The Treasury Inspector General for Tax Administration (TIGTA) recently released its final report on Internal Revenue Service (IRS) compliance trends through FY 2018, during which time period U.S. taxpayers filed over 152 million individual and 11.4 million business...
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Former U.S. Citizens May Qualify for Federal Tax Relief under New Procedures
The Internal Revenue Service (IRS) recently announced the "Relief Procedures for Certain Former Citizens," which will allow certain individuals to come into compliance with their U.S. tax and filing obligations. The procedures apply to individuals who are former U.S....
IRS Criminal Investigators Should Be More Involved in Enforcement Against Identity Theft, Says TIGTA
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding that the Internal Revenue Service's (IRS') Criminal Investigation team (CI) should increase its involvement in the enforcement against identity theft issues. From FY 2013...
IRS Waives Estimated Tax Penalty for Certain 2018 Filers
The Internal Revenue Service (IRS) recently announced that it will automatically waive the estimated tax penalty for over 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their 2018 tax liability, and it removed the requirement...
IRS and Security Summit Remind Tax Professionals: Watch for Signs of Data Theft
The Internal Revenue Service (IRS) and Security Summit partners recently issued a reminder to tax professionals to watch for signs of data theft that could lead to the filing of fraudulent tax returns. Warning signs include receiving unexpected copies of tax...
Help! I Received an IRS Letter about My Digital Currency!
The IRS recently announced a letter campaign, issuing one of three letters to taxpayers regarding virtual currency. Two of the letters are informational, sent to taxpayers who may have had a requirement to report virtual currency transactions but did not do so (Letter...
IRS Begins Enforcement of Virtual Currency Taxation
If you dealt in virtual currency in recent years, you may soon receive a letter from the IRS regarding a potential failure to report income and pay related taxes, according to a recent IRS announcement. The federal tax agency is beginning to reach out to taxpayers as...
National Taxpayer Advocate Publishes Guide to Modern U.S. Tax System
The National Taxpayer Advocate Service (TAS) recently published an illustrated "taxpayer roadmap" showing the many stages of federal tax administration in the U.S., from tax preparation to audits, appeals, collection, and litigation. To view the map in detail,...
IRS Releases Draft Updates to Federal Tax Forms for 2019
The Internal Revenue Service (IRS) recently released drafts of the 2019 Form 1040 and various related schedules for review. The draft forms are available for review here. Comments should be sent to [email protected].
Nina Olson Releases Final Report to Congress as National Taxpayer Advocate
National Taxpayer Advocate Nina Olson, who will retire on July 31, 2019, recently released her final report to Congress, summarizing the 2019 filing season and identifying objectives for FY 2020. Top on her list of goals is the improvement of services to taxpayers,...
