Volz CPA, Inc. Newsletter
June 2016

Well it is officially summer and I am officially hot.  Thank goodness for A/C and iced tea. Remember, summer day camps for your kids may qualify for the Child Care Credit. 



If you are an employer which withholds municipal income tax, be aware that the new due dates in 2016 for depositing taxes withheld are the 15th of the month following the end of the month/quarter being paid.  Prior to 2016 deposits were due the end of the month after the withholding period.  This is part of the Ohio Municipal Tax Reform bill (HB 5) which was passed in December 2014.  Some cities extend the date if the 15th falls on a weekend to the following Monday but, some do not.  Check with your local tax department to see what protocol it follows to determine the due dates.
HB 5 also increases from 12 to 20 the number of days during a calendar year a nonresident individual may work in a municipal corporation before that individual is subject to the municipal corporation's income tax on the wages or nonwage compensation earned in the municipal corporation. If the individual works for an employer that has less than $500,000 in annual revenue, that individual's wages are subject to withholding and tax only in the municipal corporation where the individual's employer has its sole, fixed location. Here is a summary of the new municipal tax reform provisions for 2016.

Student Tax Scam?

IRS Warns of Latest Scam Variation Involving Bogus "Federal Student Tax"
The Internal Revenue Service today issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the "Federal Student Tax."
Even though the tax deadline has come and gone, scammers continue to use varied strategies to trick people, in this case students. In this newest twist, they try to convince people to wire money immediately to the scammer. If the victim does not fall quickly enough for this fake "federal student tax", the scammer threatens to report the student to the police.
The IRS always first notifies you by mail if they think you owe taxes.
If you get a phone call from someone claiming to be from the IRS and asking for money, here's what you should do:

* Hang up immediately.
*Contact TIGTA to report the call. Use their IRS Impersonation Scam Reporting web page or call 800-366-4484.
*If you think you might owe taxes, call the IRS directly at 1-800-829-1040.
More information on how to report phishing or phone scams is available on IRS.gov.


The Latest Malware Threats and How to Respond

Malware developers never rest - it's a 24/7, global industry dedicated to stealing funds from the bank accounts of unsuspecting companies and individuals. One of the latest malware threats is GozNym, a hybrid malware that infiltrates computers as a "Trojan horse," infects browsers, waits for the user to do online banking and steals credentials. GozNym is thought to be backed by organized crime.
Unsuspecting business computer users can unleash malware in various ways: by opening email attachments that release a virus, clicking on a link that leads to a malicious website, or inadvertently "un-patching" a computer of the software fixes that are designed to keep bugs out. Even email from a trusted sender should be viewed with a certain amount of skepticism if something seems amiss, as sender accounts can be hacked and hijacked for nefarious purposes.
Click here to learn more about the best practices for protecting your business against malware threats.

I hope everyone has a bang up Fourth of July and to help celebrate here is my favorite rendition of God Bless America by Kate Smith.  Have a safe and joy filled holiday. 


James A. Volz, CPA
VolzCPA, Inc.

9900 Carver Road Suite 100   
Cincinnati, Ohio 45242
Phone: 513-794-1551   Fax: 513-794-1552
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