Things You Should Know about Filing Late and Paying Penalties

Things You Should Know about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should...

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Phone Scams Continue to be a Threat

Phone Scams Continue to be a Threat

WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, headlining the annual "Dirty Dozen" list of tax scams for the 2016 filing season, the Internal Revenue Service announced today.
The IRS has seen a surge of these phone scams as scam artists threaten police arrest, deportation, license revocation and...

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2016 Standard Mileage Rates for Business, Medical and Moving

2016 Standard Mileage Rates for Business, Medical and Moving

WASHINGTON — The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

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The IRS offers these basic tips to taxpayers making charitable donations:

The IRS offers these basic tips to taxpayers making charitable donations:

Be wary of charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. IRS.gov has a search feature, Exempt Organizations Select Check, which allows people to find legitimate, qualified charities to which donations may be tax-deductible.

Don’t give out personal financial information, such as Social Security numbers or passwords to anyone who solicits a contribution from you.

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Tax Fraud

Tax Fraud

A nationwide phone scam that took off at the end of last year isn't slowing down, says the IRS and Treasury Inspector General for Tax Administration.  By August, over 90,000 complaints had been received, and it's believed that more than 1,100 victims have lost around $5 million.  The IRS shares warning signs, explaining that it never:

  • Asks for credit card, debit card, or prepaid card info over the phone.
  • Insists that taxpayers use a specific payment method
  • Requests immediate payment over the phone.
  • Takes enforcement action immediately following a phone conversation.
  • Initiates contact with taxpayers via email or other electronic communications to request personal or financial information.
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