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Week 5 Up, March Still Down

   
In the final week of March, independent grocers posted a modest 1.94 percent increase in their same store sales. While it was nice to end on a positive note, the big dip from the 2016 Easter week caused March to finish down 3.02 percent compared to the same month in 2016. Customer counts for week five were up slightly at 0.27 percent.

Last week the Bureau of Labor Statistics released its March unemployment report, which showed 98,000 jobs added during the month. The totals were much lower than previously expected. Nevertheless, the size of the labor force and hourly earnings increased, and the unemployment rate fell to 4.5 percent. The labor force participation rate was flat and job revisions for the previous two months came in 38,000 jobs lower than previously reported.

Hotel Block Ends Soon for the FMS Financial Symposium
   
Reserve your room by April 18 to guarantee your rate!

In the spring of 2017, FMS will be hosting a three day educational event designed specifically for our independent grocers. Attendees will have the opportunity to participate in several workshops and seminars that will give you more tools to help you succeed.

Learn from industry experts and guest speakers on the state of the industry, e-commerce, the latest best practices, and more. Registration includes several evening receptions where attendees can relax and enjoy downtown Baltimore. Attendees can earn up to 14 CPE credits on eligible sessions over the course of the Symposium.  
Same Store Sales        
% Change from last year

Same Store Sales – Previous Months

BGBC Partners, LLP Tax Update: Tax Identity Theft
Over the last few years, there has been a seemingly non-stop epidemic of tax identity theft cases.  As tax preparers, we continue to see this problem escalating, especially in today's technologically savvy society.  Even if you have not been personally victimized, you may have heard about "tax identity theft".  In this issue of our Tax Update we are going to briefly explain what “Tax Identity Theft” is and strategies you can employ to reduce the odds that it happens to you.
 
Tax identity theft happens most frequently in the early weeks of the tax filing season, mainly because the majority of taxpayers have not filed their personal tax return yet.  Thieves will use your name and social security number to file a false return and claim a refund.  Often you won’t even know that you’ve been targeted until you file your tax return.  You will find out when you receive a notice that more than one return was filed under your name and social security number, since the IRS will not accept two returns with the same social security number.
 
Another form of tax identity theft occurs when thieves use your social security number for employment purposes.  The income they receive from their employer is reported to the IRS under your social security number, which prevents the thief from having to report that income on his or her own return.  If this happens, you may receive a 1099 or W-2 in your name from an unknown employer, or you will receive a notice from the IRS stating that the income earned under you social security number does not match the income reported on your personal tax return.  If either of these scenarios occurs, you should contact the IRS immediately.
 
The IRS is continually increasing their efforts to identify and stop identity theft from happening by allocating more employees and time to working on this issue (although under the current budget restraints the additional resources may be minimal.  The IRS has implemented an identity protection PIN process to help those who are victims.  Identity protection PIN is a unique six digit number that is assigned annually to victims of identity theft for use when filing their personal tax return.  This PIN indicates that the taxpayer is the authentic filer.
 
While the IRS is taking measures to avert further identity theft, it is also important for you to take preventative measures yourself.  The IRS has identified several steps that you can take to prevent identity theft
1. Don't routinely carry your Social Security card or documents with your SSN on it.
2. Don’t give a business your SSN just because they ask.  Make sure it is absolutely necessary.
3. Protect your personal financial information at home and on your computer.
4. Check your credit report frequently.
5. Check your Social Security Administration earnings statement annually.
6. Protect your personal computers by using firewalls, anti-spam/virus software, update security patches, and change passwords for internet accounts.
7. Don’t give personal information over the phone, through mail, or email unless you have initiated the contact or you are sure who you are giving it to
Keep in mind that the IRS will never initiate contact with you via email to request any personal or financial information.  If you believe you are at risk or are a victim of identity theft, please contact the IRS immediately.
 
It is important to be aware and be cautious when giving out personal information.  Play it safe and smart to avoid becoming a victim of identity theft.  If you have additional questions about this topic, contact an experienced CPA who will be able respond to your specific questions.

BGBC Partners, LLP is a full service certified public accounting and business consulting practice.  

For more information, contact
Brad Bell, CPA
or Steve Reed, CPA/ABV/CFF at BGBC Partners, LLP (317-633-4700).
For More Information,
Contact Mark Ehleben
877-435-9400 x1402
marke@fmssolutions.com
8028 Ritchie Highway | Suite 212 | Pasadena, MD 21122


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