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  • OCOB - Reflection on My LITC Experience
    throughout the past weeks After just a two week introduction to the tax controversy process I did not feel nearly prepared enough to work on client cases However the Low Income Taxpayer Clinic truly embodied Cal Poly s Learn by Doing philosophy The Low Income Taxpayer Clinic is a very unique senior project because they entrust Cal Poly students with handling client cases With guidance and knowledge from team leaders I learned about the tax controversy process and assisted settling disputes with the IRS for real world clients I was also able to utilize the knowledge of tax law I had gained through my Tax course and from taking VITA last quarter Coming into week 9 of the quarter I am amazed with the amount of knowledge I have gained throughout my time at the clinic From doing tax research to applying tax knowledge that enables me to assist real world clients the Low Income Taxpayer Clinic allowed me to gain valuable experience I would not have been able to receive in a classroom The Low Income Taxpayer Clinic has been the highlight of my Cal Poly education for enabling me to apply the knowledge I have gained to make

    Original URL path: http://www.cob.calpoly.edu/litc/reflection-on-my-litc-experience-2/ (2016-02-17)
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  • OCOB - Highlights of Spring Quarter
    Students Community Outreach Resources LITC Blog Business programs are accredited by AACSB Highlights of Spring Quarter It s been a busy quarter at the LITC Here are a few highlights of events we have attended this spring Green and Gold Event More Than a Motto Posted May 19 2015 Recent News Tax Prep Clinics Learn More Navigation Prospective Students Current Students Executive Partners Giving to the Orfalea College Directory Contact

    Original URL path: http://www.cob.calpoly.edu/litc/highlights-of-spring-quarter/ (2016-02-17)
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  • OCOB - Five Year Report and Anniversary Party
    Clinic was founded thanks to a contribution from Chevron Corp in addition to a grant from the IRS Taxpayer Advocate service It began with just one student accountant and a sprinkling of clients Today the numbers have grown to 21 currently active student accountants assisting 66 active clients Since its inception over 160 Orfalea College of Business students have been able to help 219 clients reduce their tax liabilities LITC s efforts have helped clients save over 1 188 513 Students alongside the LITC attorneys have also helped with 22 cases handled in tax court The 2015 grant from the IRS will allow the LITC to continue assisting clients with future controversy work and outreach activities In celebration of five years of service join the Low Income Taxpayer Clinic in celebrating at our Five Year Anniversary Party this Saturday May 16 th 2015 On O Neil Green CPAC event will be held from 11 a m to 2 p m with the LITC presentation and cake cutting taking place at 1 p m followed by the debut of our promotional video To view the detailed Five Year Report please visit the link below http issuu com calpolyorfaleacollege docs cal poly

    Original URL path: http://www.cob.calpoly.edu/litc/five-year-report-and-anniversary-party/ (2016-02-17)
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  • OCOB - Itemized vs. Standard Deduction
    itemize their deductions It is advised to take the deduction that lowers your tax the most Itemized Deduction In order to determine your itemized deductions add up the allowable deductible expenses paid during the year These may include expenses such as Home mortgage interest State and local income taxes or sales tax but not both Real estate and personal property taxes Gifts to charities Casualty or theft losses Unreimbursed medical expenses Unreimbursed employee business expenses It is advised to claim the amount of itemized deductions if it is larger than a taxpayer s allowable standard deduction amount below The Standard Deduction The basic standard deduction depends on your filing status For 2015 the standard deduction amount is Single 6 300 Married Filing Jointly 12 600 Married Filing Separately 6 300 Head of Household 9 250 Qualifying Widow er 12 200 The standard deduction allows taxpayers a deduction even if they have no expenses that qualify for claiming itemized deductions and eliminates the need to itemize deductions The standard deduction also lets taxpayers avoid keeping records and receipts of their expenses in case of an audit by the IRS For more information please refer to the following link http www irs

