IRS seeks names of virtual currency users in tax probe

By SUDHIN THANAWALA Associated Press SAN FRANCISCO (AP) – The IRS obtained a court order Wednesday allowing it to seek the names of people who may have failed to pay taxes on virtual currency exchanged through a San Francisco company. The order allows the agency to issue a summons on Coinbase Inc. for the names … More IRS seeks names of virtual currency users in tax probe

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IRS Taxpayer Service ‘Suffering From Budget Cuts’

by Mike Godfrey, Tax-News.com, Washington 18 June 2015  20  0 Google +0  0 Delicious0 Reddit0There has been a decline in Internal Revenue Service (IRS) taxpayer services, case closures, and dollars collected, according to a report released recently by the Treasury Inspector General for Tax Administration (TIGTA). TIGTA initiated its audit to determine the impact that … More IRS Taxpayer Service ‘Suffering From Budget Cuts’

TurboTax Suspends State Tax Filing Service Nationwide After Fraud Concerns

By SUSANNA KIM TurboTax says it will temporarily stop processing state tax returns following growing reports of suspicious activity. TurboTax’s announcement today follows a move this week by Minnesota’s Department of Revenue that it stopped accepting tax returns submitted using TurboTax due to “potentially fraudulent activity.” Authorities in Utah and Alabama issued similar warnings without … More TurboTax Suspends State Tax Filing Service Nationwide After Fraud Concerns

Tax hacks 2015: 6 things sneaky tax preparers won’t tell you

By Marilyn Lewis It’s sad. Many highly ethical tax professionals are working hard to help taxpayers, but tax season brings out fraudsters, scammers and plain vanilla take-advantage-of-you-while-your-guard-is-down types. It can be hard to tell the difference. From fraud to incompetence to hinky tricks to outright ripoffs, the field of tax preparation is a magnet for … More Tax hacks 2015: 6 things sneaky tax preparers won’t tell you

Tips from IRS for Year-End Gifts to Charity

SOURCE:  http://www.irs.gov/uac/Newsroom/Tips-from-IRS-for-Year-End-Gifts-to-Charity     IR-2014-110, Nov. 25, 2014 WASHINGTON ― The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household Items … More Tips from IRS for Year-End Gifts to Charity

US Territories Seek Clarity On Net Investment Income Tax

The American Institute of Certified Public Accountants (AICPA) has written to the United States Congress requesting clarification on the applicability of the net investment income tax (NIIT) to residents of the US Virgin Islands (USVI), Guam, and the Commonwealth of the Northern Mariana Islands (CNMI). The NIIT was introduced in 2013 to help fund President … More US Territories Seek Clarity On Net Investment Income Tax

Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity

IR-2014-76, June 30, 2014 WASHINGTON — Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for any year during a period of five consecutive years, the Internal Revenue Service announced today. That is, the IRS will not deactivate an ITIN that has been used on at least one … More Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity