The IRS has turned its focus on virtual currency owners and investors. The IRS in its July 26, 2019 press release said that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions…
Amidst piles of information about the ACA and how it impacts your taxes and financial planning, many taxpayers are confused about what they need to do to take advantage of the benefits available to them. As a small business owner, you can enjoy advantages that can help you maximize your health-care benefits and save more in taxes as…
Pennsylvania has joined other states in reforming its tax credits incentives. The state’s tax incentives will undergo extensive changes in order to increase their effectiveness and usefulness for taxpayers. As part of an ongoing process, the state’s Independent Fiscal Office (IFO) will regularly analyze and evaluate tax incentives so that policymakers can make improvements that are aimed at benefitting the taxpayers….
If you make a mistake in your property taxes and end up owing to the state government, your property might be confiscated and sold. That is what happened in the case of a Detroit family who years later found that they had made a mistake in calculating their property taxes, which lead to underpayment. The result was that…
The Electronic Tax Administration Advisory Committee (ETAAC) released its annual report, whose focus was the prevention of identity theft and tax refund fraud. The IRS has been fighting tax refund fraud for years, detecting millions of fraudulent tax returns filed by scammers every filing season. Despite the IRS’ best efforts, the Treasury loses millions of dollars to scammers in fraudulent…
The IRS is sending letters to cryptocurrency investors to remind them to pay taxes on income earned from cryptocurrency transactions. Over 10,000 letters are being sent to taxpayers who the IRS believes need to pay back taxes on their cryptocurrency investments. If you earned income from cryptocurrency investments or transactions, it might be a good time…
The IRS has issued ‘Security Six’ protections, a list of six security steps that taxpayers and tax professionals can use to stay safe from tax scammers. According to the IRS, there has been a dramatic decrease in identity theft fraud, which has fallen almost two-thirds since 2015. Yet, millions of dollars are still claimed in…
Two New Tax Scams to Watch Out For Tax scammers have been duping taxpayers through a variety of scam tactics such as fraudulent emails that mirror an IRS communication, pretending to be IRS agents over the phone, and sending mails through post that intend to steal personal information. Scammers keep generating new ways to deceive when their old ways become known. …
President Trump signed a new bipartisan bill on July 1, 2019 known as the ‘Taxpayer First Act of 2019’ into law. The controversial Free File provision was dropped from the bill after which it was quickly approved by the Congress. The new law aims to bring about changes in the IRS, including updating technology, improving service to…
The Tax Cuts and Jobs Act made many changes to the tax code, but one of the most controversial changes was the cap of $10,000 on state and local tax (SALT) deductions. Since the new tax laws doubled the standard deduction (which will reduce the number of taxpayers who itemize their deductions) and also put a…
