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
June 1 marks the start of hurricane season. When a hurricane or other disaster strikes, the IRS wants you to know you can count on us for help. We can help you prepare for, and recover from, the destruction it causes. Here is some of the key disaster-related help and assistance you can get 24/7 […]
To mark National Hurricane Preparedness Week, the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses: 1. Casualty
The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service. We protect taxpayers’ rights by ensuring that all taxpayers receive fair treatment. We can also help you to know and understand your rights under the Taxpayer Bill of Rights. What is the Taxpayer Bill of Rights? The Taxpayer Bill of Rights describes […]
WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015. Most People Abroad Need to File A filing requirement generally applies […]
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 the
If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here are six tax tips that you should know about this deduction. 1. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary
When you give a gift to charity that helps the lives of others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity: 1. Qualified Charities.
The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage – also known as minimum essential coverage – qualify for an exemption, or make an individual shared responsibility payment when you file your federal income tax return. Many people already have minimum essential coverage and do not
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 key points to keep in mind if your child has investment income: 1. 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. If you qualify for the deduction you may use either the simplified method or the regular method to claim […]
To make a tax payment, please visit for a direct link at the bottom of page: https://protaxconsulting.com/links/ IRS YouTube Video IRS Tax Payment Options: English | Spanish | ASL Podcast: English | Spanish WASHINGTON — The Internal Revenue Service today reminded taxpayers that it’s easier than ever to pay their taxes electronically, and for those who
Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples 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 about income from self-employment: SE Income. Self-employment
IRS YouTube Videos ID Theft: IRS Efforts on Identity Theft: English | Spanish | ASL IRS Identity Theft FAQ: First Steps for Victims: English | ASL WASHINGTON — Continuing its enforcement push against refund fraud and identity theft, the Internal Revenue Service today announced the Top Ten Identity Theft Prosecutions for Fiscal Year 2014 (FY14). The
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 claim a tax deduction: You must itemize. You can only claim your medical expenses that you paid for in 2014 if you itemize deductions on your federal tax
Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you […]
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
Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: Early Withdrawals. An early withdrawal normally means taking the money out
When you sell a capital asset the sale 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 or
All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed 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 services received
The Health Insurance Marketplace is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. In addition to the federally-facilitated Marketplace, HealthCare.gov, there are also state-based Marketplaces. If you
WASHINGTON — The Internal Revenue Service wrapped up the 2015 “Dirty Dozen” list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year’s filing season. The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states […]
WASHINGTON — Hiding taxable income by filing false Form 1099s or other fake documents is a scam that taxpayers should always avoid and guard against, the Internal Revenue Service said today. This scheme is one of those on the annual “Dirty Dozen” list of tax scams for the 2015 filing season. “The mere suggestion of […]
If you get tips on the job, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: • Show all tips on your return. You must report all tips you receive on your federal tax return. This includes the
WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for improper claims for fuel tax credits, one of the “Dirty Dozen” tax scams for the 2015 filing season. “We will do everything we can to stop erroneous claims for the fuel tax credit and catch scammers promoting them,” said IRS Commissioner John […]
The Affordable Care Act includes financial assistance in the form of the premium tax credit for eligible taxpayers with moderate incomes who purchase coverage through the Health Insurance Marketplace. When you purchased coverage for 2014 through the Marketplace, you may have chosen to have the government send advance payments of the premium tax credit to […]
WASHINGTON – The Internal Revenue Service today wrapped up its 2015 “Dirty Dozen” tax scams list by warning taxpayers against using frivolous tax arguments to avoid paying their taxes. The IRS today also released the 2015 version of “The Truth about Frivolous Tax Arguments.” The 69-page document describes and responds to some of the common frivolous
The Affordable Care Act is bringing several changes to the tax filing season this year, including a new form some taxpayers will receive. If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014, you’ll get Form 1095-A, Health Insurance Marketplace Statement. You will receive Form 1095-A […]
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 2015 filing season. “The IRS is committed to stopping complex tax avoidance schemes and the people […]
IRS YouTube Videos ID Theft: IRS Efforts on Identity Theft: English | Spanish |ASL IRS Identity Theft FAQ: First Steps for Victims: English |ASL IR-2015-07, Jan. 26, 2015 WASHINGTON — The Internal Revenue Service today issued a filing season alert warning taxpayers to watch out for identity theft at tax time, one of the year’s “Dirty
The Affordable Care Act contains tax provisions that affect the 2014 income tax return you file this year. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the Marketplace are affected by the premium tax credit. The following chart will help you better understand what you need […]
Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day – Current > INTERNAL REVENUE SERVICE > I.4, IRS Official Discusses the Provisions of the Affordable Care Act Affecting Individuals During the 2014 Filing Season, (Jan. 29, 2015) In preparation for the 2014 filing season, William Smits, IRS senior manager, Wage & Investment Division,
Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return. This chart is also available on IRS.gov/aca. To help navigate these changes, taxpayers and
WASHINGTON — The Internal Revenue Service today warned taxpayers about groups masquerading as a charitable organization to attract donations from unsuspecting contributors, one of the “Dirty Dozen” for the 2015 filing season. “When making a donation, taxpayers should take a few extra minutes to ensure their hard-earned money goes to legitimate and currently eligible charities,” […]
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2014 annual report to Congress, which expresses concern that taxpayers this year are likely to receive the worst levels of taxpayer service since at least 2001 when the IRS implemented its current performance measures. The report recommends that Congress enact a principles-based Taxpayer Bill […]
