. Do not be misled by sites claiming to be the IRS but ending in .com, .net, .org or anything other than .gov. If you discover a website that claims to be the IRS but you suspect it is bogus, do not provide any personal information on their site and report it to the IRS;
  4. If you receive a phone call, fax or letter in the mail from an individual claiming to be from the IRS but you suspect they are not an IRS employee, contact the IRS at 1-800-829-1040 to determine if the IRS has a legitimate need to contact you. Report any bogus correspondence. Forward a suspicious email to phishing@irs.gov;
  5. You can help the IRS and other law enforcement agencies shut down these schemes. Visit the IRS.gov website to get details on how to report scams and helpful resources if you are the victim of a scam. Click on "Reporting Phishing" at the bottom of the page.

ExpressExtension is an authorized IRS E-File provider and while we do not give tax advice, we do want to make our customers aware of situations that may affect you during tax season.  Please contact a tax professional for tax advice and questions pertaining to tax laws.

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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2/25/2013

Electronic Postmark

 
Whenever an IRS Form is E-Filed online, the form is marked with an Electronic Postmark bearing the date & time the return was filed according to the transmitter's time zone.

Depending on your location, you may need to adjust the Electronic Postmark to the time zone where you, the taxpayer, reside in order to determine the postmark’s actual time.

For example, when a Tax Extension is E-Filed through ExpressExtension.com the Electronic Postmark is generated in Eastern Standard Time. If you are filing from another time zone, then the actual postmark would be the time in which the return was E-Filed according to your Time Zone.

If you are E-Filing from another Time Zone, your return is still "On Time" if it is filed by midnight, your local time, on the deadline date.

If you have any questions regarding the Electronic Postmark, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!
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2/22/2013

What is ‘Perfection Period’?


 
Perfection Period is the 10-day time period to perfect (or correct) that return for electronic re-transmission, after an electronically transmitted business return has been rejected.

For Forms 7004 and 8868, which are applications for filing extensions, the perfection period is 5 days.   The Transmission Perfection Period is NOT an extension of time to file; it is a period of time to correct errors in the electronic file.  

When a previously rejected  electronic return is “Accepted” by the IRS within the 10-day (5-day for Forms 7004 and 8868) Transmission Perfection Period, it will be deemed to have been received on the date of the first reject that occurred within that period.   

With ExpressExtension, you can E-File tax extensions and if they are rejected, you can correct them and retransmit them at no additional charge.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!
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2/20/2013

Tips For E-Filing IRS Tax Extensions


When filing a Tax Extension for your personal, business, or nonprofit return, the simplest way to file this with the IRS is to E-File the appropriate form.  The IRS has authorized ExpressExtension.com as an official E-File Provider for Personal Tax Extensions with IRS Form 4868, Business Tax Extensions with IRS Form 7004, and Nonprofit Tax Extensions with IRS Form 8868.

If you are filing a Business Tax Extension, it must be filed by March 15, 2013, and once they are processed by the IRS, you will be granted an automatic 5 or 6 month tax extension. The exact length of time that your tax deadline is extended depends on your business type.  The Form 7004, otherwise known as a Business Tax Extension can be used by Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts and Estates. Certain Partnerships, Trusts, and Estates are only able to apply for a tax extension of 5 months instead of the 6 month extension; this is determined by which tax form they would be filing for their return.

A Personal Tax Extension must be filed by April 15, 2013 for an automatic 6 month tax extension.  IRS Form 4868 can be used by Individuals, Contractors, Single Member LLCs, and Sole Proprietors to file their tax extension.

Non Profit Organizations must be filed by May 15, 2013 for a 3 Month Tax Extension.  IRS Form 8868 can be used by Non-Profit and Exempt Organizations and it is possible to E-File for an additional 3 months through ExpressExtension after the first extension has expired.  
Although filing a Tax Extension with ExpressExtension.com is typically a very quick process, one must be familiar with all the general information about their business in order to file any type of tax extension.

An IRS tax extension is meant to extend the amount of time that a person has to file a return.  It does not extend the amount of time to pay the taxes due. The IRS will still expect to receive the estimated tax amount upon the deadline.  Businesses are required to pay the full tax amount at the due date.  Individuals, however, are allowed to pay less than the total amount due. An installment plan can be setup with the IRS, and/ or penalties and interest depending on the exact situation.  Please consult with the IRS directly in this type of situation.

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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2/18/2013

Tips To Help You Prepare For Tax Time


It’s that time of the year again and we have a few tips that will help you prepare.

