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Main Amundson and Associates would like to congratulate Dan Cunningham on his recent accomplishment of passing the CPA exam. Dan has been a member of the Main Amundson and Associates family since 2012 and has had a major role in the success of our firm. Dan has always worked closely with our clients and professionals preparing tax returns, personal and entity financial statements and property management concerns and has now joined the ranks of CPA!! Congratulations Dan!

We would like you to know that the professionals at Main Amundson and Associates are here to help you with all your tax related issues and financial goals. Please call our office and speak to Dan or any member of our staff with questions or concerns regarding your tax preparation and financial issues.

The New Nevada Commerce Tax and the Modified Business Tax Change

Nevada now has a new ‘Commerce Tax’! But in addition to that, and sort of part of it, Nevada also changed the Modified Business Tax (the payroll tax effectively, that it levies). Let us note the change on this payroll tax first.

Currently, the Modified Business Tax is 1.17% of the Nevada wages that exceed $ 85,000 per quarter. That is going to have two changes made to it – the 1.17% is being raised to 1.475% (so about a 26% increase in the tax rate!), and, the quarterly wage amount goes from the 85k down to ‘only’ $ 50k. So that part will be felt by many businesses.

The Commerce Tax meanwhile, is a NEW tax on the NEVADA based revenues, from July 1, 2015, to June 30th, 2016 (it is always a fiscal year calculation regardless of what the business uses for other purposes). So a business would take their gross NEVADA based revenues over that period. Then, it would subtract out two main items – The ‘Base’ amount of $ 4,000,000 (which is an annual figure as well), AND, if the gross revenues include revenues collected for subcontractors, that amount can be subtracted out too. Which assumes that amount will be paid out to those subs obviously. And they (the subs) would then be paying the ‘Commerce’ tax on that amount.

So gross Nevada revenues, less revenues due to subcontractors, less $4,000,000. That gets you to a net taxable amount, which you would then apply a .181% (that’s point one eight one percent) against to determine the annual Commerce Tax. Assuming you have a tax, then you can take ½ of that amount, and use that as a credit against the new (bigger, badder) Modified Business Tax noted above. To take a bit of the bite out of that larger payroll tax.

The Commerce Tax is not due until next summer (August 15, 2016), but, the increased Modified Business Tax rules take effect in the third quarter of 2016! So be aware! It starts now!

We at Main Amundson and Associates are committed to helping you with all your tax needs. Please call us to set up an appointment and discuss these new business tax laws and let us help your business succeed!






Exit Planning Institute

Elite Business Advisors Earn Prestigious CEPA Designation

James D. Main receives CEPA Designation and Joins International Community of Business Advisors apart of the Exit Planning Institute

June 23, 2015

Cleveland, Ohio — The Exit Planning Institute (EPI) is proud to announce that James D. Main recently earned the Certified Exit Planning Advisor (CEPA) designation after completing the Institute’s intensive CEPA five day executive style MBA program at the University of Chicago Booth School of Business. James D. Main joins an elite group of business advisors who have received this designation and are a part of the international community of the Exit Planning Institute. The CEPA program is the most widely accepted and endorsed program in the world.

About the CEPA Program

The Certified Exit Planning advisor program was specifically design for business advisors who work closely with owners of privately held companies. Using an executive MBA style format, the program I designed around a central case study and uses a combination of lectures, group discussions, case studies and individual exercises to introduce participants to the concepts and to reinforce skills. The program is taught by the Exit Planning Institute’s dedicated faculty made up of thirteen different instructors from the around the world who are sought after subject matter experts and authors.

To receive the CEPA designation, James D. Main completed a rigorous five day program that involved approximately 100 hours of pre-course study, 33 hours of class room instruction and successful complete of a 3.5 hour proctored examination.

