IRS Looks to Distribute $760 Million in Unclaimed Tax Refunds

IRS Looks to Distribute $760 Million in Unclaimed Tax Refunds

Taxes

The Internal Revenue Service is giving the Mega Millions jackpot some serious competition, with tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.

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Taxpayers Warned of ‘Largest Ever’ Phone Fraud Scam from IRS Impostors

Taxpayers Warned of ‘Largest Ever’ Phone Fraud Scam from IRS Impostors

Taxes

The Treasury Inspector General for Tax Administration is warning taxpayers to beware of phone calls from individuals who claim to represent the Internal Revenue Service, but in reality are trying to defraud them, in what it is saying is the largest ever scam it has seen to date.

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What Are The Penalties For Failing To File Your Tax Return On Time?

What Are The Penalties For Failing To File Your Tax Return On Time?

Taxes

Unless you plan to file for a six-month extension, your individual income tax return is due on April 15th, a mere three weeks away.

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Tax Refund Too Good To Be True? Don't Spend It

Tax Refund Too Good To Be True? Don't Spend It

Taxes

If you find $100 in cash, you could leave it there or pick it up and keep it. After all, finders keepers. You could also turn it in.

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IRS Allows Improper Retirement Plan Deductions Worth Millions

IRS Allows Improper Retirement Plan Deductions Worth Millions

Taxes

The Internal Revenue Service is permitting millions of dollars in potentially improper self-employed retirement plan deductions to be claimed.

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IRS Warns of Email Scam Impersonating Taxpayer Advocate Service

IRS Warns of Email Scam Impersonating Taxpayer Advocate Service

Taxes

The Internal Revenue Service is warning consumers to beware of a new email phishing scam in which fraudulent emails purport to come from the IRS Taxpayer Advocate Service, complete with a bogus case number.

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IRS Reminds Taxpayers about Direct Deposit and Split Refunds

IRS Reminds Taxpayers about Direct Deposit and Split Refunds

Taxes

For 57 million Americans, the refund check is no longer in the mail; it’s already in the bank. So far this year, the Internal Revenue Service has issued direct-deposit refunds valued at more than $170 billions.

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Senate Committee Plans Hearing on Unethical Tax Preparers

Senate Committee Plans Hearing on Unethical Tax Preparers

Taxes

The Senate Finance Committee plans to hold a hearing next Tuesday to discuss how to protect taxpayers from incompetent and unethical tax return preparers.

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IRS Says Bitcoin, Other Convertible Virtual Currency To Be Taxed Like Stock

IRS Says Bitcoin, Other Convertible Virtual Currency To Be Taxed Like Stock

Taxes

More than five years after Bitcoin made its debut, the Internal Revenue Service has finally issued guidance to taxpayers on how to treat it – and other virtual currency – for federal income tax purposes.

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IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return

IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return

Taxes

Refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010, the Internal Revenue Service announced today. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014.

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