Each year, the Internal Revenue Service (IRS) issues a list of common tax schemes and scams they call the “Dirty Dozen.” Taxpayers can fall victim to these scams at any time, but they tend to peak during tax filing season. The keys to avoiding becoming a victim? Educate yourself about what’s out there and take…
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WASHINGTON — The Internal Revenue Service announced today that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time. The data on IRS.gov is available in spreadsheet format and includes information for approved applications beginning in mid-2014, when the…
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President Donald Trump’s administration plans to consider almost all illegal immigrants subject to deportation, but will leave protections in place for immigrants known as “dreamers” who entered the United States illegally as children, according to official guidelines released on Tuesday. The Department of Homeland Security guidance to immigration agents is part of a broader border…
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Taxpayers often have radically different opinions of the Internal Revenue Service than tax professionals — which offers practitioners some opportunities. The taxpayers you work with may not talk about the Internal Revenue Service much, but look at it this way: If they didn’t have some kind of feeling about the IRS, you’d probably never meet…
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In many cases, IRS can audit 6 tax years not 3. So if you are thinking you only need to look over your shoulder for three years, that isn’t always so. For example, the usual three years is doubled to six if you omitted more than 25% of your income. Note that if you overstate your cost basis…
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During a nationwide operation this month by Immigration and Customs Enforcement, a team of ICE agents in Los Angeles approached the house of a man targeted for deportation. “Good morning, police,” one agent announced in the pre-dawn darkness. A man opened the door moments later. “Good morning, how you doing? I’m a police officer. We’re…
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Does your preparation for tax day start with a trip to the liquor store, or perhaps a one-way ticket to Costa Rica? Taxes are unpleasant, but drinking or fleeing the country is not the answer. Tackle your taxes head-on with solid preparation, and the experience may turn out to be more pleasant than you thought…
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For many Americans, tax season is a bit of a double-edged sword. On one hand, Americans have to deal with the tax-preparation process, which, if you itemize your tax deductions, or if you’re self-employed, can be quite cumbersome. The Internal Revenue Service (IRS) estimates that taxpayers spent 8.9 billion cumulative hours complying with federal tax laws…
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White House Press Secretary Sean Spicer denied a report by the Associated Press that President Donald Trump was considering using the National Guard to round up undocumented immigrants. “That is 100 percent not true. It is false,” Spicer told reporters aboard Air Force One, calling the AP’s report that Trump may call up as many…
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The IRS apparently caused a stir when it recently issued revised instructions for Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, that allows an automatic six-month filing extension for 2016 calendar-year C corporations. In a brief notice posted to its website on Feb. 8, the…
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