    Original URL path: http://www.cob.calpoly.edu/litc/itemized-vs-standard-deduction/ (2016-02-17)
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  • OCOB - Look Out For Tax Scams!
    scams that have been discovered in recent years Look out for the tell tale signs of some of these scams described below Tax Preparer Phishing Scam Tax professionals receive phony emails requesting that they update their IRS e services portal information and Electronic Filing Identification Numbers EFINs However the links in these emails appear to be a phishing scheme that are able to retrieve your username and password The IRS e services program does not send these emails so please disregard and do not click the links provided IRS Impersonation Telephone Scam This call scam has been targeting taxpayers especially recent immigrants The callers claim to be IRS employees using fake names and bogus IRS identification badge numbers The caller ID is usually altered to make it seem as though it really is the IRS calling Victims of the scam are told they owe money that must be paid through a pre loaded debit card or wire transfer immediately If this is not done the victim will be threatened with arrest deportation or suspension of a business or driver s license Keep in mind that the IRS will NEVER 1 call to demand immediate payment especially without mailing a bill first 2 demand payment without giving the opportunity to question or appeal amount owed 3 require a specific form of payment method such as a pre paid debit card 4 ask for credit or debit card numbers over the phone 5 threaten to bring in law enforcement groups to have you arrest for failing to pay Identity Theft Scams IRS has issued several warnings about the fraudulent use of the IRS name and logo by scammers in gain access to consumer s financial information They will use mail telephone fax or email in order to steal consumer s identity and

    Original URL path: http://www.cob.calpoly.edu/litc/look-out-for-tax-scams/ (2016-02-17)
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  • OCOB - 5 Year Anniversary Party
    LITC About Us Testimonials FAQs Prospective Clients Prospective Students Community Outreach Resources LITC Blog Business programs are accredited by AACSB 5 Year Anniversary Party Come join us for our 5 Year Anniversary Party Event details are posted below Posted Apr 28 2015 Recent News Tax Prep Clinics Learn More Navigation Prospective Students Current Students Executive Partners Giving to the Orfalea College Directory Contact Us Choosing Orfalea Discover Cal Poly Apply

    Original URL path: http://www.cob.calpoly.edu/litc/5-year-anniversary-party/ (2016-02-17)
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  • OCOB - Missed the April 15th Deadline? Advice for Late Filing
    supposed to here is some advice for your next steps File your return as soon as possible This will help to minimize your interest and penalties If you are due a refund there is no penalty for filing your return late Do your taxes electronically By filing your tax return online you will avoid paying interest and penalties for days when your return would otherwise be in the mail Use IRS Free File to file your taxes for free If you make less than 60 000 brand name tax return software is available for you to use IRS E File may be the safest option and the IRS will confirm that it got your return Pay as much as you can Even if you cannot pay your full amount due at present reduce your future interest and penalties by putting down as much as you can now Apply for payment arrangements If you avoided paying the taxes you owe because you don t know how you are going to pay you may be able to set up an installment agreement with the IRS File if you might have a refund waiting Even if you are not required to file you

    Original URL path: http://www.cob.calpoly.edu/litc/missed-the-april-15th-deadline-advice-for-late-filing/ (2016-02-17)
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  • OCOB - Consequences of Failing to File Your Taxes
    avoid potential penalties Some important points about the different penalties you may face if you file or pay your taxes late If you do not file your taxes by April 15 you might face a failure to file penalty Whereas if you do not pay your taxes by April 15 you could face a failure to pay penalty The failure to file penalty is typically more than the failure to pay penalty The penalty for filing late is generally 5 percent of the unpaid taxes for each month or part of a month that a return is late This penalty will not exceed 25 percent of unpaid taxes The failure to pay penalty is typically ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid This penalty can be as much as 25 percent of your unpaid taxes Even if you are unable to pay all the taxes you owe you should still file your tax return on time and pay as much as you can The IRS will work with you if you need to explore payment options For more information visit http

    Original URL path: http://www.cob.calpoly.edu/litc/consequences-of-failing-to-file-your-taxes/ (2016-02-17)
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