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IRS Restores Online IP PIN Tool

The Internal Revenue Service has restored its “Get an IP PIN” tool to the website, after concerns about security forced its removal. [Read more…]

Tax Breaks for U.S. Military

Members of the U.S. Armed Forces deserve the thanks of the nation for their service, and one small way we can show our thanks is by giving those who serve a small measure of tax relief. [Read more…]

Facebook Under IRS Scrutiny for Questionable Transfer of Assets to Ireland

The Internal Revenue Service has gone to court to face Facebook to cooperate with its investigation into the transfer of assets to an Irish subsidiary. [Read more…]

Stepping Up Tax Preparer Security: What Does it Mean?

The latest meeting of the IRS’ Security Summit working group has grabbed a lot of headlines recently. Among the news is that income tax preparers will be expected to secure the taxpayer data under their control from hackers and identity thieves. [Read more…]

Audit Finds Some Former IRS Employees Retained Access to Government Computers, Facilities

When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax Administration (TIGTA) says in some instances, that didn’t happen when workers left the Internal Revenue Service – even when they left due to a pending criminal misconduct case. [Read more…]

Business or Pleasure: Determining if Your Hobby is Considered a Trade

What is a Trade or Business?

Simply put, a trade or business must satisfy the need to make a profit.  If you don’t plan to make a profit, then this is not a business, it is a hobby.  The reason for opening a business is to provide a livelihood for you (and your family). If a business cannot support you financially it raises the question, why are you working without being paid?  You wouldn’t continue to work for an employer if they stopped giving you a paycheck. So why would you keep a business open if it wasn’t making any money?  Do you see where we are going with this? [Read more…]

Taxpayer Advocate Issues Mid-Year Report

The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the report were highlighted in the news release issued by the Taxpayer Advocate Service (TAS): the Taxpayer Needs and Preferences Forums, results of the 2016 tax season, and TAS priorities for FY 2017. [Read more…]

GAO Finds IRS Should Do More to Protect Taxpayer Information

The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report credits the Internal Revenue Service for improvements in its Taxpayer Protection Program (TPP), it finds the IRS, at the time the GAO audit was carried out, had overlooked a key threat in its risk assessment of computer systems. [Read more…]

Audit Finds IRS Not Adequately Checking Volunteer Tax Preparer Program

An audit by the Treasury Inspector General for Tax Administration says the Internal Revenue Service isn’t assessing its volunteer income tax preparers as it should. [Read more…]

IRS: PTC Payment Recipients Should Report Changes in Income or Family Size

The IRS yesterday issued a reminder to taxpayers who receive premium tax credit (PTC) advance payments, noting that some circumstance changes could result in the household owing additional money next April.   [Read more…]