Tax season scams are no April fools joke.
Mar29

Tax season scams are no April fools joke.

April Fools’ Day arrives during the peak of the annual tax-filing season, so it’s appropriate that we remind folks of the myriad tax schemes out there.   This year’s Tax Scams range from the perennial identity theft phishing attempts to fake charitable deductions to frivolous tax arguments, which themselves are detailed separately here.   There also are Web sites that, at least in name, seem like the real IRS deal but, says...

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IRS announces waivers for Offer in Compromise applications.
Mar29

IRS announces waivers for Offer in Compromise applications.

The Internal Revenue Service today announced the release of final regulations that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI). An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed....

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IRS unveils new People First Initiative
Mar29

IRS unveils new People First Initiative

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. “The IRS is taking extraordinary steps to help the people of our country,” said IRS Commissioner Chuck Rettig. “In addition to extending tax deadlines and...

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Guard personal, financial and tax information year-round.
Mar24

Guard personal, financial and tax information year-round.

The Internal Revenue Service today reminded taxpayers to remain vigilant with their personal information by securing computers and mobile phones. Proper cybersecurity protection and scam recognition can reduce the threat of identity theft inside and outside the tax system. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available...

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Treasury, IRS and Labor announce plan to implement Coronavirus-related changes.
Mar24

Treasury, IRS and Labor announce plan to implement Coronavirus-related changes.

Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under...

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