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updated Tue. March 27, 2018

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If your business is unable to file its taxes with the Internal Revenue Service by deadline, it's crucial to say so immediately. Procrastinating is not an option. "It's incredibly important for filers to file -- or extend -- on time and pay tax due on time," says Dawn Rhea, director of Moss Adams, a large ...

On Friday, March 23, 2018, the Internal Revenue Service (IRS) issued a release to remind taxpayers that "income from virtual currency transactions is reportable on their income tax returns." The agency provided a link to its 2014 guidance, which explained that "for federal tax purposes, virtual currency ...
The prison time and restitution in the sentence received by Pompano Beach's Timothy Beverley send a message: If you're going to rip off a company for millions, give the Internal Revenue Service its thousands. And don't lie about it to the government. Beverley, 61, got seven years and six months in ...
Katherine from Menlo Park asked: What if an identity thief files to the Internal Revenue Service under my data, but I already owe money from a previous year? Answer 1: ... If you and the Internal Revenue Service have already worked out a deal, they might send the I.D. thief a refund. If you don't have a deal ...
... take extra precautions to protect their computer systems and data following recent reports of several tax-related scams. One new scam involves cyber criminals filing falsified tax returns and obtaining fraudulent tax refunds from taxpayers by posing as Internal Revenue Service officials and debt collectors.

Businesses sometimes fall prey to tax scams especially during the tax season. BizLaunch reached out to our partners at the Internal Revenue Service (IRS) to find out what business owners should be concerned about in 2018. The following blog post by IRS Senior Stakeholder Liaison Anna Falkenstein ...
Little can strike more fear in the heart of taxpayers than the prospect of the Internal Revenue Service questioning their tax return. Yet, for most people, the chances of an audit are slim. Of the nearly 148 million individual tax returns filed in 2016, just 0.7 percent (about 1 million) were audited, according to the ...
Video of a Texas police officer speaking with an IRS scam artist is being shared widely on social media as the Midland Police Department looks to inform U.S. taxpayers of similar fraudulent calls. Midland Police Officer Daniel Stief decided to have some fun with a man who mistakenly called the precinct to ...
In this photo March 22, 2013, file photo, the exterior of the Internal Revenue Service (IRS) building in Washington. (AP Photo/Susan Walsh, File) (Susan Walsh / AP). Matt CoughlinContact ReporterOf The Morning Call. State officials are warning tax payers — and preparers — to protect their computer against tax-based and ...
The Internal Revenue Service released a private letter ruling on Friday stating that a customer with an existing home solar array is eligible for a 30 percent federal tax credit when they buy and install a battery system, provided it stores only solar energy from their own roof. The private letter ruling was issued ...
The Treasury Department and Internal Revenue Service recently announced that they have launched an updated Withholding Calculator to help tax payers determine the proper amount of withholdings from their paychecks to reflect the new tax law. Because of changes contained in the Tax Cuts and Jobs ...
WASHINGTON -- New Jersey Rep. Bill Pascrell Jr. and other Democrats on Monday accused the Internal Revenue Service of "naked political payback" for refusing to allow taxpayers to deduct their entire prepaid 2018 property taxes and threatening to step up enforcement of those who try to claim the tax ...
Here are “plan-ahead” instructions from the Internal Revenue Service for using its new online tax withholding calculator. The calculator is designed to help people determine whether they have the correct amount of money withheld by employers from paychecks, reflecting changes in the new tax law:.
Don't believe everything you hear about taxes. Your friendly, neighborhood Internal Revenue Service has recently identified and debunked six common myths about tax filing. 1.) Every Tax Refund is Delayed - According to the IRS, 90% of tax refunds are issued in less than 21 days. Choosing to e-file ...
Tired of calling the Internal Revenue Service and waiting on hold? Try the IRS online tool, which the federal tax agency said is seeing a nearly 25 percent increase in taxpayer visits this year. The site is www.irs.gov/payments/view-your-tax-account. The site includes extensive information on filing ... taxpayers
The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR is calculated by the ... taxpayers

