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(Bloomberg) TurboTax, the reigning king of online tax preparation, is facing some particularly strong competition this year. Arch rival HR Block started the 2017 tax season aggressively, touting a collaboration with IBM’s supercomputer Watson and free online returns. Credit Karma, a credit monitoring website claiming more than 60 million members, elbowed its way into the […]
As Tax Day looms near, many individuals are likely scrambling to gather their 2016 tax documents to avoid missing the filing deadline. This year’s “extension” to April 18 may have contributed to an atmosphere of procrastination: According to an IRS interim results report, early March filings for 2017 were down 8.5 percent from 2016. And […]
As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty of think about for next year. “There’s not a lot of last-minute tax planning that can be done, but there […]
Maryland red lights more preparers; gambling with ill-gotten gains; deli defrauding; and other highlights of recent tax cases. Oxnard, Calif.: Preparer Rodrigo Pablo “Paul” Lozano, a.k.a. “El Profe,” 61, has been sentenced to 10 years in prison for his participation in a conspiracy to prepare and file some 12,825 fraudulent income tax returns that claimed […]
The Government Accountability Offices is asking for feedback on a set of proposed changes to Government Auditing Standards, commonly known as the “Yellow Book,” the first revision since 2011. The GAO originally issued the standards in 1972. The 2017 exposure draft of proposed changes takes into account some of the developments in the auditing, accountability […]
The SEC Whistleblower Program has awarded more than $150 million to 42 whistleblowers. Under the program, the SEC issues awards to individuals who provide original information that leads to enforcement actions resulting in monetary sanctions of more than $1 million. Whistleblowers’ awards range from 10 percent to 30 percent of the resulting monetary sanctions. The […]
Bloomberg NewsSlide 1 of 10 As tax season heads to its inevitable conclusion, Adobe Digital Insights released “Tax Day 2017,” a report based on data from a mid-March survey of 1,000 U.S. consumers, as well as data from billions of Web site visits, social media posts and more from 2014 to 2017. The results offer […]
The IRS is reminding taxpayers and tax professionals that anyone with a foreign bank or financial account has a new deadline for reports for these accounts – and it’s the same as the general individual income tax due date. Starting this year, the annual report on Form 114, often referred to as an FBAR, must […]
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