Blog

Report health care coverage on 2018 tax return

As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one of the following on their return: Report full-year health coverage Claim a coverage exemption Report and […]

IRS encourages ‘Paycheck Checkup’

IRS YouTube Videos: Paycheck Checkup — English IRS Withholding Calculator Tips — English Do I Need to Fill Out a New W-4? — English   Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their […]

IRS reminds taxpayers to report virtual currency transactions

The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, […]

Dirty Dozen’ list of tax scams for 2018

The Internal Revenue Service today concluded its annual “Dirty Dozen” list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. This year’s “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing […]

The Right to Finality

Taxpayers who are interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that […]

April 1 deadline to take required retirement plan distributions

IRS reminds retirees of April 1 deadline to take required retirement plan distributions   The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. The April […]

Security Summit urges tax pros to protect their identification #s

The Internal Revenue Service, state tax agencies and the tax industry today urged tax practitioners to maintain and monitor their Electronic Filing Identification Numbers (EFINs) and Centralized Authorization File (CAF) numbers to help safeguard taxpayer data. Cybercriminals sometimes post stolen EFINs, PTINs and CAF numbers on the Dark Web as a crime kit for identity […]

Taxpayers be alert to scams involving disasters,worthwhile causes

Fake charities make 2018 ‘Dirty Dozen’ list; taxpayers should be alert to scams involving disasters, worthwhile causes The Internal Revenue Service today warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations […]

Phone Scams Pose Serious Threat

The Internal Revenue Service reminded taxpayers to be careful with continuing aggressive phone scams as criminals pose as IRS agents in hopes of stealing money. These continuing phone calls remain a major threat to taxpayers and remain on the annual IRS “Dirty Dozen” list of tax scams for the 2018 filing season. During filing season, […]

IRS Alerts Taxpayers about Refund Scam

The IRS warns taxpayers of a new twist on an old scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers. Here are the basic steps criminals follow to carry out this scam. The thief: Hacks tax preparers’ computers to steal taxpayer data. Uses […]