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 2015 filing season. “Every filing season, scam artists lure victims in by promising outlandish […]
WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. “The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help them […]
WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. The vast majority of tax professionals provide honest high-quality service. But there are some dishonest preparers who set up shop each filing season to […]
WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual “Dirty Dozen” list of Tax Scams for the 2015 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, […]
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 2015 filing season. “The IRS won’t send you an email about a bill or refund […]
The two issues that immediately come to mind are IRS-related. The first is the latest development in the service’s efforts to increase tax preparer oversight. [Ed Note: in October, a federal court dismissed a lawsuit that the AICPA had filed challenging the IRS’s Annual Filing Season Program (AFSP). Promoted as a voluntary initiative, the AFSP […]
WASHINGTON — The Internal Revenue Service today issued a fraud alert for international financial institutions complying with the Foreign Account Tax Compliance Act (FATCA). Scam artists posing as the IRS have fraudulently solicited financial institutions seeking account holder identity and financial account information. The IRS does not require financial institutions to provide specific account holder […]
The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re […]
WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con […]
Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Credit. The AOTC can be
If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips […]
You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions Subject to the Two Percent Limit […]
The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card or wire transfer. The callers […]
WASHINGTON — The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified approximately […]
Ah, summertime! Warm days, rest and recreation and…tax scams. Thieves don’t stop victimizing unsuspecting taxpayers with their scams after April 15. Identity theft, phone and phishing scams happen year-round. Those three top the IRS’s ‘Dirty Dozen’ list of tax scams this year. Here’s some important information you should know about these common tax scams: 1. Identity
Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a newjob Same Occupation. Your expenses must be for
WASHINGTON ― The Internal Revenue Service today announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad […]
Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: 1. Your expenses must be for the care
By Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation) The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice and the Swiss Federal Department of Finance. […]
Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic […]
WASHINGTON — Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15due date. Eligible
Voluntary Disclosures of Offshore Accounts Reach 43,000, Justice Official Says, (Mar. 19, 2014) Voluntary disclosures of offshore accounts held by U.S. account holders have reached 43,000, Department of Justice (DOJ) Assistant Attorney General (Tax Division) Kathryn Kenneally said on March 18. Speaking with Scott Michel of Caplin & Drysdale Chartered at an American Bar Association […]
If you owe taxes with your tax return this year, you should know a few things before you file. Here are 10 helpful tips from the IRS about how to pay your federal taxes. 1. Never send cash. 2. If you e-file, you can file and pay in a single step with an electronic funds withdrawal.
WASHINGTON —The Internal Revenue Service today warned consumers to be on the lookout for a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number. The fake emails may include the following message: “Your reported 2013 income is flagged for review due to a document
If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here are eight things you should know about deducting your gifts to charity 1. You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts
Did you, your spouse or your dependent take higher education classes last year? If so, you may be able to claim the American Opportunity Credit or the Lifetime Learning Credit to help cover the costs. Here are some facts from the IRS about these important credits. The American Opportunity Credit is: Worth up to $2,500 per
Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal from a plan last
Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day – Current > CONGRESS > C.1, Levin, McCain Urge Justice Department to Seek Extradition in Tax Evasion Cases, (Mar. 20, 2014) Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations lawmakers on March 18 urged the Department of Justice (DOJ) to seek extradition
Are you looking for a hard and fast rule about what income is taxable and whatincome is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. For example,
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2013 annual report to Congress, urging the Internal Revenue Service to adopt a comprehensive Taxpayer Bill of Rights – a step she said would increase trust in the agency and, more generally, strengthen its ability to serve taxpayers and collect tax. The Advocate also expressed
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several payment options for those who owetaxes. Here are eight tips for those who owe federal taxes 1. Tax bill payments. If you get a bill from the IRS this summer, you should pay it […]
What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filingan amended tax return. This year you can use the new IRS tool, ‘Where’s My Amended Return?’ to easily track the status of your amended tax return. Here are
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married forfederal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does
Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real. Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then […]
Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. If you barter, you should know that the value of products or […]
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases, […]
The IRS has received some Form 8938 submissions from Domestic Entity filers for TY12. Please be advised that these entities are not required to file Form 8938 for TY12. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938 if the entity is formed or availed of to
What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. This year you can use the new IRS tool, ‘Where’s My Amended Return?’ to easily track the status of your amended tax return. […]
Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize […]
1. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS and is your voice at the IRS. 2. We help taxpayers whose problems are causing financial difficulty. This includes businesses as well as individuals. 3. You may be eligible for our help if you’ve tried to resolve your tax problem through normal IRS
Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real. Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then […]
Weighing the options requires a thorough understanding of risks. BY SCOTT H. NOVAK, ESQ. DECEMBER 2013 CPAs often have clients with an interest in or signature authority over a foreign account. The IRS has emphasized compliance in reporting requirements for U.S. owners of foreign accounts, but many taxpayers may still not know their responsibilities and […]
