Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
"Jerry Jones, CPA has been successful in filing a 1045 loss on my 2008 tax return, resulting in getting my past five years of federal income taxes returned to me. I appreciate Jerry’s direct approach to the IRS tax laws and his professionalism, and knowledge in dealing with the IRS. Jerry has been a wonderful educator to me in IRS tax laws, and refund amounts available through new IRS rulings. I would strongly recommend Jerry to any Business owners or individuals requiring an in debt knowledge of the IRS laws and rulings. Thanks Jerry for getting my refunds for the past five years"!
Michael Goodwin

Don't Fall for These 20 Common Tax Myths

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To say the U.S. tax system is confusing is an understatement, so it's no wonder there are many misconceptions about the rules. The good news is that most people make less than $100,000 in a year and have no income other than their paychecks, so they can fill out the comparatively brief and very direct short form; almost everyone who uses the 1040EZ can fill it out themselves. For everybody else, though, the baffling mysteries of the tax code prevail, and can ultimately cost money. To help unravel some of the perplexities of the system, here are 12 common tax myths debunked. It might save money and sanity when the deadline rolls around.

The IRS isn't calling you — it's a scam, and here's what to do if it happens to you

The IRS isn't exactly modern.

IRS-phone-call-scam-Jerry-JonesIf it needs to get in touch with a taxpayer, it sends a letter — not an email, not a phone call, and definitely not a message over social media. Especially in cases of tax fraud.

So when I recently got a voicemail admonishing me for supposed issues with the tax return I filed a few weeks ago, I knew it had to be the latest IRS phone scam.

A phone number from Washington, DC, called me and left a voicemail when I didn't answer.

It was an automated message that said:

"Time sensitive and urgent ... we found that there was a fraud and misconduct on your tax which you are hiding from federal government. This needs to be rectified immediately, so please return the call as soon as you receive the message."

It told me to return the call to the same DC-area phone number displayed on my caller ID. It's pretty clear this was a scam call, if not for the simple reason that the caller did not identify themselves as someone from the IRS. Also, as previously mentioned, the IRS prefers snail mail.

This is a sophisticated step in the latest tax scam Americans need to watch out for, according to the IRS. Scammers file a fake tax return with stolen personal information, like your Social Security number, and then use actual bank account information to have the refund deposited into your own account.

Then they call to collect, posing as the IRS or debt collectors demanding the return of the fraudulent tax refund. In some cases, the caller threatens criminal fraud charges, an arrest warrant, and to "blacklist" the taxpayer's Social Security Number.

Avoid the Rush: Taxpayers Must Validate Identity When Calling the IRS

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The Internal Revenue Service today reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS. This is part of the agency's efforts to keep taxpayer data secure from identity thieves.

Days before and after Presidents Day mark the peak period for taxpayer phone calls to the IRS. To avoid the rush, callers should be prepared to verify their identities if they need to call the agency.

IRS call center professionals take great care to make certain that they only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. To ensure that taxpayers do not have to call back, the IRS reminds taxpayers to have the following documents ready:

  • Social Security numbers and birth dates for those who were named on the tax return in question

  • An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a Social Security number (SSN)

  • Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate

  • The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions

  • A copy of the tax return in question

  • Any IRS letters or notices received by the taxpayer

Interest on Home Equity Loans Often Still Deductible Under New Law

WASHINGTON - The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.

Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer's home that secures the loan.

Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer's main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.

Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency

watch-out-4-erroneous-refunds-jerry-jones-cpaWASHINGTON – The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed.

Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme after discovering more tax practitioners' computer files have been breached. In addition, the number of potential taxpayer victims jumped from a few hundred to several thousand in just days. The IRS Criminal Investigation division continues its investigation into the scope and breadth of this scheme.

These criminals have a new twist on an old scam. After stealing client data from tax professionals and filing fraudulent tax returns, these criminals use the taxpayers' real bank accounts for the deposit.

Thieves are then using various tactics to reclaim the refund from the taxpayers, and their versions of the scam may continue to evolve.

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