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Posts Tagged ‘irs’

More IRS Dollars Means Smaller Tax Gap, Analysis Finds

July 04, 2016  |   Tax News   |   Tags: , , ,  

The Congressional Budget Office, which provides assessments to help determine Congressional budget plans, provided an analysis of the results of greater IRS spending. The issue of increased funding for the government collection agency has been hotly debated amongst politicians and lawmakers over the last few years. Tax-news.com shares the most recent projections from the Congressional Budget Office: “The Congressional Budget Office (CBO) has estimated that increasing the enforcement budget of the Internal Revenue Service (IRS), ...

When Should You Expect an IRS Notice?

June 29, 2016  |   Tax Advice   |   Tags: , , , ,  

While the sun may have set on tax season, you may have a nagging feeling that you overlooked something important when you filed your return. You may be inclined to dismiss this feeling, assuming that the IRS would have immediately notified you of any problem with your taxes. There’s a chance, though, that you’ll be informed of a tax issue long after you filed. When You’re Notified In some cases, the IRS will send out prompt notice ...

IRS Determines Winners in Website Revamp Competition

Last week, the IRS announced a handful of winners in a recent public competition to reimagine the collection agency’s website. Participants submitted a series of proposed changes to enhance various aspects of the IRS’ online platform. Tax-News.com shares the details: “The US Internal Revenue Service (IRS) has announced the winners of the ‘Tax Design Challenge,’ its first crowdsourcing competition to construct a future web page design for ...

Are You Currently Not Collectible?

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too ...

IRS Failed to Help All Taxpayers Affected by ‘Get Transcript’ Breach

‘Get Transcript’ is an online service by the IRS that allows taxpayers access to the transcripts of their tax returns. A security breach of ‘Get Transcript’ in May, 2015 enabled cyber thieves to steal the sensitive information of close to four hundred thousand taxpayers. Following this, the IRS re-launched the service this July with additional security. To add to the IRS’ woes, shortly after the re-launch, the Treasury Inspector General for the Tax Administration released ...

IRS Warns Taxpayers about ‘Federal Student Tax’ Scam

The newest tax scam that people may encounter is about a fictitious tax: the federal student tax. No such tax exists. However, scammers are deceiving taxpayers into paying it. The Internal Revenue Service has issued a warning about the ‘federal student tax’ scam where scammers pretend to be the IRS and make bogus phone calls to taxpayers, demanding payment of this fake tax. Forbes shares: “The ...

Tax Deductions Most Americans Can Use

May 03, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Tax breaks such as home office deductions, gifts and charitable deductions can only be used if you itemize on your tax return. Taxpayers that take the standard deduction miss out on these deductions. However, there are certain deductions that all Americans can make use of whether they itemize or not. The Motley Fool shares what you need to know about these deductions, and which ones are not being used by nearly enough people. “Adjustments to ...

U.S. Taxes for Americans Staying Abroad

U.S. citizens living overseas are required to report their worldwide income to the IRS, including financial accounts held overseas. The IRS’ persistent efforts to curb tax evasion lead to the strict enforcement of the Foreign Account Tax Compliance Act (FATCA). Failure to report income results in a serious penalty. The Motley Fool shares: “Deadlines “Let's start with deadlines. The one for filing your income ...

How Seniors Can Use the IRS Charitable Tax Break for Tax Savings

Those who are aged 70½ or older and have an IRA can once again save taxes by making charitable contributions directly from their IRA. The tax provision allows IRA owners of age 70½ or older to directly transfer, tax free, up to $100,000 a year to one or more eligible charities. The distributed amounts can be excluded from the IRA owner’s income, thus lowering the taxable income. This tax provision has now been made permanent.

7 Most Popular Tax Deductions Average Americans Claim

The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recent available tax year. Here is what they found: “1. Personal exemptions “The most commonly used ...