According to an audit report by the Treasury Inspector General for Tax Administration (TIGTA), the IRS Whistleblower Office (WO) has been a powerful tool for producing additional tax revenue, but still needs improvements. The audit found that the WO does not have appropriate controls in place for oversight of claims processing. In particular, the issues included:…
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When you get married, your tax situation changes. Here are the most important things to know. Married at year-end means married for the whole year Your marital status as of Dec. 31 determines your tax filing options for the entire year. If you’re married at year-end, you only have two choices: (1) filing jointly with…
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WASHINGTON – The Internal Revenue Service today issued an urgent alert to tax professionals who use IRS e-services to beware of an email asking them to update their accounts and directing them to a fake website. The subject line for the fraudulent email is “Security Awareness for Tax Professionals.” The “From” line is “Your e-Services…
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Some Individual Taxpayer Identification Numbers (ITIN) expire at the end of 2016. The IRS issues an ITIN to those who have a filing or reporting requirement but don’t have and are not eligible to get a Social Security number. If you need to renew your ITIN, you should submit a complete application this fall to…
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WASHINGTON – The Internal Revenue Service, state tax agencies and industry partners today finalized plans for 2017 to improve identity theft protections for individual and business taxpayers after making significant inroads this year against fraudulent returns. Public and private sector leaders announced today that their collective efforts through the Security Summit initiative have led to…
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While there are great benefits to having your father, mother, siblings or extended relatives as part of your business, there are different reasons why family businesses struggle. Managing family relationships is difficult, so imagine how hard it is to manage these dynamics in the workplace. Here are 4 traps to avoid when running a family business: 1.…
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A judge has granted Class certification to a group of tax preparers who were charged a fee to obtain or renew a preparer tax identification number (PTIN). If you paid the IRS a fee to obtain or renew your PTIN, your rights may be affected by this PTIN class action lawsuit. The PTIN fee class…
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Rolling over an IRA is a financial maneuver fraught with peril. One wrong step and you could be on the hook for a massive tax bill. Miss the 60-day deadline, and you could face a complicated appeals process that could easily cost $20,000 — that is, until now. On Aug. 24 the IRS changed its appeals process for…
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The IRS is underestimating the effect new estate and gift tax rules could have on small businesses across the country, the Small Business Administration (SBA) warned. The SBA’s Office of Advocacy submitted a letter to the Internal Revenue Service Tuesday sharing their concerns. According to the office, small business owners said rules the IRS issued in…
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PHILADELPHIA (WPVI) — Enrollment for 2017 coverage under the Affordable Care Act has begun and scammers are taking aim at people who are covered under the program. Criminals are exploiting confusion about the insurance program, so Consumer Reports has the red flags you should look for to avoid becoming the next victim. Certified Public Accountant…
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