Francetic Tax Resolution LLC - September 2020


Most people who hear about artificial intelligence (AI) conjure up an image of a robot acting and thinking on its own. However, it’s far more than that. AI systems are used by businesses to identify human behavior patterns and tailor marketing messages. They’re also used by health care professionals to provide diagnoses and monitor trends. And now, AI is being used for financial security. RISK MANAGEMENT Many are concerned about the risk of someone hacking into their bank accounts and cleaning them out. While that can happen at any moment, individuals often have a number of safeguards in place to protect their finances and mitigate this risk. The same is true for businesses, such as banks, credit card

companies, or online retailers, though the risks are often far higher for these companies than they are for individuals. How does AI help? It works with data faster and more accurately than a human ever could. By using AI to monitor financial transactions, a company can keep track of the real-time activity of its customers and verify its authenticity. For example, someone who makes a large withdrawal from their bank account might get an AI-generated call, text, or email seconds afterward to verify the transaction. FRAUD DETECTION AI can also predict and flag unusual activity associated with fraud. By combining two of its processes — data

management and pattern identification — AI can pinpoint oddities within a person's finances. For example, if a card is used for a purchase in America then used a few hours later for a purchase in another country across the world, AI can detect this suspicious activity almost immediately and send an alert to the cardholder. Additionally, AI is created to learn , which means that over time, it will become more attuned to what is or is not fraudulent activity. Artificial Intelligence is a powerful and beneficial tool for business owners and individuals alike. Read more about what AI is doing in the financial world at transforming-finance .


3 Refund Rumors the IRS Has Debunked

By now, you should have received your tax refund if you filed your tax return by July 15. However, if you filed for an extension you might still be on tenterhooks. Since we’ve all been thinking about the topic, I figured this would be the perfect time to bust some tax refund myths. There are all kinds of rumors out there about tax refunds: how to get them more quickly, how to find out when yours is coming, and what a small refund means, to name a few. The IRS has debunked a bunch of those myths over the years, but here are three I still hear about all the time. If you’ve been putting stock in these myths, it’s time to give them up! MYTH NO. 1: IF YOUR REFUND IS SMALLER THAN EXPECTED, SOMETHING MUST BE WRONG. Sometimes a reduced refund amount could mean an error on the part of the IRS, but that’s pretty rare. More often than not, a small refund means you’ve made a math error and you owe additional taxes, the state has a hold on any refunds for a prior year outstanding tax liability, you owe back child

support, you are delinquent on making student loan payments, or a portion of your refund is being withheld while the IRS reviews an item on your return. If none of these seem to be the case and you think the IRS messed up, give me a call. I can review your situation and help you figure it out. MYTH NO. 2: CALLING THE IRS WILL HELP YOU GET A BETTER REFUND DATE. A lot of people think that if they bug the IRS personally — or have an accountant or tax resolutions specialist like me do it for them — then the IRS will send out their refund faster. That’s just not the case. No one has the power to move a refund date up except the IRS, and they work at their own speed. I can help make sure you get your refund, but I can’t speed it up. MYTH NO. 3 IF YOU GOT A REFUND THIS YEAR, YOU DON’T NEED TO ADJUST WITHHOLDING FOR 2020. Every tax year is different, so to make sure you aren’t surprised on your 2020 return, be sure to check your withholding and adjust it if you need

to. For example, if you have gotten married or divorced, welcomed a new child, or lost a child as a dependent because they finished college and found a job (and are hopefully living out on their own), these scenarios may increase or reduce your expected refund. To figure out how much you should withhold, visit Withholding-Estimator.



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