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V&C Update - Q2 2022 Newsletter

In today's world, technology is used every day. Scammers are becoming smarter and more persistent.

A few helpful security tips when using technology:

Use security software for computers and mobile phones – and keep it updated.
Avoid phishing scams, especially related to tax refunds and COVID-19, Economic Impact Payments and other tax law changes.
Use strong and unique passwords for all accounts.
Use multi-factor authentication whenever possible.
Shop only secure websites; look for the "https" in web addresses and the padlock icon; avoid shopping on unsecured and public Wi-Fi in places like coffee shops, malls or restaurants.

Tax Tip 101

Putting money into a Roth IRA is not tax deductible at the time of contribution, however, when reaching the appropriate age the distributions (including gains from investments) are tax free.

A Roth IRA can be a huge benefit to many individuals for retirement planning.

IRS Updates

The IRS estimates they may be losing out on about $1 trillion dollars in federal taxes because of unpaid taxes, fraud, and a lack of resources to adequately enforce collections. As a result, the IRS plans on adding more employees and upgrading their technology systems for better processing. It is expected that the IRS will be flagging more individuals tax returns in upcoming years for audits.

Verhoff & Company LLC

814 N. Locust St. Ste. 3

Ottawa, OH 45875

Verhoff & Company LLC (vandccpa.com)