News
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IRS Caught Over 30,000 Tax Returns Involving ID Theft
The Internal Revenue Service’s expanded use of controls this tax season to identify fraudulent refund claims before accepting them into its processing system has allowed the IRS to identify approximately 35,000 fraudulent e-filed tax returns and 741 paper tax returns as of Feb. 29, 2016, according to a new government report. Read more »
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IRS Warns of Tax Scam Targeting Preparers
The Internal Revenue Service is warning tax professionals about a new scam in which cybercriminals obtain remote control of tax preparers’ computer systems, complete and file client tax returns, and redirect tax refunds to thieves’ accounts. Read more »
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Supreme Court Affirms Nevada Court's Jurisdiction over California Tax Agency
The U.S. Supreme Court has affirmed Nevada’s exercise of jurisdiction over the California Franchise Tax Board. Read more »
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Obamas Paid 18.7% in Taxes on $436,065 Gross Income in 2015
President Barack Obama and his wife, Michelle, reported adjusted gross income of $436,065 for 2015, down 8.7 percent from the previous year, according to tax returns released Friday by the White House. Read more »
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Harriet Tubman to Grace New $20 Bill
Harriet Tubman, the leader of the Underground Railroad that brought slaves to freedom, will be the new face on the $20 bill, the Treasury Department announced. Read more »
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After Troubled Season, Liberty Forms Compliance Group
Liberty Tax Service has developed an executive task force to examine issues within the company “and take aggressive action” to ensure all franchisees meet the tax prep giant’s standards. Read more »
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House Passes Bills Curtailing IRS Bonuses and Hiring
The House passed a bill Thursday prohibiting bonuses for IRS employees until the Treasury develops a better customer service strategy, the last of six bills passed this week affecting IRS bonuses, hiring practices and policies. Read more »
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Congress Presses IRS to Better Protect Taxpayer Info
The House Ways and Means Oversight Subcommittee held a hearing Tuesday on the 2016 filing season and the Internal Revenue Service’s cybersecurity efforts. Read more »
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Federal Tax Exclusion for Small Business Investment Here to Stay
When it comes to driving the U.S. economy, small businesses translate into big dollars. Read more »
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Senate Committee Drops Tax Preparer Regulation from Identity Theft Bill
The Senate Finance Committee has dropped a provision for regulating tax preparers from legislation that would curb identity theft and tax fraud. Read more »