The IRS says it will be issuing regulations in the near future aimed at clarifying just how state and local tax payments can be deducted for federal income tax purposes. The issue goes back to late 2017, when Congress passed the tax cut bill known as the “Tax Cuts and Jobs Act.”
Scam artists have dusted off an old scheme and added a new kink in an effort to swindle taxpayers out of money. This new effort uses a faked version of the IRS Form W-8BEN to get detailed personal identification and bank account information from its victims.
As part of the Small Business Week program, the IRS last week addressed ways businesses could protect against a recurring identity-theft scheme: using stolen EINs to file business, partnership, and estate and trust tax returns.