If you receive a paycheck, you have probably noticed an increase in take home pay this year. No, it's not from an unexpected raise, but rather a decrease in the amount of income tax withheld. The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the tax law, not the least of which is new lower income tax withholding rates. But before you go out and spend all of that extra money, keep in mind that withholding only represents the amount of tax paid to the IRS on your behalf, not necessarily the amount you owe.
Over the past several months, we have spoken with many individuals who have received threatening phone calls from the "IRS". The caller may demand immediate payment of back taxes, ask for a credit card number over the phone, or even threaten a lawsuit or arrest for failure to comply.
This is a widespread scam that is becoming more prevalent. As we approach tax season, it is more important than ever to be diligent and protect your personal information. To help you identify scammers, I've put together a list of 6 things the real IRS will never do.