Cybercrime is problem tax professionals must face on a daily basis. Tens of thousands of taxpayers are at risk of identity theft due to information stolen by cyber criminals from tax professionals. In an effort to reduce this risk, the Internal Revenue Service (IRS) recently reminded tax professionals to promptly report data theft to the agency. The agency states if it receives notification in a timely manner it can help to stop fraudulent tax returns and better protect the client’s information.
Texas Governor extends state tax benefits for solar panels
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those who partake in the program.
What happens to foreign banks that help with tax evasion?
Use of foreign banks to hide assets is a well-known tactic for avoiding tax obligations. We know that individuals who attempt to avoid their taxes can face criminal charges that lead to high financial penalties and potential imprisonment, but what happens to a bank if it is complicit in the crime?
Own digital currency? Expect a letter from the IRS.
The Internal Revenue Service (IRS) recently announced it will send out 10,000 letters to those who own cryptocurrency. The agency’s communications are geared to help better ensure tax compliance. The problem: tax compliance regarding digital assets is unclear, at best.
Did the new tax law stop tax evasion?
Tax laws take years to examine. Once they go into effect, there is generally a period of confusion before taxpayers fully understand the impact of the law. Take the recent Tax Cuts and Jobs Act (TCJA) as an example. The law passed a few years ago and was fully in effect for the 2018 tax filing season and yet the Internal Revenue Service (IRS) is still publishing guidelines to help taxpayers navigate this law.
What does it mean to get audited by the IRS?
Opening up your mail to find a letter from the Internal Revenue Service (IRS) likely leads to stress. Unless you are expecting a tax return in the form of a check — that is likely the only time anyone is excited to get a mailing from the Uncle Sam.
For those of us in the former category, the mailing could be a notification of an audit. Is it legit? What does it mean? What is an audit? What should you do? This post will provide some guidance by answering these questions.
3 times summertime fun can mean tax savings
There are some activities that are synonymous with summertime: barbeques, boat rides and family road trips are a few that often come to mind. In some cases, summer fun can lead to tax savings. Three examples to watch for include:
Want to be a tax preparer? 3 tips for success.
Tax preparation professionals will likely find themselves in a relatively stable career. After all, we can claim nothing to be certain, except death and taxes. As long as the United States government continues to collect taxes, people will continue to need help navigating their tax filings.
Will IRS start reviewing real estate ownership for tax fraud?
The Internal Revenue Service (IRS) may expand its focus when looking for tax fraud. The shift may come as a result of a recent whistleblower case. The case involves a former chief tax executive who reached out to the agency to call out his employer for alleged tax fraud crimes.
Will “record-setting” number of tax extensions impact tax pros?
Tax preparation and accounting offices throughout the country reported record-setting extension requests for tax filings this year. The increase was the result of many different factors, including:
- New tax law. The Tax Cuts and Jobs Act (TCJA) was, arguably, the biggest reason for the jump in extension requests. The new law was the biggest change to our tax structure in decades. Navigating the changes was not an easy task. As a result, many taxpayers and tax professionals required an extension just to figure out how to properly file tax returns.
