IRS reveals the top tax scams of 2017

The Dirty Dozen — a 1967 war movie starring Lee Marvin, Charles Bronson, and Jim Brown, or a list of the top twelve tax scams as identified by the Internal Revenue Service? Would you believe that it’s both? Each year, the IRS releases a list of the “Dirty Dozen” tax scams to watch out for…

Avoid these 5 common tax-filing errors

Last year the Internal Revenue Service issued most tax refunds in about three weeks, but many refunds get held up by simple errors. Even though more people are using tax software to file their state and federal income taxes, mistakes still happen, prolonging the pain of a not-very-fun duty. Financial advisors and tax experts say…

IRS selects 4 private tax collectors

Former IRS Commissioner Douglas Shulman, above, pulled the plug on previous efforts by private collection agencies to collect unpaid taxes, saying the task was best left to the IRS. Win McNamee/Getty Images If you have an unpaid federal tax bill, Uncle Sam is coming for his money. But instead of Internal Revenue Service agents, he’s…

IRS says you should adjust withholding now

IRS Commissioner John Koskinen says taxpayers can avoid delays later by changing the amount withheld for taxes now. Win McNamee/Getty Images Regular readers know that I’m a nag when it comes to withholding. I’m always preaching that it’s better to adjust your payroll withholding so that at tax time you don’t have to pay the…

IRS offers retirement rollover relief

The IRS has become more lenient toward taxpayers who blow the 60-day IRA rollover deadline, as long as the lapse is due to one of 11 specific reasons. Brand New Images/Getty Images Managing retirement account distributions is like running an obstacle course. Internal Revenue Service rollover rules are rife with costly ways to mess up…

IRS looking at a more digital future

The IRS wants to move forward in the digital age and interact with taxpayers in a way to which they’re accustomed. Above, a behind-the-scenes peek at cabinets of internet servers. GP Kidd/Getty Images The Internal Revenue Service is looking to move its services solidly into the 21st century. But an IRS executive says that the…

Students are latest tax scam targets

Students should focus on their studies and ignore phone calls from scammers demanding payment for non-existent taxes. Henrik Sorensen/Getty Images There is no federal student tax. That’s the official word from the Internal Revenue Service, which is warning students and their parents about this fake tax which is part of yet another telephone tax scam.…

Tax phishing scam mimics software providers

The latest phishing scam prompts tax professionals to install a software update that instead steals sensitive information. Chris Whitehead/Getty Images Tax identity thieves don’t take summer vacations. In fact, warns the Internal Revenue Service, they are out there now with a new phishing scam that mimics tax software providers. The one bit of good news…

Facebook could owe $5 billion to the IRS

The IRS is coming for Facebook (ticker: FB) – to the tune of billions of dollars, reports Bloomberg. The IRS gave the social network giant a deficiency notice for $3 billion to $5 billion, plus interest and penalties, after looking through Facebook’s transfer pricing in an audit, per a Thursday regulatory finding from Facebook. The…

IRS’ tax ID theft filters pose added filing problems

National Taxpayer Advocate Nina Olson reports directly to IRS Commissioner John Koskinen. Photo Credit:Christian Science Monitor/Getty Images Tax identity theft continues to be a major challenge for both the Internal Revenue Service and taxpayers. But the efforts by the tax agency to stop tax-related identity theft fraud also are posing added burdens to taxpayers. That’s…

IRS outlines new ways to fight tax fraud

Together with state tax agencies and private-sector partners, IRS Commissioner John Koskinen aims to tighten security measures designed to thwart and catch tax ID thieves. Credit: Chip Somodevilla/Getty Images The 2017 tax-filing season is 6 months away, but the Internal Revenue Service is working on ways to fight tax refund fraud attempts that it knows…