E-Services Accounts, Michigan Treasury Update, PTIN Reminder and more

by MICPA | Dec 06, 2016   ()

Important Information About e-Services Accounts
Over the next five weeks, the IRS will send letters to certain e-Services users informing them they need to validate their identities. The letters will go to e-Services users who can access the Transcript Delivery Service and who have been active within the past year. To learn more visit the e-Services main page. Users who receive letters will have 30 days to authenticate their identities online or by phone.

The IRS warns that cybercriminals currently are engaged in ongoing phishing attempts to steal e-Services users’ usernames and passwords. Be alert to phishing scams either by letter, email or phone. Make sure the communication is from official IRS sources. If in doubt, go directly to

Michigan Treasury Update Available
The Tax Policy Division of the Michigan Department of Treasury’s latest quarterly newsletter is now available. Read about medical marijuana tax and regulation, changes to the homestead property tax credit formula and more. READ MORE

New Online Tool Provides Basic IRS Account Information
The IRS launched an online application to assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new tool allows taxpayers to view their IRS account balances, including amounts owed for tax, penalties and interest. Taxpayers may also access various online payment options. READ MORE

PTIN Reminder: Renew Now
Preparer tax identification number (PTIN) applications and renewals for 2017 are now being processed. The IRS is in the process of sending reminders to anyone who prepares or assists in preparing federal tax returns for compensation indicating they must have a valid 2017 PTIN before preparing returns. READ MORE

Get Replacement Social Security Tax Forms Online
People who receive Social Security benefits can request tax forms online through my Social Security. Let your clients know they can get instant replacement forms beginning Feb. 1.

Tips for Creating Passwords That Protect
As part of the ongoing Security Summit effort, the IRS released best practices to protect tax and financial information including the following password tips:  Use passwords of eight or more characters, mixing letters, numbers and special characters. Don’t use your name, birthdate or common words. Don’t use the same password for several accounts. Keep your password list in a secure place or use a password manager. Don’t share passwords with anyone. Calls, texts or emails pretending to be from legitimate companies or the IRS asking to update accounts or seeking personal financial information are almost always scams.

Interest Rates Remain the Same for the First Quarter of 2017
Interest rates will remain the same for the calendar quarter beginning January 1, 2017.  The rates will be:

  • four percent for overpayments [three percent in the case of a corporation];
  • 1.5 percent for the portion of a corporate overpayment exceeding $10,000;
  • four percent for underpayments; and
  • six percent for large corporate underpayments. 

Revenue Ruling 2016-28 announced the rates of interest. READ MORE

Source: MICPA
Source: MICPA

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