How TIGTA stymied an IRS impersonation scam

New technologies aided a massive phone scam, but investigators turned the tables on the scheme, which allegedly caused ‘hundreds of millions of dollars’ in taxpayer losses. On Nov. 24, 2014, a woman named Diana received a menacing phone call in Hernando, Miss., a small city nestled in the northwest corner of the state. A caller…

Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses

IR-2018-178, Sept. 5, 2018 WASHINGTON — Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Responding to taxpayer inquiries, the IRS clarified that this general deductibility rule is unaffected…

Virginia Tax Credits

Making the most of available tax credits is a key component in any plan for minimizing tax liabilities.  Remember, tax credits are much more valuable than deductions because they reduce the amount of tax owed on a dollar-for-dollar basis.  Did you know that Virginia has numerous tax credits in place to help their residents and…

Do your employees need a paycheck check-up?

IR-2018-145, June 28, 2018 Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation passed in…

Detecting and Preventing Accounts Payable Fraud

To a criminal exploring ways to steal from a business, the accounts payable department often looks like the equivalent of a poorly guarded cashbox. Any time money exits a business, it flows through accounts payable. At most companies, that makes this function the most vulnerable and attractive opportunity for thieves both inside and outside the…

EEOC Pushes Back 2017 EEO-1 Report Deadline to June 1

Certain Employers Must Submit Report The U.S. Equal Employment Opportunity Commission (EEOC) has pushed back the deadline for required entities to submit their 2017 EEO-1 report to June 1, 2018. Previously, the deadline was March 31, 2018. As a reminder, private employers with 100 or more employees and federal government contractors or first-tier subcontractors with…

Tax Help Available Ahead of April 17 Filing Deadline

IRS.gov Offers Many Easy-to-Use Online Tools With the April 17 federal income tax deadline fast approaching, the Internal Revenue Service (IRS) is reminding taxpayers that they can find most answers to their tax questions by taking advantage of the wide variety of easy-to-use online tools available on IRS.gov. The IRS’s many online tools allow taxpayers…