WASHINGTON — As tax season approaches, the Internal Revenue Service, the states and the tax industry reminded taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and…
WASHINGTON — The Internal Revenue Service and its Security Summit partners cautioned taxpayers today to avoid identity theft by watching for phishing scams that can increase around the tax season. The IRS, state tax agencies and the tax industry — all partners in the fight against identity theft — reminded taxpayers that the easiest way…
WASHINGTON — The Internal Revenue Service today reminded wrongfully-incarcerated taxpayers, wishing to take advantage of the special retroactive tax exclusion now available to them, that in many cases, they must file their refund claims by Dec. 19. This income tax exclusion applies to any civil damages, restitution or other monetary award received in connection with…
Note to Editor: This is the fifth in a series of reminders to help taxpayers prepare for the upcoming tax filing season. IR-2016-162, Dec. 6, 2016 WASHINGTON — As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents. Generally, the IRS…
WASHINGTON — The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals of the continuing threat from cybercriminals and launched a series of security tips to encouraging stronger measures to protect taxpayer data. The Security Summit partners note that cybercriminals worldwide are actively targeting tax professionals in an effort to…
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four…
WASHINGTON — The Internal Revenue Service, the states and the tax industry today urged taxpayers to take steps to protect themselves online to help in the fight against identity theft. Scammers, hackers and identity thieves are looking to steal taxpayers’ personal information and ultimately their money. But, there are simple steps taxpayers can take to…
It can happen to the best of us. You thought you copied the right figure onto your tax form, but you mixed up a couple of digits. Or maybe you forgot about that interest payment from the bank whose statements you rarely check. It’s easy enough to make a mistake when filing your federal taxes,…
The IRS slaps stiff penalties on tardy taxpayers who miss the deadlines for filing returns or making payments. To get the feds to waive a penalty, a taxpayer has to convince them that the delay was “due to reasonable cause and not due to willful neglect.” The tax enforcers have long-standing guidelines on what this…
WASHINGTON — The Internal Revenue Service today reminded researchers that the fall 2016 issue of the Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles…
