A new report from the National Academy of Sciences explains how the U.S. is falling behind other nations, including Spain, the United Kingdom, Canada and the European Union, in combating illicit tobacco sales and tobacco tax abuse. The new report estimates that the share of illicit tobacco sales as part of the total U.S. tobacco…
WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous tax return preparers pushing inflated tax refund claims. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. “Every filing season, scam artists lure victims in by promising outlandish…
Click on Strange Emails or Links Seeking Updated Information! WASHINGTON — The Internal Revenue Service today warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes. “I urge taxpayers to be wary of clicking on strange…
It’s important that you use the correct filing status when you file your tax return. Your status can affect the amount of tax you owe for the year. It may even affect whether you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole…
Did you change your name last year? If you did, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name: • Report Name Changes. Did you get married and are now…
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home or…
Here are five things you should know about the health care law that will help you get ready to file your tax return. Coverage requirements The Affordable Care Act requires that you and each member of your family havequalifying health insurance coverage for each month of the year, qualify for an exemption from the coverage…
Dear IRS Employees,As I promised last month, I am following up with you to share some important new details about what the 2015 budget cuts will mean for you and your colleagues as well as the nation’s taxpayers. There is no way around the severity of these budget cuts without taking some difficult steps. Congress…
Many people look for help from professionals when they file their federal income tax return. If you choose to use a tax return preparer, you’ll need to share your most personal information with them, including details about your marriage, income, children and social security numbers — the details of your financial life. Most tax return…
WASHINGTON — Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of…
