2020 Year-End Planning – Additional Items to Note

By Bobby Hoffman

Additional tax planning considerations for year-end 2020:

• IRS “Phishing” Scams: As was noted in last year’s Year-End Tax Letter, the IRS continues to battle cons taking advantage of taxpayers. They stress that the IRS does not solicit taxpayer information via e-mail or phone calls and that any such communication received from the “IRS” requesting personal information should be deleted immediately and reported. Identity theft is a growing problem and we encourage clients to take a proactive approach in protecting themselves. The IRS has just announced that beginning in mid-January of 2021, any taxpayer will be allowed to get a taxpayer personal identification number by going to this link: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin. Previously, only taxpayers in selected states could apply.

• Audits: As the Federal government continues to struggle financially, the automatic notices for audits and penalties are sent out at a staggering rate. Please let us know if you receive any notice from the IRS as we are prepared to help you if you have any issues.

For more information regarding year-end tax planning, please contact us at 404-255-7400 or info@hoffmanestateaw.com.