Filing taxes can be complicated, but a simple mistake or a slight exaggeration could warrant an audit from the Internal Revenue Service. Here's how someone is chosen for an audit: An IRS software program may randomly select the taxpayer and compare the return to other similar returns to detect any ... taxpayers
FILE- In this Feb. 15, 2018, photo, Susan Prendergast, reference supervisor at the Eudora Welty Library, in Jackson, Miss., adds additional federal tax filing information booklets on a shelf. The U.S. Treasury Department and the Internal Revenue Service on Wednesday, Feb. 28, 2018, issued an online ... taxpayers
With so many Social Security numbers hacked last year, most taxpayers are on high alert to make sure cyber-crooks don't misdirect their tax refunds from the Internal Revenue Service. The best way to prevent it is to file your taxes early. But now the IRS is warning taxpayers about a new and growing scam ... taxpayers
WASHINGTON -- Acting Internal Revenue Service Commissioner David Kautter will review the agency's ruling limiting how much New Jersey homeowners could deduct from their prepaid 2018 property taxes, two lawmakers said. Reps. Leonard Lance, R-7th Dist, and Josh Gottheimer, D-5th Dist., met with ... taxpayers
President Donald Trump has chosen a Beverly Hills tax attorney to be the next commissioner of the Internal Revenue Service (IRS). If confirmed by the Senate, Charles “Chuck” Rettig will face the daunting challenge of implementing the new $1.5 trillion tax law passed by Republicans last year, despite ... taxpayers
WASHINGTON -- U.S. Sen. Robert Menendez challenged President Donald Trump's treasury secretary over an Internal Revenue Service ruling limiting New Jerseyans' ability to deduct prepaid property taxes. Menendez, D-N.J., used his time at a Senate Finance Committee to grill Treasury Secretary ... taxpayers
Information provided by the IRS. WASHINGTON, DC - The Internal Revenue Service today (Feb. 13, 2018) warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and ... taxpayers
Treasury Secretary Steven Mnuchin said the Internal Revenue Service will issue guidance within the next two weeks to prevent hedge fund managers from dodging new tax rules on carried-interest profits. "I've already met with the IRS and our Office of Tax Policy this morning as a result of that article," ... taxpayers
The Treasury Department has joined in with other key agencies to make good on President Trump's promise to substantially reduce regulations, targeting nearly 300 Internal Revenue Service rules for the trash heap. Treasury Secretary Steven Mnuchin said that many of the 298 proposed for elimination ... taxpayers
But the measure may run afoul of Internal Revenue Service rules that do not include vasectomies among approved preventive services for high-deductible health plans. People with HSAs—which are exempt from tax liabilities—tied to those plans could no longer contribute to the savings accounts in that ... taxpayers
President Trump's fiscal 2019 budget proposal calls for a $15 billion spending increase for the Internal Revenue Service to help it enforce tax law and bring in tax collections, a measure meant to help ensure that the sweeping tax overhaul Trump signed into law in December is successful. "By investing in ... taxpayers
The US Internal Revenue Service (IRS) has assigned a team of 10 elite criminal agents to hunt for cryptocurrency investors who evade taxes. Don Fort, the chief of Criminal Investigation for the IRS, said that the promise of anonymity that has drawn money launderers and drug dealers to cryptocurrency is ... taxpayers
President Donald Trump's new budget might subject your tax refund to another level of scrutiny before you receive it. The president released his budget Monday for fiscal 2019, proposing $11.1 billion for the Internal Revenue Service, including $2.3 billion for tax filing and compliance applications and $110 ... taxpayers
Internal Revenue Service (IRS) 1040 Individual Income Tax forms on Dec. 18, 2017. Bloomberg photo by Daniel Acker. It turns out you can't write off a trip to Disney on your tax return — even if you were, as one taxpayer claimed, "working the whole time." The Minnesota Society of Certified Public ... taxpayers
Q: My bank account was frozen last week because someone deposited checks into my account that I knew nothing about! I went to my bank, obtained copies of the checks that were deposited and they were not even signed by me. One is a check from the U.S. Treasury for $976.10. The other is a cashier's ... taxpayers
One bit of confusion to dispel quickly: The changes don't affect taxpayers for the 2017 filing season, which officially begins Monday when the Internal Revenue Service accepts its first returns. That's news to about 41 percent of the 2,000 Americans recently surveyed by tax prep chain Jackson Hewitt-they ... taxpayers
