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Central Florida tax preparers plead guilty to fraud charges
Read full article: Central Florida tax preparers plead guilty to fraud chargesThree tax preparers accused of fraudulently helping Central Florida customers obtain large income tax refunds have pleaded guilty to conspiring to defraud the Internal Revenue Service.
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
Read full article: Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgersThe IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency says, crediting spending that has ramped up collection enforcement through President Joe Biden's signature climate, health care and tax package signed into law in 2022.
Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decision
Read full article: Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decisionCoca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.
Throwback: Anthony Simmons’ advice on establishing your own Caribbean cashflow
Read full article: Throwback: Anthony Simmons’ advice on establishing your own Caribbean cashflowCorie Murray takes us back to his interview with Anthony Simmons, president and CEO of Nemiro International Corporation and two other Caribbean-based companies.
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
Read full article: Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago towerA report by The New York Times and ProPublica says former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
Central Florida tax preparers arrested on federal fraud charges
Read full article: Central Florida tax preparers arrested on federal fraud chargesOwners and employees of a Central Florida tax preparation company have been arrested on federal charges for allegedly filing fraudulent tax returns on behalf of customers between 2017 and 2020, court records show.
‘It should not be on the taxpayers:’ Deltona hit with nearly $1 million IRS bill
Read full article: ‘It should not be on the taxpayers:’ Deltona hit with nearly $1 million IRS billCity leaders in Deltona are working through litigation with the IRS after the agency gave the city a nearly $1 million fine.
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
Read full article: IRS acts to address wide disparity in audit rates between Black taxpayers and other filersThe IRS says it's taken steps to address a wide disparity in audit rates between Black taxpayers and others filers.
‘The clock is ticking’ to file taxes ahead of looming deadline, expert says
Read full article: ‘The clock is ticking’ to file taxes ahead of looming deadline, expert saysIf you are not requesting an extension, the deadline to file your taxes is Monday, April 15. However, an extension to file your taxes is not an extension to pay.
IRS commissioner says new Direct File tax program is ‘very secure’
Read full article: IRS commissioner says new Direct File tax program is ‘very secure’The 12-state Direct File pilot program launched by the IRS in March will potentially serve more than 12 million taxpayers, 2.4 million in Florida alone.
How freelancers can prepare for changing tax requirements
Read full article: How freelancers can prepare for changing tax requirementsIf you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.
‘Reedy Creek failed’: Hundreds of district employees owe over $2M in back taxes
Read full article: ‘Reedy Creek failed’: Hundreds of district employees owe over $2M in back taxesIn a letter to the IRS, district officials explained that Disney theme park passes and discounts given to employees weren't properly reported as taxable benefits.
Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike force
Read full article: Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike forceTreasury Secretary Janet Yellen is heading to Mexico this week, a trip announced shortly after her agency created a new strike force to help combat illicit fentanyl trafficking.
Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'
Read full article: Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream.
‘Taylor Tax:’ IRS targets Taylor Swift fans over ticket sales, Florida CFO says
Read full article: ‘Taylor Tax:’ IRS targets Taylor Swift fans over ticket sales, Florida CFO saysFans who sold tickets for over $600 could be audited by the IRS if they don’t report any of the profits, according to Florida Chief Financial Officer Jimmy Patronis.
Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returns
Read full article: Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returnsCongressional Democrats are accusing big tax preparation firms including Intuit and H&R Block of undermining the federal government’s upcoming electronic free file tax return system.
House Republicans subpoena IRS and FBI agents involved in Hunter Biden case
Read full article: House Republicans subpoena IRS and FBI agents involved in Hunter Biden caseHouse Republicans have subpoenaed several FBI and IRS agents involved in the federal investigation into Joe Biden’s son Hunter Biden.
Central Florida woman sentenced to a year in federal prison for PPP fraud
Read full article: Central Florida woman sentenced to a year in federal prison for PPP fraudA Central Florida woman was sentenced to 12 months in prison for wire fraud “part of a scheme to defraud the Paycheck Protection Program (PPP) out of loan proceeds,” according to a news release.
‘Trains, planes and packages:’ Multi-state drug trafficking investigation detailed in Orlando
Read full article: ‘Trains, planes and packages:’ Multi-state drug trafficking investigation detailed in OrlandoU.S. Attorney for the Middle District of Florida Roger Handberg hosted special agents of the Drug Enforcement Administration and Internal Revenue Service in Orlando for a Thursday news conference to announce the takedown of members in a yearslong, California-sourced drug trafficking conspiracy.
IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden case
Read full article: IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden caseHouse Republicans are raising unsubstantiated allegations against President Joe Biden over his family’s finances.
Florida launches IRS Transparency Portal to track possible discrimination
Read full article: Florida launches IRS Transparency Portal to track possible discriminationFlorida Chief Financial Officer Jimmy Patronis announced on Thursday the launch of the Florida IRS Transparency Portal, which is meant to help state officials track possible discrimination by the IRS.
3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Read full article: 3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers saySome congressional Democrats say three large tax preparation firms sent “extraordinarily sensitive” information on tens of millions of taxpayers to Facebook parent company Meta over at least two years.
IRS Maitland, FL Taxpayer Assistance Center moves to Orange Avenue in Orlando
Read full article: IRS Maitland, FL Taxpayer Assistance Center moves to Orange Avenue in OrlandoThe Internal Revenue Service told News 6 the Taxpayer Assistance Center in Maitland, FL, has moved to 201 South Orange Ave. in Orlando, FL 32801.
GOP releases testimony of whistleblowers claiming interference in Hunter Biden case
Read full article: GOP releases testimony of whistleblowers claiming interference in Hunter Biden caseHouse Republicans have released testimony from two IRS whistleblowers who allege that the Justice Department interfered with their yearslong investigation into President Joe Biden’s son, Hunter.
