Virtual currency transactions, such as the purchase or sale of Bitcoin, are reportable transactions on your federal income tax returns, as a recent Internal Revenue Service (IRS) press release states. Failure to report digital currency transactions can lead to audit...
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Month: March 2018
IRS Updates Federal Withholding Calculator
The Internal Revenue Service (IRS) has updated its online withholding calculator to account for the changes to tax calculations caused by the Tax Cuts and Jobs Act. Taxpayers are encouraged to use the updated calculator tool to ensure the correct amount is...
IRS Releases Complete “Dirty Dozen” List of Tax Scams for 2018
The Internal Revenue Service (IRS) recently released its top-12 list of tax scams to watch for in the current tax year, an annual list called the "Dirty Dozen." Topping the list in 2018 are the perennial telephone and phishing scams, identity theft, and return...
Estimated $1.1 Billion in Federal Refunds Awaiting 2014 Tax Return Filings
The Internal Revenue Service (IRS) estimates it is holding about $1.1 billion in unclaimed federal income tax refunds for approximately 1 million taxpayers who did not file a 2014 federal tax return. The deadline to file a 2014 return to collect any refund due is this...
Disclose Your Foreign Assets Now – IRS Offshore Voluntary Disclosure Program Will End This Year!
For those taxpayers who may still be on the fence about whether to voluntarily disclose offshore assets, the time to decide is now! The Internal Revenue Service (IRS) has announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will close on September 28,...
IRS Warns Taxpayers about Aggressive Phone Scams this Tax Filing Season
The Internal Revenue Service (IRS) has included phone scams on its "Dirty Dozen" list of common tax scams for the 2018 filing season. Taxpayers should be aware of criminals posing as IRS agents and making threatening or aggressive demands for money through phone...
Tax-Related Identity Theft on the Decline, but Stay Vigilant
The Internal Revenue Service (IRS) is keeping tax-related identity theft on its "Dirty Dozen" list of tax scams to watch for in 2018, despite a significant decline in this type of crime in recent years. Tax-related identity theft is the act of using a stolen taxpayer...
Phishing Remains on the IRS “Dirty Dozen” List of Tax Scams in 2018
The Internal Revenue Service (IRS) kicked off its annual "Dirty Dozen" awareness campaign about common tax scams for 2018 with a reminder that phishing schemes are still a serious threat to personal information safety, and are evolving. The most recent variation on...
