Tax Blog

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Audit Against IRS Reveals That Improvements Are Needed In Offshore Voluntary Disclosure Efforts

According to a publicly released audit report by the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service (IRS) needs to improve its efforts to address the noncompliance of taxpayers who are denied access to or withdrawn from its Offshore Voluntary Disclosure Program (OVDP) and Foreign Bank Account Reporting. According to the IRS, “The […]

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BEWARE: Fake Charity Scams Involving Orlando Mass Shooting

The Internal Revenue Service (IRS) has released a warning to consumers regarding fake charity scams related to last week’s mass shooting in Orlando, Florida. In the statement, the IRS recommends consumers to pursue well-known charitable groups. IRS advises donors to follow these tips and precautions in order to avoid donating to a false charity: Only […]

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House Bans IRS From Demanding Nonprofit Donor Lists

On Tuesday, June 14, the House voted to ban the Internal Revenue Service (IRS) from requiring nonprofit organizations to list their donors on tax returns. This decision was made after the IRS failed to keep the information confidential on numerous occasions. “This bill helps ensure that Americans can never again be singled out by the […]

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Are Gifts Taxable?

Are gifts taxable income? According to the IRS, a gift is defined as “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return.” Gifts from family or friends are not taxable to the recipient for federal income tax purposes. However, the IRS does not […]

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IRS Announces List Of Groups Targeted For Additional Investigation

Over three years after targeting tea party groups for critical observation, the Internal Revenue Service (IRS) has released a list of organizations that will face additional investigation. The IRS revealed names of over 420 organizations after being pressured by numerous federal judges who are attempting to speed up the pace of a court case. The majority of […]

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Warning: IRS Impersonators Target Students In Latest Scheme

The Internal Revenue Service (IRS) has released a warning to taxpayers regarding fraudulent phone calls from IRS impersonators commanding payment for a non-existent tax, labeled the “Federal Student Tax.” In this scenario, IRS impersonators are threatening to call the police on students who fail to transfer money immediately. “These scams and schemes continue to evolve […]

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Five Suspects Arrested For IRS Phone Scams Fraud

Five suspects were arrested and charged in Miami, Florida for impersonating Internal Revenue Service (IRS) agents, according to J. Russell George, Treasury Inspector General for Tax Administration (TIGTA). “These arrests indicate that TIGTA is making significant progress in our investigation of the IRS impersonation scam that continues to sweep the country, resulting in reported taxpayer […]

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IRS Investigating Email Scam Targeting NBA Team Milwaukee Bucks

According to ABC News, the Milwaukee Bucks say their franchise mistakenly provided tax information of employees and players to a imposter acting as the team’s president Peter Feigin. The Bucks have reported this incident to the FBI and the IRS, and have also arranged credit monitoring and identity restoration services for all employees. If you […]

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IRS To Tighten Tax Refunds Against Small Businesses With Tax Debt

According to a new report from the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service plans to adjust its procedures and technology to efficiently identify the outstanding tax debts of small business owners, and subtract the unsettled debt from the tax refunds they are eligible to receive. TIGTA’s new report recommended that […]

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IRS Tells American Offshore Account Holders In Panama To Come Clean

According to recent reports, authorities have identified over 200 Americans in the leaked Mossack Fonseca FBAR documents. The Internal Revenue Service (IRS) is sending a message to these offshore account holders – come clean before officials discover any illegal activity. In an announcement given to NBC News, the IRS stated that people hiding assets offshore should notice the […]

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