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April 2017 Archives

White House Proposes Major Revisions to Federal Tax Law

The last comprehensive revision of the Internal Revenue Code occurred in 1986, when Congress passed the Tax Reform Act of 1986. On April 26, 2017, with less than one page of writing, President Trump has summarized his Tax Reform Plan, which promises to reduce tax brackets, simplify the tax code, create millions of job, and protect a variety of deductions. Included in the plan are the following proposed changes:

Nearly $8.8 Million IRS Phone Scam Leads to 8 Arrests

On April 25, 2017, eight suspects were arrested in Miami, Florida, by agents of the Treasury Inspector General for Tax Administration (TIGTA) and the Social Security Administration Office of the Inspector General (SSAOIG) for conspiracy to commit wire fraud. The indictments against these individuals include charges for involvement in schemes to impersonate IRS agents in order to obtain money from victims by falsely representing that the victims owed back taxes or other fees. The suspects allegedly defrauded over 7,000 victims out of almost $8.8 million.

Private Collection of Overdue IRS Tax Debts Begins in April

This month, the Internal Revenue Service (IRS) will begin having private collection agencies work to collect overdue federal taxes for a small group of taxpayers who have had multiple contacts from the IRS in previous years and still have an unpaid tax bill. The IRS will send letters to these taxpayers first, followed by phone calls. The designated firm will also send a letter to the taxpayer confirming the collection account has been transferred to them from the IRS.

IRS Releases FY 2016 Data Book

Each year, the IRS publishes statistical data regarding tax return filing, revenue collected and refunded, tax law enforcement, taxpayer assistance, and other important information. In fiscal year 2016, the IRS collected over $3.3 trillion and processed over 244 million tax returns and other forms. It also issued over $426 billion in tax refunds. To review the FY 2016 IRS Data Book, click here: https://www.irs.gov/uac/SOI-Tax-Stats-IRS-Data-Book

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