In a decision limiting the ability of the IRS to compel a taxpayer to produce summonsed documents, the Second Circuit vacated and remanded a district court order compelling the defendant, Steven Greenfield, to comply with IRS summonses to produce documents related to his offshore accounts, holding that the foregone-conclusion doctrine did not apply to permit […]
Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day – Current > INTERNAL REVENUE SERVICE > I.1, Regulations Eliminate Requirement to Submit Copy of 83(b) Election with Individual Tax Returns (T.D. 9779), (Jul. 26, 2016). Capital Gains and Loss. The IRS has issued final regulations that eliminate the requirement that a copy of
ax News, Journals and Newsletters > Federal Tax > Federal Tax Day – Current > JUDICIARY > J.3, Taxpayer Not Required to Comply with FBAR Reporting for Online Poker Gambling Accounts (Hom, CA-9), (Jul. 29, 2016) A poker player’s accounts at two online poker websites were not foreign financial accounts for purposes of the Foreign Account
Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on […]
Itemized deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you
The IRS offers many safe and easy ways to pay your taxes. These tips explain how to pay your taxes: Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any extra charges. If you can’t pay in full, you’ll save if you pay […]
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that contains extended excerpts from her ongoing Public Forums on Taxpayer Needs and Preferences, presents a review of the 2016 filing season, and identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal […]
By Laura Saunders The Justice Department has begun scrutinizing thousands of U.S. taxpayers’ Swiss bank accounts to compare bank information with what the taxpayers have reported to the Internal Revenue Service. Discrepancies between accounts and filings could trigger prosecutions, said Nanette Davis, a senior lawyer with the Justice Department’s Tax Division, at a recent conference. […]
Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent […]
WASHINGTON—The Internal Revenue Service today reminded taxpayers who have one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by Thursday, June 30. By law, many U.S. taxpayers with foreign accounts exceeding certain thresholds must file Form 114, Report […]
WASHINGTON — The Internal Revenue Service today issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the “Federal Student Tax.” Even though the tax deadline has come and gone, scammers continue to use varied strategies to trick people, in this case students. In this newest twist, […]
WASHINGTON — The IRS also today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2015, that they may have a U.S. tax liability and a filing requirement in 2016. The IRS encourages taxpayers with foreign assets, even relatively small amounts, to […]
Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline: File and pay soon. If you owe taxes, you should file and pay as soon as you can, […]
By Allen Schuldenfrei, CPA, J.D. April 1, 2016 Tucked away in a transportation bill signed in December by President Barack Obama is a provision requiring the IRS to refer seriously delinquent taxpayers to the U.S. State Department for denial or revocation of a passport. The Fixing America’s Surface Transportation Act (FAST Act), P.L. 114-94, added […]
By: Chris Gaetano Published Date: Mar 1, 2016 The IRS data breach last year, in which hackers used a system loophole to steal personal taxpayer information, is worse than initially believed, according to CBS News. A nine-month investigation has found that as many as 724,000 taxpayers had information like names, addresses and Social Security numbers stolen
Money you paid for higher education in 2015 can mean Tax Savings from Higher Education Cost. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education. The American Opportunity
Don’t overlook the Child and Dependent Care Tax Credit. It can reduce the taxes you pay. Here are 10 facts from the IRS about this important tax credit: Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year. Work-Related […]
Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½ at the end of […]
IRS YouTube Video Tax Scams: English | Spanish | ASL Security Summit Identity Theft Tips Overview: English Be Cautious When Using Wi-Fi: English Update Your Password Regularly: English WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of […]
WASHINGTON – Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important part of offshore tax rules, the Internal Revenue Service said today. “Taxpayers here and abroad need to take their offshore tax and filing obligations seriously,” said IRS Commissioner John Koskinen. “Improving offshore compliance […]
You may not know about the Alternative Minimum Tax because you’ve never had to pay it before. However, your income may have changed and you may have to pay it this year. The AMT is an income tax imposed at nearly a flat rate on an adjusted amount of taxable income above a certain threshold. […]
Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can take a Tax Deduction For Medical And Dental Expenses Itemize You can only claim your medical expenses that you paid for in 2015 if you itemize deductions […]
IR-2016-45, March 21, 2016 WASHINGTON — As part of the continued crackdown on refund fraud and identity theft, the Internal Revenue Service today released the Top 10 Identity Theft Prosecutions for Fiscal Year 2015. These prosecutions are part of the wide-ranging strategy to combat refund fraud and assist taxpayers through detection, prevention and resolving identity […]
