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Nearly a quarter of Americans think it’s acceptable to lie to the Internal Revenue Service about under-the-table income. A recent survey by Harris Poll for the consumer finance site NerdWallet of 2,115 Americans 18 years and older found 24 percent said it’s acceptable to not report under-the-table income to the IRS. The breakdown by gender […]
The Treasury Inspector General for Tax Administration is pursuing fraudsters posing as IRS agents who call to harass taxpayers about fictitious tax debts, calling them back to warn them about their criminal activity and getting the phone company to shut them down. J. Russell George TIGTA said Thursday it has gone on counteroffensive against the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Disaster written all over it Taxjar: Guest blogger Deborah Sweeney of MyCorporation, a Californian who lives under the threat of El Niño (to name just one of dozens of possible natural disasters), examines how such messes can affect […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to a new analysis. Syracuse University’s Transactional Records Access Clearinghouse, or TRAC, analyzed the IRS’s records from fiscal year 2010 through fiscal year 2015 and found revenue […]
Foreign bank account report filings surpassed the 1 million mark last year, up more than 8 percent from 2014, the Internal Revenue Service reported Tuesday. John Koskinen U.S. taxpayers with foreign accounts exceeding certain thresholds must file Form 114, Report of Foreign Bank and Financial Accounts, also known as an FBAR. It is filed electronically […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The operator of an Atlantic City, N.J.-based tax preparation business has pleaded guilty to filing false claims with government. John Lopez. 48, entered his plea last week in a federal court in Camden, N.J. before U.S. District Judge Noel L. Hillman. Lopez pleaded guilty to a one-count information that charges […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is sounding the warning about a new tactic from phone scammers pretending to work for the IRS. John Koskinen The IRS said Monday it is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation has […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a notice providing guidance and transition relief for employers claiming the Work Opportunity Tax Credit. According to Notice 2016-22, the Protecting Americans from Tax Hikes Act of 2015, the tax extenders legislation also known as the PATH Act that Congress passed last December, amended […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a notice providing the country-by-country exclusion amounts for foreign housing. Notice 2016-21 provides adjustments to the limitation on housing expenses for specific locations for 2016. The adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs recommended the Treasury Department and the Internal Revenue Service make a number of changes to improve the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures that allow U.S. taxpayers to voluntarily disclose previously unreported offshore assets and comply with U.S. tax laws. Troy […]
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