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Posts tagged "refunds"

IRS Criminal Investigation Division Releases FY 2017 Report

The Internal Revenue Service (IRS) recently released the fiscal year 2017 annual report for its Criminal Investigation Division (CI). During FY 2017, CI initiated over 3,000 cases concerning Title 18 and Title 31 crimes, with 72.5% of its investigation time spent on tax matters such as refund fraud, identity theft, abusive tax schemes, and cyber crimes. Its investigations identified $2.5 billion in funds related to tax fraud, and the division had a 91.5% overall conviction rate.

2017 Federal Filing Season Statistics

The Internal Revenue Service (IRS) released some initial statistics about the 2017 tax filing season. In the week ending April 21, 2017, the IRS received over 17 million tax returns, of which 13.6 million were e-filed. The last-minute surge brought the filing season total to 135.6 million, approximately the same as last year.

Tax Commissioner Testifies Before House Subcommittee Regarding Current Filing Season

On April 19, 2016, Internal Revenue Service Commissioner Koskinen testified before the House Ways and Means Committee Subcommittee on Oversight regarding the 2016 filing season and data security. His testimony provided a summary of data current through the beginning of April.

Tax Refunds Close to $125 Billion

Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released today. The average refund is $3,120.

Highlights of Six of the IRS "Dirty Dozen" Tax Schemes

Each year, the Internal Revenue Service ("IRS") compiles an annual list of the common scams taxpayers may come across. Such scams tend to peak during filing season as taxpayers are preparing their own returns or hiring someone to prepare it for them. This year, in order to raise consumer awareness, the IRS is releasing one Dirty Dozen scam per day. Here are the first six scams about which the IRS is warning taxpayers:

$20 Million Refunds Issued but not Delivered

The FTB issued over $20 million in refunds to nearly 47,500 taxpayers that were returned to the FTB as undeliverable. The refunds ranged from $1 to $50,000. To see if you are due a refund, following the instructions provided by the FTB.  For more information, visit the FTB's website.

IRS Taxpayer Advocate Identifies Priorities

In her mid-year report, the Taxpayer Advocate identified top priorities as issuing refunds to victims of return preparer fraud, continuing to make improvements in the Exempt Organizations area and expanding the recently announced voluntary return preparer certification program to include competency testing.

California Court Holds Reasonable Cause for Penalty Abatement due to the Advice of a Professional only Qualifies when Ambiguity Exists for the Taxpayer

The Ninth Circuit Court of Appeals held that erroneous advice from an accountant that an estate tax return (IRS Form 706) could be extended for filing and payment purposes by one year did not qualify for penalty abatement as "reasonable cause."

California inmates commit tax crimes from within prison walls?

The Treasury Inspector General for Tax Administration has reported that the amount of tax fraud perpetrated by prison inmates has risen upwards of 1,000 percent over the past 10 years. Reportedly, these tax crimes tend to go unpunished for years at a time. Some inmates, including many in California, are said to have managed to fleece millions of dollars from the federal government in fraudulent tax refunds.

Dirty Dozen may protect California residents from tax crimes

Well, tis the season - tax season that is. Recently, the Internal Revenue Service released its annual list of tax scams, affectionately dubbed the "Dirty Dozen." The purpose of the annual list is to caution taxpayers and improve awareness about various tax crimes. The IRS hopes the list will serve to minimize effects of tax crime on taxpayers in California, and all over the United States, as they prepare to file returns.

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