February 16, 2016
When it comes to compliance with the Affordable Care Act, aka Obamacare, most Americans know that they are supposed to get insurance if they don't already have it through their employer. But there's more to the law, and some people could get a hefty penal
February 15, 2016
The IRS remains committed to our priority efforts to stop offshore tax evasion wherever it occurs. Even though the IRS has faced several years of budget reductions, the IRS continues to pursue cases in all parts of the world, regardless of whether the ...
February 15, 2016
Tax season has officially started and the Internal Revenue Service began accepting tax returns this week. According to IRS Commissioner John Koskinen, the agency is facing ongoing budget cuts, and due to these reductions, several of the services the ...
February 12, 2016
The IRS is warning 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 2016 filing season.
February 12, 2016
The vast majority of taxpayers file honest and accurate tax returns on time every year. However, each year some taxpayers fail to resist the temptation of fudging their information. That’s why falsely claiming deductions, expenses or credits on tax ...
February 12, 2016
The fuel tax credit is generally limited to off-highway business use or use in farming. Consequently, the credit is not available to most taxpayers. Still, the IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to err
February 10, 2016
The IRS says that it recently identified and halted an automated attack upon its Electronic Filing PIN application on its website. IRS.gov. Using personal data stolen elsewhere outside the IRS, identity thieves used malware in an attempt to generate ...
February 10, 2016
It’s unlikely that a sharply divided Congress will send President Obama off with parting gifts, but that didn’t stop the nation’s leader from including a “wish list” in the proposed budget for his final year in office. The proposals released on ...
February 7, 2016
As with many other tax extenders, the faster 15-year cost recovery period was extended by the Tax Increase Prevention Act (TIPA), but only for 2014. The tax break officially expired on January 1, 2015. Now the PATH Act reinstates this provision ...
February 5, 2016
The initial due date or extended deadline for many entities are changing for the 2016 tax year. In other words, at this time next year, your tax calendar will look dramatically different than it does right now.
February 4, 2016
It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law provides several benefits to parents. One such tax break, the child tax credit, allows you to claim a nonrefundable credit of up to $1,000, if you ...
February 4, 2016
Several computer systems at the IRS went down on Wednesday, affecting E-filing, several professional tools and other systems.The systems were still down as of 6:30 pm. Eastern Time.