Two Florida men will spend time in federal prison for their roles in a stolen identity and tax refund fraud scheme. The men took thousands of names, addresses, and other personally identifiable information and used the data to file fraudulent tax returns between 2012 and 2014. The men were discovered as part of a collaborative…
If you thought that last tax season got off to a sluggish start, you might be surprised at this year’s numbers. Though the Internal Revenue Service (IRS) opened tax season on time, initial statistics show that taxpayers aren’t lining up to file early returns. Tax season opened on January 27, 2020, one day earlier than in 2019. In the…
Sin taxes are excise taxes imposed on goods or behaviors – like booze and cigarettes – that lawmakers deem harmful. In addition to raising revenue, the idea is that bumping taxes high enough should trigger a slowdown in the behavior. But what happens if taxpayers simply exchange the “sinful” behavior – not for a “better”…
Taxpayers are often quick to complain about customer service issues. Now, the Taxpayer Advocacy Panel (TAP) is seeking volunteers who are willing to help the Internal Revenue Service (IRS) identify ways to improve customer service and satisfaction. TAP was established in 2002 under the authority of the Department of the Treasury. It’s a Federal Advisory Committee made…
Form 1040 may look similar to last year’s return, but there’s one key difference that’s attracting attention: a question about cryptocurrency. As I reported late last year, early drafts of Form 1040 reflected a new question on the top of Schedule 1, Additional Income and Adjustments to Income (downloads as a PDF). Schedule 1 is used to report…
Despite a steep drop in tax-related identity theft in recent years, the scam remains serious enough to earn a spot on the agency’s 2019 “Dirty Dozen” list of tax scams. That’s why the Internal Revenue Service (IRS) has dedicated a section of its website to address identity theft. Identity Theft Central is intended to improve online access to information on…
The Internal Revenue Service (IRS) has successfully opened the 2020 tax filing season. The IRS expects to process more than 150 million individual tax returns, with most coming before the April 15 tax deadline. The IRS expects the overwhelming majority of individuals – about 90% – to file their returns electronically. Filing electronically and choosing direct deposit remains the…
I finished a disappointing fourth place in this year’s Fantasy Football. Even worse: I was beaten by a 13 year-old. That might explain why I’m choosing to keep my money firmly in my wallet on Super Bowl LIV: No gambling for me. Luck is rarely on my side. But millions of folks are willing to…
We’ve made it through the first week of the tax filing season! With some tax returns are already on the way for processing, the Internal Revenue Service (IRS) is reminding taxpayers not to forget about the Earned Income Tax Credit (EITC). January 31 has been designated “EITC Awareness Day” – the 14th year of the awareness campaign…
Looking for your tax forms, like your W-2 or 1099-MISC? Most tax forms should be in your mailbox or on their way – but if you don’t have them in hand just yet, there are steps that you can take to make sure that you have what you need when it’s time to file. If you’re looking…