IRS Reminds Taxpayers to Report Virtual Currency Transactions

IRS Reminds Taxpayers to Report Virtual Currency Transactions

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March 26, 2018



Washington, DC - - (March 23, 2018) - - The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.

Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital...

U.S. Internal Revenue Service Criminal Investigation Releases Fiscal Year 2016 Annual Report



March 3, 2017


Washington, DC - - (February 27, 2017) - - The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016.

IRS CI initiated 3,395 cases in FY 2016 that focused on tax-related identity...

U.S. Internal Revenue Service Tax Time Guide: Use Free File for Help with Tax Returns, Extensions and More




March 1, 2017


Washington, DC - - (February 27, 2017) - - The Internal Revenue Service today reminded the millions of taxpayers who have yet to file their taxes that IRS Free File remains available either online at IRS.gov/FreeFile or through the mobile app, IRS2Go. The IRS2Go app is available for Android and iOS devices. The IRS Free File service makes brand-name tax software products and electronic filing available to most taxpayers for free. Some products offer both free federal and free state return preparation. The IRS has d...

March 1 Tax Deadline Nears for Many Farmers and Fishermen - - - IRS Direct Pay Offers an Easy Way to Pay Taxes




March 1, 2017


Washington, DC - - (February 24, 2017) - - The Internal Revenue Service is reminding farmers and fishermen about Wednesday’s deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments. Taxpayers with income from farming or fishing have until Wednesday, March 1 to file their 2016 Form 1040 and pay the tax due to avoid making estimated tax payments. This rule generally applies if farming or fishing ...

U.S. Internal Revenue Service Reminds International Taxpayers of Tax Obligations; Clarifies Rules for Tax Withholding Agents





March 1, 2017


Washington, DC - - (February 23, 2017) - - The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return. The IRS also reminded withholding agents -- such as payroll professionals or universities -- that accurately filed Forms 1042-S help speed any refunds due to their non-U.S. citizen taxpayers. Errors on forms or returns could result in some refunds being delayed. ...

U.S. Internal Revenue Service Makes Approved Form 1023-EZ Data Available Online



Washington, DC - - (February 22, 2017) - - The Internal Revenue Service announced today that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time.

The data on IRS.gov is available in spreadsheet format and includes information for approved applications beginning in mid-2014, when the 1023-EZ form was introduced, through 2016. The information...

Avoid the Rush: IRS Extends Service Hours to Assist Taxpayers at Presidents Day Peak






February 18, 2017


Washington, DC - - (February 17, 2017) - - To help meet the high demand to its toll-free call center that typically comes with the Presidents Day holiday, the Internal Revenue Service is extending its customer service hours. The IRS toll-free telephone lines will be available Saturday, Feb. 18, from 9 a.m. to 5 p.m. (callers’ local time) and, despite the legal Presidents Day holiday, on Monday, Feb. 20, from 7 a.m. to 7 p.m. (callers’ local time). Tuesday, Feb. 21, the day following Presidents Day, is typically the busiest day of the year for IRS tel...

Security Summit Alert: Tax Professionals Warned of New Scam to “Unlock” Their Tax Software Accounts







February 18, 2017


Washington, DC - - (February 17, 2017) - - The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals to be alert to a new phishing email scam impersonating software providers. The scam email comes with the subject line, “Access Locked.” It tells recipients that access to their tax prep software accounts has been “suspended due to errors in your security details.” The scam email asks the tax professional to address the issue by using an...

U.S. Internal Revenue Service says Avoid the Rush when Calling the IRS - - Be Prepared to Validate Identity






February 16, 2017


Washington, DC - - (February 14, 2017) - - The Internal Revenue Service said mid-February marks the agency’s busiest time of the year for telephone calls. The IRS is reminding taxpayers who have questions about their tax accounts to be prepared to validate their identity when speaking with an IRS assistor. This will help avoid the need for a repeat call.

The IRS recognizes the importance of protecting taxpayers’ identities. That’s why IRS call center assistors take great care to make certain that they only discuss personal information with the taxpayer or someone authorized to speak on the taxpayer’s behalf.

Customer service representatives can answer refund questions only after 21 days after the return was filed. Taxpayers should use “Where’s My ...

U.S. Internal Revenue Service says Dangerous W-2 Phishing Scam is Evolving



Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others





February 8, 2017


Washington, DC - - (February 2, 2017) - - The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits. In a related development, the W-2 scammers are coupling their efforts to steal employee W-2 information with an older scheme on wire transfers that is victimizing some organizations twice. “This is one of the most dang...