The Internal Revenue Service is giving homeowners whose homes were damaged by deteriorating concrete foundations more time on a safe harbor it issued last year. Last November, the IRS issued a revenue procedure providing a safe harbor that allows individual taxpayers to deduct the amounts paid to ... taxpayers
This column provides a daily update on key presidential actions as well as comments, whether spoken aloud or on Twitter, by President Trump. Like the stock market, the deadline for Trump Today action is 4 p.m. Eastern time, even as we acknowledge that substantive news can and does occur after hours. taxpayers
One bit of confusion to dispel quickly: The changes don't affect taxpayers for the 2017 filing season, which officially begins Monday when the Internal Revenue Service accepts its first returns. That's news to about 41 percent of the 2,000 Americans recently surveyed by tax prep chain Jackson Hewitt-they ... taxpayers
Hate the Internal Revenue Service? Worried that you won't be able to fill out your returns correctly under the new tax law? Do not take it out on the poor IRS employee who could not answer your tax question, even after you spent a half-hour on hold. Blame the GOP-led Congress, which, in its anti-IRS fervor, ... taxpayers
At least two US institutions have requested that the IRS propose a definitive structure for taxing cryptocurrencies in the country. As authorities see the lucrative appeal of virtual currencies, they also see that they can benefit from this wealth in some way, specifically through taxing crypto holders. However ... taxpayers
The Internal Revenue Service plans to ask tax professionals additional questions before providing them with assistance as part of its efforts to improve security. In an email to tax professionals Friday, the IRS said it is continuing to review its procedures to better protect sensitive taxpayer data. As part of that ... taxpayers
HATTIESBURG, MS (WDAM) -. Tax season is approaching, and Jan. 29 is the first day the Internal Revenue Service will accept your tax returns. "April 17th is the tax filing deadline this year," Robert Cummings Jr. said. Nearly 155 million individual tax returns are expected to be filed this year, according to ... taxpayers
WASHINGTON (WBTW) — The Internal Revenue Service is warning taxpayers and tax professionals of a new email scam that targets Hotmail users. The scam is being used to steal personal and financial information. The phishing email subject line reads: “Internal Revenue Service Email No. XXXX | We're ... taxpayers
(CNN) Treasury Secretary Steven Mnuchin defended his agency against Democrats who have accused it of politicizing a critical process at the Internal Revenue Service. "I think this is another ridiculous charge," Mnuchin told reporters in the White House press room Thursday when asked for a response to ... taxpayers
The Times editorial misses the critical point about that tax treatment: Any federal tax authority for such treatment is based not on any specific federal tax statute, but on Internal Revenue Service administrative guidance that was narrow in scope and may be withdrawn, modified or replaced at any time based ... taxpayers
On Wednesday, however, the Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers' efforts and raised the prospect that local governments could come under pressure to refund millions of dollars ... taxpayers
The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction. Revenue Ruling 2018-03 clarifies that a package of films such as a television channel that has been disposed of by a taxpayer ... taxpayers
Trump has said he won't release his returns because he is under audit by the Internal Revenue Service. An audit, however, does not prevent the president from releasing his returns. As for Emanuel, his adjusted gross income for all 12 years he's released tax returns totals $4.35 million, or an average of ... taxpayers
An opinion from the Internal Revenue Service may bar thousands of Western New Yorkers from taking their prepaid 2018 property taxes as a deduction on their federal tax return for 2017. The advisory issued Thursday states the IRS will allow taxpayers to deduct prepaid state and local property taxes on ... taxpayers
Later Wednesday, the federal Internal Revenue Service said that prepayments of December 2018 property taxes would only be deductible if homeowners get their exact local tax bill — not an estimate. Providing taxpayers with an exact bill a year in advance will likely prove difficult if not impossible for most ... taxpayers
On Wednesday, however, the Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers' efforts and raised the prospect that local governments could come under pressure to refund millions of dollars ... taxpayers
WASHINGTON -- U.S. Rep. Leonard Lance, who broke with his party and opposed the Republican tax bill, said he would introduce legislation to overturn an Internal Revenue Service ruling and allow taxpayers to deduct all of their 2018 prepayments from their 2017 income tax returns. Lance's ... taxpayers


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