Stop losing sleep over your tax situation. I'm Darrin Mish \u2014 a tax attorney in Tampa who's spent 32 years handling exactly this kind of problem. Here's what you need to know.<\/p>\n
IRS Reviews Loans to Almeda Corridor East<\/p>\n
In a routine review, the IRS is looking into $20 million in loans used by Almeda Corridor East Construction Authority since 2005. \u00a0The review of the fund was randomly chosen.
\nThe IRS requested a large number of financial documents related to the fund. \u00a0The organization regularly receives \u2018commercial paper payments\u2019 \u2013 which function like loans \u2013 to pay for projects with the promise of repaying the loans with future grant money. \u00a0And the IRS regularly keeps such organizations in check to ensure they do not request more than is necessary from fund providers or hold on to the loans longer than needed.
\nOn February 17, the IRS sent a letter to Almeda Corridor East requesting for financial information. \u00a0Almeda informed the board of directors about the matter on April 25 and replied to the letter the following day. \u00a0The IRS has yet to respond to the request for comment.
\nThe money in question was requested periodically since 2005 to pay for grade separation projects, that included the Nogales Street Project, a project on Ramona Boulevard in El Monte, Brea Canyon Road on the border of Industry and Diamond Bar, and Sunset Avenue in Industry, among others.
\nAlmeda CEO Rick Richmond said this type of funding process was used in the majority of the organization\u2019s projects. \u00a0He also added that Almeda has never failed to pay off its commercial paper payments.<\/p>\n
More Phishing Emails<\/p>\n
According to the IRS Michigan, there has been a phishing scam going on during the first week of May. \u00a0In this scam, emails are sent supposedly from the IRS that entice the taxpayers into opening them with the news that they are entitled to a tax refund. \u00a0IRS Michigan spokesman Luis Garcia said the refund sum is approximately $68. \u00a0The email would say that due to an error, the taxpayer is entitled to a refund.
\nThe emails that appear very genuine, send the reader to a website that bears the IRS logo and formal-looking details. \u00a0If you read on, you will be asked to furnish personal details such as your name, PIN number, mother\u2019s maiden name, among other things. \u00a0These details are those that the IRS would never request for as they have no use of them.
\nThe emails also would get you to click on some link that downloads spying software or a virus capable of stealing your information. \u00a0At other instances, the emails in addition to filching your money, may acquire enough of your details to make a fake income tax submission in your name.
\nYou can be sure of this \u2013 the IRS never contacts anyone by email so do not respond to any such emails purportedly from the IRS.<\/p>\n