Next week, the IRS will begin hosting the Nationwide Tax Forums, a series of three-day conferences covering ethical and legal issues facing the tax industry. Attendees can earn CPE, attend live seminars, and learn more about upcoming products.
There is no question that identity theft – particularly as it relates to taxes – is a major criminal activity and a serious threat. The Federal Trade Commission (FTC) notes that last year this segment of fraudulent crimes topped its list of consumer complaints for the 15th consecutive year.
The IRS announced that roughly 44,000 tax return preparers earned a record of completion after participating in the first Annual Filing Season Program. As previously reported, those individuals obtaining the record of completion are now listed in the IRS.gov Directory of Federal Tax Return Preparers with Credentials and Select Qualifications, aims to help protect taxpayers and tax preparers alike.
Today, the IRS reminded taxpayers that money spent on summer day camps can be eligible for a tax credit if the attending child or dependent qualifies under the rules outlined in Publication 503. This special edition tax tip includes a checklist for those who might be interested in filing.
Today, the IRS announced that it will increase the amount of information shared between the tax preparation industry and the government to safeguard taxypayers from identity theft and tax refund fraud. The IRS, states, and industry leaders agreed to form three separate groups that would improve taxpayer authentication, fraud identification, information assessment, cybersecurity frameworks, and communication with taxpayers.
Yesterday, the IRS released a tax tip pertaining to the upcoming June 15 deadlines for U.S. citizens living abroad and foreign financial accounts. The reminder provides basic instructions for taxpayers who might be affected by the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank and Financial Accounts Report (FBAR), which – if applicable – might require the filing of Forms 8938 and 114, respectively.
On the heels of catastrophic flooding in Oklahoma and Texas and the official start of hurricane season, the IRS issued a tax tip reminding taxpayers and preparers that there are multiple ways the agency can help in the event of natural disasters. The release includes various links referencing planning, refunds, and those providing disaster relief.
Today the IRS confirmed that Get Transcript – an application allowing taxpayers to review “line-by-line tax return information or wage and income reported to [the IRS]” – was illegally accessed between February and May of this year.
Since the DC Court of Appeals upheld the district court ruling in Loving v. IRS – which determined that the IRS does not have the authority to require certification exams of tax preparers – the IRS will issue refunds to those who took the Registered Tax Return Preparer (RTRP) test. The IRS will mail a letter on May 28 followed by checks on June 2; they estimate $10,324,000 will be refunded.
According to Revenue Ruling 2015-13, April 18 will be the filing deadline for most of the country in 2016. Since Emancipation Day – a legal holiday in D.C. – falls on a Saturday, it will be observed on the preceding Friday, which just so happens to be April 15. Tax Day is further delayed in Massachusetts and Maine, since they observe Patriot’s Day on April 18: meaning that most residents of those states have until April 19 to file income tax returns next year.