Tax season is upon us when we reconcile our dues with Uncle Sam. However, it's also a period when some unscrupulous individuals exploit this necessity, conducting scams to defraud unsuspecting taxpayers. In this digital age, tax scams have become increasingly sophisticated, making it challenging for individuals to discern between legitimate tax issues and fraudsters. One scam involves swindlers posing as a third party offering to help create an online account at the Internal Revenue Service (IRS) to pay taxes. The information they collect can be used to file a sham tax return, with the scammer pocketing the refund, or for other types of financial fraud or identity theft.1 It's crucial to remember that the IRS communicates mainly through the mail and will generally make contact by phone or in person only after a taxpayer has received multiple written notices. They will never ask for immediate payment, threaten to call the police, or ask you to pay a tax bill with a gift card, a prepaid debit card, or a wire transfer.2 Furthermore, be wary of "free money" scams. Criminals may promise unclaimed refunds or stimulus funds, often requiring an upfront fee to "retrieve" your money. Remember, this email is to help make you aware that tax fraud can happen. Consult your tax, legal, or accounting professional before responding to any new claim.3 To help protect yourself, avoid storing financial records and information in an email account. and consider setting up your IRS Online Account at IRS.gov. If you receive unsolicited communication claiming to be from the IRS, you might want to check with your tax professional before responding. Feel free to reach out if you have any concerns or need guidance. |
1. CNBC.com, January 18, 2024. "‘Fraud is at a crisis level,’ says expert: 5 financial scams to watch out for in 2024."
2. AARP.org, July 27, 2023 3. LVPNews.com, January 9, 2024. "AARP: Scams the IRS wants you to know about."
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- There is no better form of professional reassurance than to have a client profess their happiness with our services to a family member, a friend, or an associate on our behalf. Over the years, CRF has experienced tremendous growth in thanks to our clients and their wonderful referrals. And we could not be more appreciative.
Up until recently, financial advisors were not permitted to share the testimonials of their clients -- eliminating from our marketing the personal touch and built trust that is at the very core of our business. Thankfully, recent regulation changes now allow us to share your experiences with others should you wish to do so.
We welcome you to view our new testimonial webpage that reflects the wonderful sentiments that several of our clients have recently shared with us. If you have found value in the assistance, the bonds, and the trust that you and your advisor have formed, we would be honored if you could take a few moments to share your experience.
To submit a testimonial, please access our convenient Testimonial Submission webpage by entering the code ”8231”. Alternatively, our Director of Marketing and Communications, Kristine Rencs, would be happy to assist you in crafting a testimonial. She can be reached via email or at 781.404.7009 x105. We are extremely thankful for your business and are sincerely grateful for your consideration!
- Monday, April 15, 2024, is the deadline for filing a federal income tax return. Due to state holidays, residents of Maine and Massachusetts will have until April 17, 2024 to file their taxes. Please check the IRS's website for revised tax deadlines if you live in a state that may have experienced a recent natural disaster as there may be some relief for you.
- Your quarterly statements from LPL Financial provide a clear, comprehensive view of your investments and account activity.
This Guide to Your Statements offers a detailed overview of what your statement provides, including:
* A summary of key information
* Total values and changes
* Charts and graphs to help you understand your information
* A QR code that takes you to your personal statement site
* Upcoming events, account and fund documents, & more
- We are excited to announce that Rick West and the Concord River Financial Team were ranked in the top 2% among more than 22,000+ LPL advisors nationwide for 2023. Additionally, Rick earned the distinction of being honored as a member of the globally recognized "Million Dollar Round Table", a premier association for financial professionals, at its highest “Top of the Table” tier for the third time in his career.
We are always so honored to share our accomplishments, as it's a direct reflection of our clients’ loyalty and trust, kind referrals, and the strong professional reputation that we strive to uphold. A heartfelt thank you to all who made our 2023 so wonderful!
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Are You Prepared For A Natural Disaster?
Natural disasters, such as hurricanes, earthquakes, or fires, can happen anytime. Preparing before disaster strikes is essential. Here are a few tips to help you prepare: - Update Your Family’s Emergency Plan: Your emergency plan can include knowing where to go and where all necessary documents and possessions are located. Regularly review your emergency plan frequently as things can change.
- Create Digital Copies of Important Documents: Most financial organizations, such as banks and insurance companies, provide digital copies of bank statements, tax returns, and insurance policies. Keeping all these digital copies saved and organized is a "best practice".
- Document Valuables: Documenting valuables makes it easier to claim insurance and tax benefits after a natural disaster. A disaster loss workbook will help you compile a list of belongings. Photographs can also be invaluable when working with your insurance provider or the IRS.
*This tax tip is for informational purposes only and is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals for more specific information. Tip adapted from IRS.gov |
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Be On Alert For IRS Scams
To summarize, in most cases IRS “phishing” scams come in the form of bogus phone calls and emails that claim to come from the IRS. Remember, the IRS will never: - Call you without mailing an official notice first.
- Demand that you immediately pay your taxes over the phone.
- Take a debit or credit card number over the phone.
- Threaten to call law enforcement or immigration services to arrest you for failure to pay.
*This information is not intended to be a substitute for specific, individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov |
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Two men played five games of chess in the park. They both won the same number of games, yet none of the games they played ended in a draw. So how could this be? ___ Last Month's Riddle:You can rearrange the letters in insatiable to make another ten-letter word that starts with the letter b. What is this ten-letter word? Answer:Banalities |
