Category Archives: IRS NEWS

Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft

The Internal Revenue Service today announced steep declines in tax-related identity theft in 2017, attributing the success to the Security Summit initiatives that help safeguard the nation’s taxpayers. Key indicators of identity theft dropped for the second year in a row in 2017. This includes a 40 percent decline in taxpayers reporting they are victims…

National Tax Security Awareness Week: Online Security – Seven Steps for Safety

During the online holiday shopping season, the IRS, state tax agencies, and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them file a fraudulent tax return. Anyone…

House Budget Committee Proposal to Hold All Tax Refunds until the IRS can Verify Incomes of All EITC Filers

The fiscal year 2018 budget plan the House Budget Committee approved in July calls for a radical change in the Earned Income Tax Credit (EITC) that could harm millions of low-income working families and cause serious problems for the IRS in processing tax returns.  The budget would delay EITC payments indefinitely each year until the…

IRS grants tax extensions to those effected by Hurricane Harvey and Irma

We have received many questions from clients and relationships, discussing casualty loss tax deduction rules. The President approved a disaster declaration for Florida on Sunday, September 10, clearing the way for more support as Hurricane Irma slammed the state with powerful winds and storm surges. Casualty loss deductions for taxpayers are a primary tax benefit…

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