Bartering is the trading of one product or service for another. Often there is no exchange of cash. Some businesses barter to get products or services they need. For example, a gardener might trade landscape work with a plumber for plumbing work. If you barter, you should know that the value of products or services […]
If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An
IR-2016-48, March 28, 2016 WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2015 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Friday, April 1, 2016. The April 1 deadline applies to owners of traditional (including SEP […]
If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are six […]
IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON ― The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns. This is the fifth in a series […]
Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income: Investment Income. Investment income generally includes interest, dividends and capital gains. It also includes […]
If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips […]
If your lender cancels part or all of your debt, it is usually considered income and you normally must pay tax on that amount. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2015. Here are 10 tips about debt cancellation: 1. Main Home. If the cancelled
WASHINGTON – The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees. The IRS has learned this scheme – part of the surge in phishing emails seen this year – […]
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: 1. Early Withdrawals. An early withdrawal normally means
When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about Capital gains and losses: 1. Capital Assets. Capital assets include property such as your home
When you file your taxes, you have options on how to receive your refund. The best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2016: IRS Direct Deposit: 1. Is Fast. The fastest
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax: Net Investment Income Tax. The law requires a
All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax return: Taxable income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or
By Sally P. Schreiber, J.D. February 10, 2016 The IRS revealed on Tuesday that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month. According to the IRS, the cybercriminals used information stolen “elsewhere outside the IRS” to generate e-file PINs for stolen Social Security numbers (SSNs). E-file PINs
WASHINGTON — The Internal Revenue Service today said using abusive tax shelters and structures to avoid paying taxes continues to be a problem and remains on its annual list of tax scams known as the “Dirty Dozen” for the 2016 filing season. “Taxpayers should steer clear of unscrupulous promoters who sell phony tax shelters with […]
Most people claim the standard deduction when they file their federal tax return, but you may be able to lower your tax bill if you itemize. You can find out which way saves you the most by figuring your taxes both ways. The IRS offers these six tips to help you choose: 1. Use IRS Free
WASHINGTON – The Internal Revenue Service today finished its 2016 “Dirty Dozen” tax scams list by warning taxpayers against using frivolous tax arguments to avoid paying their taxes. Also today, the IRS released the 2016 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax […]
By Sally P. Schreiber, J.D. February 17, 2016 Every year, the IRS releases a list of what it calls the worst tax scams of the year. Beginning Feb. 1 and ending on Feb. 17, the IRS issued a news release each day highlighting a scam. These “dirty dozen” scams can be encountered at any time […]
WASHINGTON – The Internal Revenue Service showed a new surge in IRS email schemes and renewed a consumer alert for e-mail schemes after seeing an approximate 400 percent surge in phishing and malware incidents so far this tax season. The emails are designed to trick taxpayers into thinking these are official communications from the IRS […]
If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS: SE Income. Self-employment
WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for Excessive Claims for Business Credits, which is on the “Dirty Dozen” list of tax scams for the 2016 filing season. “The IRS is committed to stopping the improper use of business credits and catching the promoters of erroneous claims,” said IRS Commissioner […]
Scam Calls and Emails using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal […]
WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid schemes to erroneously claim tax credits on their returns, which is on the annual list of tax scams known as the “Dirty Dozen” again for the 2016 filing season. “Taxpayers should not falsify their income or other information on their tax returns to improperly […]
IR-2016-21, Feb. 10, 2016 WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. The vast majority of taxpayers file honest and accurate tax returns on time every year. However, each year […]
IR-2016-20, Feb. 9, 2016 WASHINGTON — The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” for the 2016 filing season. “Fake charities set up by scam artists to steal your money or personal information are a recurring problem,” said IRS […]
Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $4,000 for each dependent you are entitled to […]
