Free tax filing, preparation services offered as deadline approaches

Yet, how many of us dreamt of one day becoming an accountant?

“The total additional recommended taxes IRS auditors uncovered in just the few hundred audits of corporate giants turned up more dollars than in all of the remaining corporate audits – of any size – that it conducted previous year”, TRAC said.

If you had a lot of medical expenses previous year, you may benefit from one provision in the tax overhaul that applies to 2017 tax returns.

For 2018, the IRS has issued more than 737,000 PTINs to tax preparers.

“In fact, these 331 audits a year ago uncovered much more tax underreporting ($10.4 billion) than was turned up in the combined 933,785 audits of tax returns filed by all individuals ($9.0 billion)”.

Get your Refund Fast and File your Taxes for Free. They can be granted a short extension if the person died late in the year, said Dean Paley, an accountant in Burlington, Ont. The con artists impersonate IRS agents and demand they pay right away – or risk arrest.

“The phone fraud scam has become an epidemic, robbing taxpayers of millions of dollars of their money”, Treasury Inspector General for Tax Administration (TIGTA) said in a new warning issued by TIGTA.

Before the recent tax overhaul, owners of bitcoin wanted to know whether they could engage in like-kind transactions with other cryptocurrencies.

According to CNN Money, you will need to fill out form 4868 to let the IRS know that you will submit your tax return by October 15, 2018.

Lisa Greene-Lewis, a CPA and tax expert from Turbo Tax, suggested keeping a folder by your mail so you can instantly drop the paperwork in and keep everything in one place. You will be charged interest on any amount not paid by the deadline.

It’s also helpful to keep an updated log throughout the year for things like mileage and charitable donations that you plan to claim on your return. The IRS also has a page with tips to help prevent taxpayers from being scammed. You must e-file the request by midnight of the April deadline. By filing an extension, you can take the time to explore your options properly (or perhaps seek help from a tax professional).

“We understand that some taxpayers might need additional time to complete and file their income tax returns”, said Acting Commissioner Nonie Manion.

To date, the IRS has not been specific about which methods are acceptable for calculating cost basis for gains and losses.

These tactics include the use of Monero and other so-called privacy coins created to hide the identity their owners. The IRS will automatically process your extension when you pay electronically. If you apply online, the setup fee is $149 – but only $31 if you arrange for direct debit from your bank account.

He says, “If you use somebody to do your tax return, you can always contact them and they can file an extension for you. And as you can see depending on the balance, that number can rack up”. An interesting report by Fundstrat shows USA citizens owe the IRS an estimated $25bn in cryptocurrency. Rather than pay her taxes, Henry used the money to pay personal expenses, including private-school tuition, expensive housing, and luxury cars, according to court documents. In the event that, taxpayers do not accurately report income generated as a true form of cryptocurrency, they may be faced with an investigation of those trading transactions and in cases where suitable and ultimate blow of penalties and interest may be given by the US Regulator.

Touro College accounting students participate in IRS-run training so they can offer volunteer tax filing. The Security Summit, a partnership between the IRS, state tax agencies and the tax industry, continues to take steps to combat tax-related identity theft. The IRS says the average refund a year ago was more than $2,800.

Tax day this year is on Tuesday, April 17 because the usual deadline – April 15 – falls on a Sunday.