About the Exit Planning Institute

The Exit Planning Institute (EPI) delivers innovative learning experiences, performance-enhancing resources and strategic tools designed to enhance the exit planning profession. Formed in 2005 to serve educational and resource needs of financial planners and wealth managers, attorneys, commercial lenders, M&A advisors, management consultants and other business advisors, the Exit Planning Institute is considered the standard trendsetter in the field of exit planning across the globe. It is the only organization that offers the Certified Exit Planning Advisor Program (CEPA) and qualifies for continuing educational credits with six major professional associations, making it the most widely accepted and endorsed professional exit planning program in the world.

The Exit Planning Institute serves as a platform for Creating Awareness, Advisor Collaboration, Innovative Learning, Continuing Education, Defining Methodology, Research, Thought Leadership and Practice Development. Members grow, preserve, and transition business wealth and help owners and their families get through an ownership transition.

The Exit Planning Institute provides certification, continuous education, methodology, research, and practice support to our members which enable our members to provide services which significantly change their client’s outcomes.

Media Contact: Scott Snider, Vice President, Exit Planning Institute, ssnider@exit-planning-institute.org






A KEY STEP THAT ID THEFT VICTIMS MAY OVERLOOK

This year, taxpayer identity theft took a maliciously clever turn: phony tax returns were filed that looked very much like the taxpayers’ previous years’ returns. - See more at: This link.

IRS SCAMMERS NET $14 MILLION FROM 3,000 VICTIMS

The pervasive IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, according to a new warning from the Treasury Inspector General for Tax Administration.

As the 2016 tax filing season begins, TIGTA reminded taxpayers to beware of phone calls from individuals claiming to represent the IRS while intending to defraud them.

"It is critical that all taxpayers continue to be wary of unsolicited telephone calls from individuals claiming to be IRS employees," said TIGTA Inspector General J. Russell George in a statement. "This scam, which is international in nature, has proven to be the largest scam of its kind that we have ever seen. The callers are aggressive, they are relentless, and they are ruthless. Once they have your attention, they will say anything to con you out of your hard-earned cash."

TIGTA has received reports of roughly 290,000 contacts from scammers with taxpayers since October 2013. In the scam, the scammers make unsolicited calls to taxpayers fraudulently claiming to be IRS officials and demanding that they send them money for unpaid taxes via prepaid debit cards or wire transfer.

George noted that the scam has hit taxpayers in every state in the U.S. The scammers threaten those who refuse to pay with immediate arrest, deportation or loss of a business or driver's license.

"The increasing number of people not only receiving but accepting these unsolicited calls from individuals who fraudulently claim to represent the IRS is alarming," George added. "At all times, and particularly during the tax filing season, we want to make sure that innocent taxpayers are alert to this scam so they are not harmed by these criminals. Do not become a victim."

The IRS usually first contacts people by mail-not by phone-about unpaid taxes. The agency will not ask for payment using a pre-paid debit card or wire transfer. IRS employees also will not ask for a credit card number over the phone.

"This is a crime of opportunity, so the best thing you can do to protect yourself is to take away the opportunity," the Inspector General advised. "Do not engage with these callers. If they call you, hang up the telephone. ... If someone unexpectedly calls claiming to be from the IRS and uses threatening language if you don't pay immediately, that is a sign that it really isn't the IRS calling."

The callers who commit this fraud often use an automated robocall machine and employ common names and fake IRS badge numbers. They may already know the last four digits of the victim's Social Security Number.

The scammers can make their caller ID information appear as if the IRS is calling. They may also send bogus IRS e-mails to support their scam. In addition, they many call a second or third time claiming to be the police or the Department of Motor Vehicles, and the caller ID will again support their claim.

If taxpayers receive a call from someone claiming to be with the IRS asking for a payment, TIGTA advises that If they know owe federal taxes, or think they might owe taxes, they should hang up and call the IRS at 800-829-1040 for help with payment questions. If taxpayers know they don't owe taxes, they should fill out the "IRS Impersonation scam" form on TIGTA's Web site, www.treasury.gov/tigta or call TIGTA at 800-366-4484. Taxpayers can also file a complaint with the Federal Trade Commission at www.FTC.gov. They should add "IRS Telephone Scam" to the comments in the complaint.

