Tax Fraud on the Rise. Can Congress Combat It?

tax fraud on rise congress to fightWhat’s the fastest-rising form of identity fraud in the United States?

According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor to a recent spike in ID theft. According to the FTC, there was a 47% spike in ID theft in 2015. That’s a pretty big […]

May 24th, 2016|Tax News|0 Comments

IRS Adds More Staff for Audit and Enforcement

irs treasuryIn recent months, the IRS has complained that it doesn’t have the budget to properly enforce tax law or to provide adequate customer service. IRS Commissioner John Koskinen recently pointed out that budget cuts mean that the agency will be unable to replace up to 1,800 workers.

However, the IRS just announced that it […]

Criminal Inquiry Related to the Panama Papers

panama papers and tax evasionIn recent weeks, one of the biggest tax-related issues in the news has been the Panama Papers. This story revolves around the leak of offshore companies that were serviced by a Panamanian firm specializing in helping individuals and others set up tax havens.

So far, most of those implicated in the release of […]

US Treasury Continues Fight Against Tax Dodges Through Inversions

us-tax-inversionsIn recent years, a process known as “inversion” has received increased scrutiny by the public and by the government. It’s a way for businesses to avoid certain taxes by claiming to be a foreign company. These tax dodges are costing the United States millions a year in revenue, and the Treasury Department has been taking steps to […]

April 19th, 2016|Tax News|0 Comments

IRS Proposal for Charitable Donations Raises Outcry

IRS Proposal for Charitable Donations Raises OutcryRecently, the IRS offered a new proposal for substantiating charitable donations. Right now, charities can simply send an appropriate letter thanking the donor for the gift, or offer a receipt for the gift (especially important for donations of goods).

However, in some cases donors may forget to ask for a receipt, or […]