What the IRS Massive Hiring Actually Means
September 1, 2022
With the passing of the Inflation Reduction Act of 2022, the common misconception that is going around is that the increase of 87,000 new IRS workers means an 'army' of auditors. This article by Ryan Ermey on cnbc.com explains what is actually likely to happen with a mass hiring of new workers.
Student Loan Forgiveness Applications and How to Prepare
September 1, 2022
Student loan forgiveness applications could open within the next several weeks. This article by Annie Nova on cnbc.com explains who qualifies and how to prepare for this.
Stay Alert of Scams Like This
August 31, 2022
If you receive this very official looking form, it is a scam! Scammers are getting better and better at making forms and messages look real. Please be careful everyone! To see a better image of this scam form, check out our Facebook post.
Inflation Reduction Act and the IRS
August 22, 2022
With the passing of the Inflation Reduction Act of 2022, the IRS gets an increased funding of $80 billion. This article on Kiplinger written by Kelley R. Taylor explains the breakdown of the additional funding the Act provides to the IRS and what it means for taxes.
IRS Warns Taxpayers About Scams
February 10, 2022
The IRS warns taxpayers to be aware and keep an eye out for scams regarding unemployment fraud. A WGN article from Nexstar Media Wire on msn.com gives details about these scams and the what to do if your ID has been stolen. Click the link below to find out more.
IRS and Tax Refund Backlog
February 10, 2022
The IRS sends 1200 employees to help with tax refund backlog. A Bloomberg article on msn.com explains why this is being done and what the could entail. Click the link below to find out more.
14th Annual Christmas Party
On Wednesday, December 15, 2021, We celebrated our 14th annual Christmas Party at the Weber Grill Restaurant in Schaumburg, Illinois.
2021 Floyd, Malito and Company, Inc. Newsletter
Last week, we sent out our newsletter to some of our clients and they will be receiving it in the mail in the days to come. Below is a PDF version of the newsletter that was sent out. If you have any questions about the newsletter please feel free to contact us.
We are sharing a memo we received from the IDES.
The Illinois Department of Employment Security (IDES) would like to share updates from the agency, to better serve you and your employees:
Reporting Identity Theft Fraud
IDES has developed a reporting form for employers to report instances of identity theft which resulted in fraudulent claims being filed under the names of one or more of their employees. Please refer to this guide to securely submit an identity theft report at MyTax.Illinois.gov. Additional guidance to protect employees against identity theft fraud is available on IDES’s employer fraud webpage. IDES respectfully request that all employer ID theft fraud claims now be submitted using the MyTax form and not through any individual IDES email accounts or telephone calls.
Fraudsters are renewing their attacks posing as IDES representatives attempting to steal personal information via email, text and social media messages. Please remain alert and vigilant to identify fraudulent communications. IDES will never contact individuals via text message. For further reference, see the Fraud & Phishing Alert and Phishing Schemes Press Release.
IDES has shared updates against Phishing Fraud schemes. Click on some of the links for more information.
Cryptos and Taxes
Cryptocurrencies like Bitcoin and Ethereum are increasing in popularity. A POLITICO article on msn.com explains what it will mean and what is being done. Click the link below to find out more.