Identity Theft at Tax Time: Still a Major Concern for IRS
The Internal Revenue Service today issued a filing season alert warning taxpayers to watch out for identity theft at tax time, one of the year’s “Dirty Dozen” tax scams. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number.
“We remain dedicated to stopping tax-related identity theft and protecting taxpayers, and we are making important progress on that front. Taxpayers still need to be extremely careful and do everything they can to avoid becoming a victim,” said IRS Commissioner John Koskinen.
For more information, including helpful videos on what to do if you are a victim of identity theft, click HERE.
Fake IRS scams are on the rise! Here’s what you need to know.
Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual “Dirty Dozen” list of tax scams for the 2015 filing season. The IRS reports a surge of these phone scams in recent months as scam artists threaten police arrest, deportation, license revocation and other things. In fact, nearly 3,000 victims have collectively paid over $14 million to scam artists according to a new warning from the Treasury Inspector General for Tax Administration. Here’s everything you need to know.
What will the impact of the new Federal tax increase be on North Carolina?
The North Carolina Department of Revenue (NCDOR) explains what the Federal Tax Increase Prevention Act of 2014 means for North Carolina’s corporate and individual taxes. Read more HERE.
Help From the IRS Will Be Harder to Come By This Year
While tax returns are becoming more complicated this year, don’t expect a lot of help from the IRS. The agency says only half of the 100 million people expected to call this year will be able to get through and those who do may have to wait 30 minutes or longer. Read More.
FASB Makes Accounting a Little Easier for Private Businesses
The Financial Accounting Standards Board (FASB) has issued a new Generally Accepted Accounting Principles (GAAP) alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.
Accounting Standards Update No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, describes the alternative, which was designed by the Private Company Council and endorsed by FASB. Read more HERE.
SEC Nudges Companies on Cash Flows
The Securities and Exchange Commission wants companies to tighten accounting procedures and controls when it comes to statement of cash flows, amid a steady rise in restatements associated with that particular financial document. Tammy Whitehouse explains in this article from Compliance Week.
Happy New Year and Welcome to Tax Season
Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.
The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014. Read more HERE.