The Internal Revenue Service (IRS) is going to be taking a closer look at virtual currency transactions in a new compliance campaign focusing on education and guidance efforts about reporting requirements for convertible transactions involving digital currency such as...
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Plans Underway for New Federal Form 1040
The Internal Revenue Service (IRS) announced plans to consolidate the federal Forms 1040, 1040A and 1040EZ into a single Form 1040 for the 2019 filing season. The shorter form would be supplemented with schedules for more complex tax filing situations. Tax...
Taxpayers Now Have More Time to Challenge IRS Levies
Through the Tax Cuts and Jobs Act of 2017, taxpayers now have up to two years to file an administrative claim and bring suit for a wrongful levy by the Internal Revenue Service (IRS) where the IRS has already sold the property it levied. This time limit is a...
IRS Supervisor Loses Passport, May Face 10 Years in Prison for Theft and False Statements
An Internal Revenue Service (IRS) supervisor in the Central District of California, Leslie Williams, was arrested this week on charges of theft of government property and making false statements. Williams allegedly embezzled federal funds and lied to obtain death...
IRS Puts Taxpayers on Notice Regarding State and Local Tax Deductions
The Internal Revenue Service recently issued a notice about proposed regulations that will address the deductibility of state and local tax payments for federal income tax purposes, specifically reminding taxpayers that the IRS position is that federal law controls...
Registration Open for 2018 IRS Nationwide Tax Forum
The 2018 IRS Nationwide Tax Forum dates and locations are now available for this annual tax law event featuring education sessions, training, and networking for tax law professionals. Betty Williams will be speaking about "Representing the Taxpayer...
Beware of a New Variation on Tax-Related Phone Scams
The Internal Revenue Service (IRS) and its Security Summit partners have released a warning about a new variation on phone scams by which criminals prey on taxpayers. Scammers are now using telephone numbers that mimic IRS Taxpayer Assistance Centers to try to trick...
Former IRS Employee Sentenced to Prison Time and Restitution for Filing False Tax Returns
On March 5, 2018, a former Internal Revenue Service (IRS) employee, Pamela Pringle, was sentenced in the Eastern District of California for "making opportunities for persons to defraud the United States and for making and subscribing false returns." While employed by...
TIGTA Releases Interim Results for 2018 Filing Season
The Treasury Inspector General for Tax Administration (TIGTA) released a report providing interim results for the 2018 federal tax filing season. As of March 2, 2018, the Internal Revenue Service (IRS) had received approximately 61 million tax returns and issued over...
Remember to Report Your Virtual Currency Transactions!
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...