IR-2016-18, Feb. 8, 2016 WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous tax return preparers pushing inflated tax refund claims. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for the 2016 filing season. “Be wary of tax preparers that tout […]
IRS YouTube Video: Tax Scams – English | Spanish | ASL Security Summit Identity Theft Tips Overview – English Be Careful When Using Wi-Fi – English Update Your Password Regularly – English WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, headlining the annual “Dirty Dozen” list
IRS YouTube Video: Phishing-Malware: English | Spanish | ASL Taxes. Security. Together. – English WASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2016 filing
If you owe federal tax, the IRS offers many easy ways to pay. Make sure you pay by the April 18 deadline, even if you get an extension of time to file your 2015 tax return. You can get an automatic extension of time to file when you make an electronic payment by April 18. Here
WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or income offshore remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. “Our continued enforcement actions should discourage anyone from trying to illegally hide money and income offshore,” said IRS Commissioner John Koskinen. […]
Most people can claim an exemptions and dependents on their tax return. It can lower your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. 1. E-file Your Tax Return. Easy does it!
IRS Safeguards for Identity Theft new this year. Because of improved protections in recent years, the Internal Revenue Service stops the vast majority of fraudulent tax returns using stolen identities. But identity thieves and criminal syndicates continue to persist and evolve. As the threat has changed, so has the IRS. In a new era […]
It’s always a good idea to prepare early to file your federal income tax return. Like last year, certain provisions of the Affordable Care Act affect your federal income tax return when you file this year. Here are two things you should know about the health care law’s coverage and reporting requirements that will help you
IRS Security Awareness Tip Number 8 1. Tips to Keep Tax Records Secure Protect from Identity Theft If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach. The IRS has teamed up with state revenue departments and […]
The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply […]
IRS YouTube Video: Security Summit Identity Theft Tips Overview – English Taxes.Security.Together. – English WASHINGTON –In coordination with the state revenue departments and the tax industry, the Internal Revenue Service today released the first in a series of YouTube video tax tips designed to provide people critical information to help protect their tax and financial data.
Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 categories. You should be aware of these rights when you interact with the IRS. Publication 1, Your Rights as a Taxpayer, highlights a list of your rights […]
By Jillian K. Poyzer, CPA, and Timothy R. Yoder, CPA, Ph.D. January 1, 2016 Money invested in retirement accounts reaps the benefits of tax–deferred earnings and is therefore good for tax planning purposes. But putting money into retirement accounts limits the availability of funds because they are generally subject to the Sec. 72(t) 10% addition to
The IRS, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect your tax and financial information and guard against identity theft. Treat your personal information like cash – don’t hand it out to just anyone. Your Social Security number, credit card numbers, […]
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2015 annual report to Congress, expressing concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service it has provided for decades to assist the nation’s 150 million individual taxpayers and 11 million business entities in complying with their
For families with children and aging parents, it’s important to make sure everyone guards their personal information online and at home. It may be time for “the conversation.” The IRS, state revenue departments and the tax industry have teamed up to combat identity theft in the tax arena. Our theme: Taxes. Security. Together. Working in partnership
If you believe you are a victim of identity theft, you should contact one of the three major credit bureaus to place a “fraud alert” on your credit account. This critically important step makes it harder for identity thieves to open additional financial accounts, such as a bank account, in your name. This helps prevent […]
The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important to always be on guard. The IRS has teamed up with state revenue departments and the tax industry to make sure you understand the dangers […]
By Alistair M. Nevius, J.D. December 4, 2015 Provisions that revoke passports for taxpayers with unpaid tax debts and require the IRS to use third-party debt collectors were included in the Fixing America’s Surface Transportation Act, on Thursday. The bill also repeals a recent change to the extended due date for employee benefit plan returns. […]
It’s time to have a word about your password. Many of us use the same sign-on and password over and over for our online accounts. That’s why phishing scams, which often seek password information, are so successful. Once a criminal has your password for one account, it’s highly likely you’ve used the same sign-on information […]
