If it seems there is a new tax scam every week, that is because there is. This week's scam is linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. The IRS says this scam is being reported across the country, so taxpayers should be alert to the details.
In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to the taxpayer in the mail but returned as undeliverable. The scam artist then threatens arrest if a payment is not made through a prepaid debit card. The scammer also tells the victim that the card is linked to the EFTPS system when, in fact, it is entirely controlled by the scammer. Interestingly, the victim is also warned not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made.
The Financial Accounting Standards Board on August 3 issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received ...
The IRS has issued regulations updating the due dates and time extensions for filing certain tax returns and information returns to reflect recent laws.
The changes are set out in final and temporary ...
A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency's oversight of conservation easements, tax-exempt organizations, ...
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