The American Institute of Certified Public Accountants – the world’s largest association of accounting professionals – yesterday asked the Internal Revenue Service to issue immediate, updated guidance regarding the tax...more
The House Appropriations Committee today released the FY2019 Financial Services and General Government Appropriations bill, which provides annual funding for the Treasury Department, the Judiciary, the Small Business...more
Today the Internal Revenue Service notified taxpayers that it will soon be issuing regulations addressing the deductibility of state and local tax payments for federal income tax purposes. The IRS also reminded taxpayers that...more
Yesterday the Internal Revenue Service’s Large Business and International Division announced that it was adding six more compliance campaigns to its previously-announced list of 29 such campaigns. The compliance campaigns...more
The Internal Revenue Service announced today that it is providing taxpayers an additional day to file their tax returns following a computer problem that arose early in the morning on April 17, the tax filing deadline....more
Tomorrow is the annual deadline for the filing of individual income tax returns for calendar year 2017. The Internal Revenue Service expects to receive approximately 32 million returns in the final days leading up to April...more
With the April 17 deadline for filing individual tax returns just around the corner, individuals who engaged in cryptocurrency transactions during 2017 must take care to properly report them on their tax returns. As we have...more
The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more
The Internal Revenue Service has issued a warning to taxpayers about avoiding taxes by hiding money or assets in unreported offshore accounts, a tax scam that remains on the annual “Dirty Dozen” for 2018. Offshore tax...more
The Internal Revenue Service has warned taxpayers to be wary of abusive tax shelters, which remain on the annual “Dirty Dozen” list of tax scams for 2018. These sophisticated schemes, particularly those involving...more
As part of its annual “Dirty Dozen” list of tax scams, the Internal Revenue Service warned taxpayers of schemes that falsify income or involve phony Forms 1099. A common tax scam the IRS sees each year involves falsifying...more
With “tax day” fast approaching, the Internal Revenue Service on Friday reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. As we have previously reported, the IRS has...more
The Internal Revenue Service has issued a warning to taxpayers about using frivolous tax arguments to avoid paying taxes. Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish legal claims to...more
As part of its annual “Dirty Dozen” list of tax scams, the Internal Revenue Service warned taxpayers to avoid falsely inflating deductions or expenses on tax returns. Common areas targeted by unscrupulous tax preparers...more
The Internal Revenue Service has warned taxpayers to avoid making improper claims for business credits, a common scam used by unscrupulous tax preparers. Two common credits targeted for abuse include the research credit and...more
The Internal Revenue Service has warned taxpayers to be alert to unscrupulous return preparers touting inflated tax refunds. According to the IRS, these scam artists frequently prey on older Americans, low-income taxpayers,...more
The Foreign Account Tax Compliance Act (FATCA) requires a foreign financial institution to appoint a “Responsible Officer” who is obligated to submit periodic compliance certifications to the Internal Revenue Service...more
On March 13, 2018, the Internal Revenue Service’s Large Business and International Division announced that it was adding five more compliance campaigns to its previously-announced list of 24 such campaigns. The compliance...more
The Internal Revenue Service today warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These...more
Continuing its daily “countdown” of the annual “Dirty Dozen” tax schemes, the Internal Revenue Service announced that return preparer fraud is the fourth entry on that esteemed list for 2018. With more than half of the...more
Today the Internal Revenue Service announced the third entry on its annual “dirty dozen” list of the tax schemes most commonly encountered by taxpayers during tax filing season. Even though instances of tax-related identity...more
Today the Internal Revenue Service announced the second entry on its annual “dirty dozen” list of the tax schemes most commonly encountered by taxpayers during tax filing season. The IRS said that aggressive phone scams where...more
With the 2018 tax filing season in full swing, the Internal Revenue Service today announced that it would unveil its annual “Dirty Dozen” tax schemes over the course of the next twelve consecutive days. At the top of this...more
The Justice Department’s Tax Division has recently announced a major policy shift that will invariably result in longer jail sentences for individuals convicted of failing to report their offshore bank accounts on the FBAR...more
Earlier this week the United States Tax Court announced that Judge Maurice B. Foley has been elected Chief Judge to serve a two-year term beginning on June 1, 2018.
Judge Foley was appointed President William J. Clinton on...more