Sen. Chuck Schumer (D-NY) and Sen. John Thune (R-SD) co-sponsored the United States Appreciation for Olympians and Paralympians (USA Olympians and Paralympians) