Every year, the IRS tinkers with many of its rules to adjust for inflation and new legislation. Keeping up with all the changes can be daunting — especially because there’s a difference between the year we’re in and the tax year the changes apply to.Tax season officially gets under way this week. Here are some of the changes that matter as you prepare your tax return for the 2016 tax year.
Source: IRS changes you should know about before filing your taxes
Police in India have arrested 70 people on suspicion of posing as IRS agents to steal cash from U.S. citizens.
Authorities in the western Indian city of Thane said they were investigating another 630 people suspected of being involved in the extortion scam.
Workers at nine call centers allegedly impersonated IRS agents during calls to the U.S., according to local police commissioner Param Bir Singh. The victims were told they owed back taxes and would risk arrest if they hung up.
Read more of the story here: http://money.cnn.com/2016/10/06/news/india-irs-scam-arrests/index.html
While associate degree Internal Revenue Service audit is not at all a welcome outcome for any taxpayer, the truth is also less dramatic than most taxpayers imagine. several audits encompass solely a letter from the Internal Revenue Service, asking the taxpayer for verification or correction of specific info. this can be referred to as a correspondence audit. If you’ve created a maths error on your return, you’ll have to be compelled to pay any extra tax you owe. That’s it. Case closed.
