The Internal Revenue Service (IRS) is warning taxpayers about a Social Security number (SSN) scam currently making the rounds. As part of the scam, thieves may call—often as a “robocall”—and try to get you to call back by claiming that your SSN is at risk. The scheme is similar to one that the IRS previously deemed “the…
The Internal Revenue Service (IRS) Preparer Tax Identification Number (PTIN) season is open. Tax pros who expect to prepare tax returns for compensation in 2020 can now renew their PTINs. All current PTINs will expire on December 31, 2019. “Last year we issued more than 813,000 PTIN’s and are asking tax preparers to renew now…
The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse. Taxpayers can now choose a preauthorized…
The largest dark web child pornography site in the world has been taken down. That was the word today from the U.S. Attorney’s Office for the District of Columbia, the Justice Department’s Criminal Division, the IRS Criminal Investigation (IRS-CI), and U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI), together with the National Crime Agency…
The Internal Revenue Service (IRS) has issued a reminder to taxpayers with an expiring Individual Taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year may cause refund and processing delays in 2020. An ITIN is assigned to a taxpayer who is not eligible to obtain a Social Security…
Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040. The checkbox, which appears on the early release draft of the form 1040, asks taxpayers about financial interests in virtual currency. The…
The Internal Revenue Service (IRS) has issued new guidance for taxpayers who engage in transactions involving virtual currency, including cryptocurrency. The new guidance, which is intended to help taxpayers better understand reporting obligations for specific transactions involving virtual currency can be found at Revenue Ruling 2019-24 (downloads as a PDF) and the frequently asked questions (FAQs) on the IRS…
My daughter has been sending me steady reminders about filling out the Free Application for Federal Student Aid (FAFSA) form. If you–or your child–plan to attend college or grad school between July 1, 2020, and June 30, 2021, the FAFSA form became available for filing on October 1, 2019. The form is used to apply for financial aid…
Are you scared to look your tax professional in the eye? The deadline for taxpayers who requested an automatic six-month filing extension is fast approaching–and if Twitter is to be believed, many taxpayers still have to get their information to their tax preparers. Remember that most taxpayers on an extension must file their tax returns on…
Are you wondering about those updated per diem rates? The new per-diem numbers are now out, effective October 1, 2019. These numbers are to be used for per-diem allowances paid to any employee on or after October 1, 2019, for travel away from home. The new rates include those for the transportation industry; the rate for the incidental expenses;…