Courtesy of the Internal Revenue Service The Internal Revenue Service today issued a consumer alert about possible scams taking place in the wake of Hurricane Sandy. Following major disasters, it’s common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Such fraudulent schemes may involve contact by telephone, social […]
Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year. Here are six key facts about the WOTC as expanded […]
NOTE: All regulations re:RTRPs have been suspended – these rules no longer apply. The IRS established new regulations for tax professionals recently. After nearly 100 years without any form of tax preparer licensing or overview, it’s time for tax preparers to exhibit that they have a fundamental understanding of tax law, tax preparation and ethical […]
Courtesy of the Internal Revenue Service WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today released its 2012 Report, which includes recommendations pertaining to a number of information reporting issues such as cost basis reporting for debt and options, the new Form 1099-K, the Foreign Account Tax Compliance Act, information return corrections and other […]
Courtesy of the Internal Revenue Service The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page. The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony web page looks almost identical to the […]
Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds […]
Courtesy of the Internal Revenue Service WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.
Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system. Many of the more than 11 million taxpayers who […]