Latest Robocall Scam

At GCS, we strive to keep you informed of events, changes to laws, and other areas that may impact you, both personally and professionally.  One area that requires constant vigilance is avoiding potential scams and fraudulent activity from fake phone calls.

The Internal Revenue Service is cautioning taxpayers to be aware of fraudulent phone calls in which the perpetrator threatens to cancel victims’ Social Security numbers if they do not pay their taxes over the phone.

In a recent email to GCS, the IRS writes:

Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another attempt by con artists to frighten people into returning ‘robocall’ voicemails.

Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up.

Make no mistake…it’s a scam.

We want to remind you to not provide any personal or financial information over the phone unless you are positive you know the caller is legitimate.  When in doubt, please contact us directly or simply hang up the phone.

While the IRS has authorized private collection agencies, they will never call to demand immediate payment using specific payment methods such as a prepaid debit card, iTunes gift card, or wire transfer. In addition, they will never ask a taxpayer to make a payment to person or organization other than the U.S. Treasury.  Finally, they would never bring in the local police or other law-enforcement groups for not paying, or demand taxes to be paid without giving the opportunity to question or appeal the amount owed.

If you believe you are the victim of a scam, please contact us or report the call to the Treasury Inspector General for Tax Administration.

Should you have any questions or wish to speak to a team member, please don’t hesitate to call us at 201-599-0008.

Meet Our Team

Francis E. Shovlin, CPA is a Managing Director at Gramkow Carnevale Seifert & Co., LLC and specializes in providing accounting, tax and management advisory services to healthcare related businesses.  Through his extensive experience assisting medical practices, hospitals and other healthcare organizations with mergers, acquisitions, and joint ventures, Fran has developed a unique skill set that allows him to act efficiently and effectively as a facilitator.

Fran has a depth of experience in the business of healthcare and has assisted clients in areas such as physician-hospital joint venture evaluation and development, medical practice valuation, fair value opinions, shareholder dispute resolution, compensation modeling, and strategic plan development.

Fran graduated from Muhlenberg College with a Bachelor of Arts degree in accounting and business administration in 1984.  He is licensed as a certified public accountant in the State of New Jersey, is a member of the American Institute of Certified Public Accountants and a Fellow in the New Jersey Society of Certified Public Accountants.  Fran is a past-Chairman of CPA Associates International’s Healthcare Professionals Committee.

Fran also has experience providing accounting, tax and advisory services to businesses in other industries, such as manufacturing, retail sales, construction, and distribution.

Did You Know?

We provide a 2019-2020 Tax Planning Guide on our website for your convenience and tax planning purposes. Please visit the following link to access the guide: http://www.taxguideonline.com/gcs-cpa/

Tax Planning – Checking Your Paycheck

Tax planning has turned into a year round process, as events impacting personal and financial changes can affect our income tax liability. Although the “final” tax payments are not due until April 15th of the following year, our current year tax must generally be paid in on an ongoing basis. We must determine and balance the correct amount to pay in at the proper times during the tax year while maximizing our take home pay to cover our living expenses.

The IRS imposes a penalty for failure to pay the proper current year estimated tax. Taxpayers that are employees must generally pay at least 90 percent of their taxes equally throughout the year through withholding (or a percentage of their prior year taxes). If you do not meet this requirement, you may owe penalties and interest when you file your returns.

Changes in your life can have an effect on your required estimated withholding taxes for the current year and desired take home pay. Increases in income as a result of receiving a raise or increases in living expenses (as a result of having a baby or additional dependent responsibilities) can have a direct impact on your desired take home pay. Your take home pay can be adjusted by updating the Form W-4 with your employer.

The key is to balance the maximum take home pay to cover family living expenses with the correct withholding taxes to meet the annual tax requirements. This can be accomplished by performing a paycheck checkup periodically, or when a major life event occurs. An updated, proper, and desired income tax withholding can be computed based on your most recent pay check in conjunction with other changes in your anticipated income and expenses. Sometimes multiple paycheck checkups are required in the tax year. The frequency of checkups depends on how many events occur during the tax year that affect your income tax liability.

The comfort of knowing you have the correct amount of take home pay and withholding taxes paid in for the year helps you achieve your overall financial goals. Our team of experienced professionals and advisors at Gramkow Carnevale Seifert & Co.,LLC can be a valuable asset to help you determine your proper income tax withholdings and corresponding desired take home pay.

Meet Our Team

Patrick O’Reilly (Pat) is a Director at Gramkow, Carnevale, Seifert, & Co., LLC (GCS). He joined the GCS team in 2018 and has about 12 years of previous experience in private accounting, specifically in various management positions in financial accounting and reporting, and about 13 years of experience in public accounting. Pat specializes in taxation with various different practice areas such as estates and trusts, gift tax, business entities, etc.

Pat graduated from Seton Hall University with a Bachelors Degree in Accounting and a Masters degree in Taxation. He is s Certified Public Accountant in the state of New Jersey. Pat is a member of AICPA, NJ Society of CPAs, and NJFPA. He enjoys traveling, sports, and reading in his free time.