In addition, the IRS will never request personal or financial information by email, texting, or any social media. Scam emails can be forwarded to phishing@irs.gov. Recipients should not open any attachments or click on any links in these emails.

Taxpayers should also be aware that there are other unrelated scams (such as a lottery sweepstakes winner) and solicitations (such as debt relief) that fraudulently claim to be from the IRS.

 

UPDATE

IRS Phone Scam Ringleader Gets 14-Year Sentence
WASHINGTON, D.C. (JULY 8, 2015)
BY MICHAEL COHN

A scammer who organized a scheme in which taxpayers were threatened with calls purporting to come from the Internal Revenue Service and the FBI demanding payment has been sentenced to 14 years in prison. Sahil Patel was sentenced to 175 months in prison and $1 million in forfeiture for his role in organizing the U.S. side of a massive fraud and extortion ring run through various “call centers” located in India, through which Patel and his co-conspirators impersonated American law enforcement officials and threatened victims with arrest and financial penalties unless those victims made payments to avoid purported charges.

In addition to the prison sentence, Patel, 36, of Tatamy, Pa., was sentenced to three years of supervised release. Patel pleaded guilty in January 2016 before U.S. District Judge Alvin Hellerstein, who imposed the sentence Wednesday. “The nature of this crime robbed people of their identities and their money in a way that causes people to feel they have been almost destroyed,” said Hellerstein.

According to prosecutors, from Dec. 2011 through the day of his arrest on Dec. 18, 2013, Patel participated as a leader in a sophisticated scheme to intimidate and defraud hundreds of innocent victims of hundreds of dollars apiece. Throughout the course of the fraud, telephone call centers located in India hired English-speaking employees to place telephone calls to individuals living in the U.S.

Armed with long lists of potential victims, referred to by Patel and his co-conspirators as “lead sheets,” those India-based callers systematically placed thousands of calls to individuals in the U.S. in the hopes of intimidating the call recipients into providing a payment to the co-conspirators. To extort these victims, the India-based callers impersonated law enforcement officials of the FBI and IRS and threatened their victims with financial penalties and arrest in connection with fabricated financial crimes.

“Sahil Patel’s elaborate scheme involved impersonating law enforcement officers and using intimidation and fear to bilk over a million dollars from hundreds of unsuspecting victims,” said Manhattan U.S. Attorney Preet Bharara in a statement.

In order to receive funds in a manner that would mask the identity of Patel and his co-conspirators, the ring undertook several measures to anonymize itself, including by using anonymized voice-over-internet technology, which was subscribed under fraudulent names in order to give the appearance of being related to U.S. law enforcement agencies. Patel and his co-conspirators also used several layers of wire transactions in order to conceal the destination and nature of the extorted payments, which totaled at least $1.2 million.

The scam has been continuing and on the rise this year despite Patel’s arrest. Taxpayers who have been targeted by the scam can report the incident to the Treasury Inspector General for Tax Administration at www.tigta.gov and clicking on the IRS Impersonation Scam Reporting tab in the upper right corner, or call the TIGTA hotline at 1-800-366-4484.

This “ring” is still going on so please be aware.

 

Friendly warning!

It appears that once again, there are a couple of scams out there going on, with the IRS name attached to them. The latest ones attempt to convince the victim that the IRS, via an email, wants you to either open an attachment it has sent, or, to give them personal information so that they can 'process your refund' quicker.

 

Please please do not fall for these ridiculous attempts to hurt you. The IRS does not use email to contact taxpayers. Period. If you receive one of these, delete it immediately, or contact us for additional information if you like. If you have a refund coming (and your return has been filed) and would like to see the status of it, go to IRS.gov, and click on the link 'Where's My Refund?'. It will then give you an update on what is going on with your refund and when you should expect to see it hit your account.