WASHINGTON — The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) annual report, reflecting significant accomplishments and enforcement actions taken in fiscal year 2015. Focusing on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing, IRS CI initiated 3,853 cases in FY 2015. “Our criminal investigators continue to […]
IRS YouTube Video: Taxes.Security.Together. – English WASHINGTON – The Internal Revenue Service, state revenue departments and the tax industry today released the first in a series of special tax tips designed to provide people critical information to help protect their tax and financial data. The first of the Security Awareness Tax Tip series provides seven […]
The Internal Revenue Service, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect yourself against identity theft. Taxes. Security. Together. Working in partnership with you, we can make a difference. Scammers, hackers and identity thieves are looking to steal your personal information […]
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: 1. […]
WASHINGTON —The Internal Revenue Service today simplified the paperwork and record keeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or […]
IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON — The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep […]
“Update your account now.” “You just won a cruise!” “The IRS has a refund waiting for you.” In the cyber world of phishing, the sentences are “bait” – lures from emails, telephone calls and texts all designed to separate you from your cash, your passwords, your social security number or your very identity. The IRS […]
Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren’t liable for the individual shared responsibility payment. Minimum essential coverage includes government-sponsored programs, eligible employer-sponsored plans, individual market plans, and other coverage the Department of Health and Human
If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits. Changes in circumstances that you should report […]
The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams: Scammers make unsolicited calls. […]
WASHINGTON —The Internal Revenue Service, state tax administrators and leaders of the tax industry announced today continued progress to expand and strengthen protections against identity theft refund fraud for the 2016 tax season. The public-private sector partnership announced success in identifying and testing more than 20 new data elements on tax return submissions that will […]
WASHINGTON—With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations. Both the Offshore Voluntary Disclosure Program (OVDP)and the streamlined procedures enable
WASHINGTON ― With another school year just around the corner, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 federal income tax returns. In general, the American
Though the tax season is over, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information. These scams first tried to sting older Americans, newly arrived immigrants and those who speak English as […]
If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about e tax credits: American […]
IR-2015-99, Aug. 6, 2015 WASHINGTON — Following the emergence of new variations of widespread tax scams, the Internal Revenue Service today issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These schemes – which can occur over […]
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. 1. Business Structure. An early
1. TAS is Your Voice at IRS. The Taxpayer Advocate Service, or TAS, is your voice at the IRS. We are an independent organization within the IRS. 2. TAS Helps Resolve Problems. TAS helps individuals, businesses and exempt organizations who are not able to resolve their tax problems with the IRS. Our service is always free.
Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity. […]
Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize. Here are some […]
If you get a tax bill from the IRS, don’t ignore it. The longer you wait the more interest and penalties you will have to pay. Here are six tips to help you pay your tax debt and avoid extra charges: 1. Reply promptly. After tax season, the IRS typically sends out millions of notices. Read
Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be […]
WASHINGTON—The Internal Revenue Service today reminded everyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30. FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, which must be […]
RS Special Edition Tax Tip 2015-12 Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top ten tips to […]
RS reminds taxpayers of important June deadlines for FATCA and FBAR filings IRS reminds taxpayers with overseas accounts of some important dates. The Internal Revenue Service on Wednesday reminded taxpayers with offshore accounts of two important June deadlines related to Foreign Bank and Financial Accounts filings and the Foreign Account Tax Compliance Act. All taxpayers with
WASHINGTON — The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation’s taxpayers. The agreement — reached after the project was originally announced March […]
WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets. The IRS encourages taxpayers with foreign assets, […]
All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your tax return, the extended filing deadline for your 2014 tax return is Monday, June 15, 2015. Similarly, the deadline to report interests in certain foreign financial accounts is
