With all of the media coverage focusing scammers posing as IRS agents by phone, it may be tempting to let your guard down and assume that the scammers are on the run.
New Jersey has ended a nearly 40-year-old reciprocal tax agreement with Pennsylvania effective Dec. 31, 2016. The agreement allows commuters to pay income tax to the state where they live, rather than the state where they work.
The Internal Revenue Service (IRS) has announced that 401(k)s and similar employer-sponsored retirement plans, including 403(b) and 457(b) plans, can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. As a result, participants of these plans may be eligible to take advantage of certain streamlined loan procedures and relaxed hardship distribution rules.
Tax practitioners across the country have started receiving emails notifying them that if they do not opt out, they will be included in the class of plaintiffs in a lawsuit that is currently pending before the U.S. District Court for the District of Columbia.
In December, our current Congress voted in a tax break for The Great White Way. As part of the Protecting Americans from Tax Hikes (PATH) Act 2015, also known as the Extenders Bill, Congress not only extended the expensing provision for qualified film and television through 2016 but added live theater productions to the mix.
Scammers are still targeting taxpayers. Nearly 6,400 victims have collectively paid over $36.5 million to scammers posing as Internal Revenue Service (IRS) officials since October of 2013. Over that same time period, the Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 1.2 million calls made to taxpayers demanding that they send cash to resolve outstanding tax liabilities. The average amount of money lost in the scam is $5,700.
The IRS urges you to choose your tax professional carefully in response to reports from last year describing unscrupulous preparers. In some cases, these preparers were instructing their clients to make individual shared responsibility payments directly to that preparer.
Taxes can be confusing, and advice from friends and family isn’t always reliable. Luckily, the IRS has put together many online tools that are easy to use.
One of the most rewarding parts of joining the ATAX franchise systems is working alongside motivated individuals with inspiring journeys to business ownership.
As a taxpayer, you have rights. The Taxpayer Advocate Service (TAS) through the IRS is an independent organization within the IRS that helps the individual taxpayer share his or her voice.