The IRS released the full list of the top 12 tax scams threatening taxpayers and tax professionals in 2017, including:Phishing;Phone scams;Excessive business credits claimed;False charities; Abusive tax shelters; andOffshore tax avoidance."We continue to work hard to...
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Unreported Offshore Accounts Remains on IRS’ “Dirty Dozen” List
The IRS remains committed to stopping the use of offshore accounts to hide money or assets, and has kept the act on its 2017 "Dirty Dozen" list of tax scams. "Offshore compliance remains a top IRS priority," said IRS Commissioner John Koskinen. "The IRS receives more...
TIGTA Releases Final Report on 2016 Filing Season
On January 31, 2017, the Treasury Inspector General for Tax Administration (TIGTA) released its final report on the results of the 2016 tax filing season. As of early May 2016, the IRS had received 139.6 million individual tax returns, over 88% of which were filed...
IRS Begins Publishing 2017 “Dirty Dozen” List
The IRS has begun releasing detailed notices on the top 12 most common tax scams taxpayers may encounter during the 2017 filing season. Included so far are:Phishing;Phone scams;Identity theft; andReturn preparer fraud.For complete details on the warning signs for each...
Federal Form W-2 Phishing Scam is Growing
The IRS recently alerted employers to a dangerous new e-mail phishing scam involving false requests for payroll information made through "spoof" accounts. This scam "can result in the large-scale theft of sensitive data that criminals can use to commit various...
Number of Awards to Whistleblowers Quadruples
The IRS receives confidential information daily from what we in the profession call "The X Factor" - ex-spouses, ex-employees, ex-friends. These are people with whom you may have confided your tax shenanigans, who are sore, and turn you in to the IRS. Those who are...
New Two-Stage E-mail Scam Targets Tax Professionals
The IRS Security Summit issued a warning to tax professionals about a new e-mail scam by cybercriminals posing as potential clients. Scammers are sending phishing e-mails in two parts, beginning with a standard solicitation for services followed by a second email with...
National Taxpayer Advocate Urges Simplification and Federal Tax Reform
National Taxpayer Advocate Nina Olson recently released her 2016 annual report to Congress recommending that the IRS continue its improvements to becoming service-oriented and that the tax code be significantly simplified. According to data the Taxpayer Advocate...
IRS Publishes Inflation Adjustments for 2017
The Internal Revenue Service (IRS) has released the inflation adjustments for specific tax figures for calendar year 2017. Highlights include:The first $14,000 of gifts to any person can be excluded from the total amount of taxable gifts made during...
IRS Takes Action to Enforce Taxation of Virtual Currency
If you engage in virtual currency transactions, be sure that you have reported them! Many people are not aware that any U.S. taxpayer who has engaged in transactions involving digital currency must report any income received from such sources. The window to...
