Bookmarx LLC - Tax Express

New Wave of Tax-related Text Scams – Did You Know?

The IRS recently issued a warning about a dramatic increase in the number of tax-related texting scams (also called “smishing”) occurring across the U.S. The scammers typically send a text message that appears to be from the IRS, which might include fake instructions to create an online IRS account, threats of tax penalties, or promises of tax or disaster relief. The message then urges recipients to click a link or call a phone number, where criminals stand ready to steal sensitive personal information like Social Security or bank account numbers.

If you receive a suspicious text claiming to be from the IRS, do not respond or click any links. The IRS does not send text messages requesting personal, tax or financial information. You can also help stop the scammers by reporting any smishing messages to [email protected]. Include a copy of the bogus message, the number that it came from, and the date, time and location you received it.

Newlyweds Have Special Tax Considerations – Did You Know?

If you get married in 2025, you may need to update your tax planning and report new information to the IRS and Social Security Administration (SSA). In particular, newly married couples should:

- Report any name changes to the SSA and get a new Social Security Card (link below)
- Report any address changes to the IRS and the U.S. Postal Service
- Recheck their paycheck withholding and/or estimated tax payment amounts. Marriage can affect your tax rate, as well as your deductions and credits. You can use the IRS Withholding Calculator (link below) to make sure you are staying on track.

One of the biggest tax decisions you will need to make as a newly married couple is whether to file separate returns or file jointly. A tax professional can help you determine which status is most advantageous for you.

Social Security Administration: https://www.ssa.gov/myaccount/
IRS Withholding Estimator: https://apps.irs.gov/app/tax-withholding-estimator

$600 1099-K Threshold FAQs (3/3)

Here is an answer to one of the most common questions about the new over $600 1099-K rule.

Why have I never gotten 1099-K forms from payment processors before?

Prior to tax year 2022, the IRS only required third-party payment processors to file Form 1099-K for individuals and businesses that received over $20,000 in gross payments in a year. As a result of the dramatic lowering of this threshold, many people who have never received a 1099-K form will get one for 2022.