  • Keep Accurate Records
    • Regardless if you file on your own or have a professional file for you, you must keep accurate records. These include receipts, invoices and bank statements. The more organized you are, the better.  It is easier to keep with it throughout the year than try to sort through everything at the end of the year.
    • There are software programs that help you maintain your records, so you can just run a report at the end of the year.  Or you can choose to organize by hand, using envelopes, shoe boxes anything that you can separate your records by month.

  • Track Payments to Contractors
    • If you paid anyone for work last year, you are required to keep track of those payments
    • For anyone you paid at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, you will be required to issue them a Form 1099 MISC.  You can E-File your Form 1099 MISC using ExpressTaxFilings.

  • Know Your Tax Rates
    • The 2% Social Security reduction is now eliminated making the current Social Security rate 6.2%.  Make sure you are aware of current tax rates; consult a tax professional for advice.

  • Know What Tax Deductions You Qualify For
    • There are countless tax deductions that small business owners such as you can take advantage of.  You do not want to miss out on these because you are unaware.  We recommend consulting a tax professional to ensure you take advantage of everything that is available to you.

  • Hire A Professional
    • We highly recommend consulting a tax professional regarding your taxes. They will be able to accurately advise on what you can and cannot do, which will could save you a lot of time and money.

  • File A Tax Extension
    • If you are not properly prepared by the tax filing deadline, E-File a Tax Extension.  It is quick and easy with ExpressExtension and depending on which type of extension you need to file, the extension will allow you an additional 3-6 months to file your tax return.
    • Please note: a Tax Extension DOES NOT extend the time to pay your taxes.  The IRS still expects full tax payment of any taxes due.  Failure to pay the taxes by the due date may lead to penalties and/or interest.  

ExpressExtension is an authorized IRS E-File provider and while we do not give tax advice, we do want to make our customers aware of common questions that arise during tax season.  Please contact a tax professional for tax advice and questions pertaining to tax laws.

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.

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2/15/2013

Business Tax Extension Deadline Coming

IRS Form 7004, officially known as the “Form 7004 – Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” is a request for an automatic extension of time to file certain business tax returns. The deadline to file a Business Tax Extension is March 15, 2013. That is one month from now.


The extension will be granted by the IRS if the business:

1.     Complete IRS Form 7004 properly,

2.     Make a proper estimate of the tax (if applicable),
3.     File the form by the due date of the return to which the Form 7004 applies, 4.     Pay any tax that is due.

An IRS Form 7004 can be submitted to automatically extend the filing deadline for 32 different IRS returns. The IRS typically grants automatic extensions of five (5) or six (6) months, depending on the return for which the extension is filed.

Please note: IRS Form 7004 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 7004 is required by the due date of the return for which this extension is filed. Do not let the deadline sneak up on you, file your extension today!

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!
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2/13/2013

Tax Extension Information

Each year, millions of individuals and businesses file tax extensions with the IRS. One of the easiest ways to file is through ExpressExtension.com.  As an Authorized E-File Provider, ExpressExtension can securely send your tax information to the IRS instantly. Here are some commonly asked questions about Tax Extensions:


How long does it take to file a tax extension?
With ExpressExtension, the process only takes a matter minutes (about 5 – 10 minutes). The traditional filing process could take days to mail the return, and even longer for the IRS to actually process it.

Do I need a reason to file a Tax Extension?
No.  The IRS does not require any reason to file a tax extension. Just complete the appropriate Tax Extension Form, and submit it by the filing deadline.

What IRS Form do I need to file a Tax Extension?
IRS Form 7004 – Business Tax Extension
IRS Form 4868 – Personal Tax Extension
IRS Form 8868 – Nonprofit Tax Extension

When will I know if the IRS accepts my Tax Extension?
If the Tax Extension is E-Filed through ExpressExtension, you will receive an email notification once the form has been processed by the IRS. This is typically within an hour of E-Filing. The traditional process of paper filing will not provide any sort of notification to let you know if it has been processed.

What information do I need to File a Tax Extension?
A Tax Extension form is fairly simple. All that is needed is basic contact information, filing status/business type, and an estimated tax amount.

What is My Tax Amount?
This is one area where ExpressExtension cannot give advice.  If you have questions about your tax amount, Filing status or Business, you will need to refer to a Tax Professional or the IRS.

What if I don’t have access to a computer?
ExpressExtension can be accessed from any smartphone.  Just use our Mobile Site: m.ExpressExtension.com which can be accessed from any iPhone, Android, BlackBerry, Windows Phone, or iPod.

Who do I contact if I have general questions?
If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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