WASHINGTON — The Internal Revenue Service today announced the selection of five new members to the Internal Revenue Service Advisory Council (IRSAC) and the 2017 IRSAC Chair. IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues. The IRSAC, established in 1953, selects members to…
WASHINGTON — As millions of people begin filing their tax returns, the Internal Revenue Service reminded taxpayers about some basic tips to keep in mind about their refunds. During the early parts of the tax season, early filers are anxious to get details about their tax refunds. And in some social media, this can lead…
WASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season. The IRS saw a big spike in phishing and malware incidents during…
Did you receive any IRS Forms 1099 that you think are wrong? Maybe someone actually paid you $1,000, but reported that they paid you $10,000? The 1099 rules are complex and voluminous, and mistakes happen. But how should you handle it? And what if you think someone intentionally misreported? There’s no easy answer. Some reporting rules (for example, to…
The IRS began accepting 2016 tax returns on Jan. 23, and the fear of being audited is on the minds of many Americans. A tax audit is unlikely, as fewer than 1% of tax returns are audited each year, but there are some factors that could make your tax return more likely to attract the…
WASHINGTON — The IRS announced today the release of an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual return. The updated Form 990-EZ includes 29 “help” icons describing key information needed to complete many of the fields within the form.…
Be Wary of IRS Tax Scams It’s 2017 and tax season is upon us again. Scammers are out in force trying to steal your information. Here are a few tips to keep yourself safe this year. The IRS will never: • Initiate contact by email, text message, or any form of social media (Twitter, Snapchat,…
WASHINGTON ― The Internal Revenue Service today reminds employers that the due date for filing Forms W-2, the Wage and Tax Statement for their employees for calendar year 2016, is now Jan, 31, 2017. Also, those who hire contract workers and have to file Form 1099-MISC now must file by Jan. 31. Employers must file…
Recently, I heard from someone I’ll call Flavia. She experienced an IRS audit and asked for my advice on what to do or what not to do after an examination ends. Question: An IRS examiner just finished an audit of my tax return for 2013. The revenue agent closely questioned the charitable contributions and medical…
Some people ask ‘1099 or W-2?’ as if they were asking how you take your coffee. With all the tax forms coming these days, it’s good to remember the difference. Form W-2 is for employees, and includes details about tax withholding, remittance to the IRS and state taxing authorities. In contrast, Form 1099 reports payments…