IRS agent alleges Hunter Biden probe is being mishandled
Read full article: IRS agent alleges Hunter Biden probe is being mishandledAn IRS special agent is seeking whistleblower protection to disclose information regarding what the agent contends is mishandling of an investigation into President Joe Biden’s son, Hunter Biden.
Look out for robocalls offering bogus tax help this week in Florida
Read full article: Look out for robocalls offering bogus tax help this week in FloridaWith the 2023 tax deadline upon us, the IRS and tax assistance imposters are connecting with residents across the state with the help of scripted robocalls.
New push on US-run free electronic tax-filing system for all
Read full article: New push on US-run free electronic tax-filing system for allIt’s that time of year when throngs of taxpayers are buckling down to file their income tax returns before Tuesday’s filing deadline, and many often pay to use software from private companies such as Intuit and H&R Block.
New IRS leader promises faster, easier tax filing process
Read full article: New IRS leader promises faster, easier tax filing processThe Internal Revenue Service’s new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide “real-world improvements” to taxpayers.
You’ve filed your taxes -- now, what should you do with those documents?
Read full article: You’ve filed your taxes -- now, what should you do with those documents?If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
For donors, wartime Ukraine aid creates blurry ethical line
Read full article: For donors, wartime Ukraine aid creates blurry ethical lineSince Russia invaded Ukraine a year ago, U.S. companies, nonprofits and individuals have responded with donations, including of equipment like bulletproof vests and drones.
EXPLAINER: What's the debate over releasing Trump's taxes?
Read full article: EXPLAINER: What's the debate over releasing Trump's taxes?Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trump’s tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
IRS ups standard deductions, tax brackets due to inflation
Read full article: IRS ups standard deductions, tax brackets due to inflationTaxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.
Yellen tells IRS to develop modernization plan in 6 months
Read full article: Yellen tells IRS to develop modernization plan in 6 monthsTreasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will modernize its technology, customer service and hiring.
IRS warns promises of big tax refunds could lead to an audit
Read full article: IRS warns promises of big tax refunds could lead to an auditThe IRS Criminal Investigations Division reported a staggering $2.19 billion dollars in tax fraud with an 89.4% conviction rate, according to its 2021 annual report.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.
IRS unit gets no funds to enforce sanctions on rich Russians
Read full article: IRS unit gets no funds to enforce sanctions on rich RussiansThe IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.
Quiz: How much do you know about income tax?
Read full article: Quiz: How much do you know about income tax?You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?
Traded cryptocurrency in 2021? Here's how to approach taxes
Read full article: Traded cryptocurrency in 2021? Here's how to approach taxesAlternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events.
Feds launch website for claiming part 2 of child tax credit
Read full article: Feds launch website for claiming part 2 of child tax creditThe White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
$25M fraud scheme involving Orlando sisters featured in IRS’ most-shocking cases of 2021
Read full article: $25M fraud scheme involving Orlando sisters featured in IRS’ most-shocking cases of 2021The case of two Orange County women convicted of a four-year multimillion-dollar tax fraud conspiracy was highlighted by the Internal Revenue Service as a one of the most high-profile investigations of 2021.
Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributions
Read full article: Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributionsFor those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.
Senator: Bipartisan infrastructure bill loses IRS provision
Read full article: Senator: Bipartisan infrastructure bill loses IRS provisionA Republican senator who helped negotiate a nearly trillion-dollar bipartisan infrastructure bill says a proposal to strengthen IRS enforcement to raise money to help pay for the bill's spending is officially off the table.
Harris touts child care funding and payments to families
Read full article: Harris touts child care funding and payments to familiesVice President Kamala Harris is visiting a child care center to highlight the Biden administration’s efforts to expand child care and relieve the financial pressures of parenthood.
Leak of billionaires' tax data draws GOP outcry over privacy
Read full article: Leak of billionaires' tax data draws GOP outcry over privacyRepublicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
File your taxes yet? IRS says face masks and PPE are tax-deductible
Read full article: File your taxes yet? IRS says face masks and PPE are tax-deductibleORLANDO, Fla. – The purchases of face masks and personal protective equipment to help prevent the spread of the coronavirus will be tax-deductible, according to the IRS. These items will fall under deductible medical expenses. The IRS said the purchases must be itemized. This has to be attached to your tax return, according to the IRS. The IRS has set up this questionnaire to help you determine if a purchase you have made is tax-deductible.
Haven’t received your stimulus payment yet? Here’s what to do
Read full article: Haven’t received your stimulus payment yet? Here’s what to doSome 90 million Americans woke up Wednesday to their third stimulus payments deposited in their bank accounts. [TRENDING: DeSantis: Contact tracing doesn’t work | How to track your stimulus payment | Fla. closer to ban for transgender female athletes]First, check the IRS’s Get My Payment tool. The IRS urges you to file your 2020 taxes to get the money. Other reasons you may not have received your payment or the full amount you expected? Once you do file taxes, the IRS says it will give you your owed money.
IRS to delay tax filing deadline to mid-May
Read full article: IRS to delay tax filing deadline to mid-MayThe IRS plans to delay the tax filing deadline until May 17, according to an official. Along with @IRSnews, we’re announcing today that the federal income tax filing due date for the 2020 tax year will be automatically extended fromApril 15, 2021, to May 17, 2021. AdThe service is still processing millions 2020 tax returns. But keep in mind, even if the IRS gives you more time, state taxes in most cases are still due by April 15. If you’re filing in Hawaii, Delaware, Iowa, Virginia, Louisiana, or Maryland, you have more time for state taxes as well.