The IRS issued its Criminal Investigation Division's annual report regarding its activities and successes in thwarting tax crimes over the past year. Primary areas of investigation included cybercrimes involving cryptocurrency, employment tax, international tax...
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IRS Announces 2020 Annual Inflation Adjustments For Over 60 Tax Provisions
The Internal Revenue Service (IRS) recently announced changes to tax rate schedules and certain tax provisions to adjust for inflation in tax year 2020. The standard deduction for taxpayers who are married filing jointly will increase to $24,800; for taxpayers who are...
IRS Issues Guidance on Taxation of Virtual Currency Blockchain Transactions
The Internal Revenue Service (IRS) recently issued guidance for taxpayers who transact in virtual currency. Revenue Ruling 2019-24 (available here) addresses when distributions of new currency following a soft or hard fork will be a taxable event to the holder of the...
New IRS Data Estimates Federal Tax Gap At $441 Billion
The Internal Revenue Service (IRS) recently released new estimates for tax years 2011, 2012, and 2013, revealing a relatively steady tax gap of about 84 percent since 2008 between the true federal tax liability and the amount of tax that was paid on time. For the...
IRS Collects All-Time High in Enforcement Revenue in FY 2018
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...
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...
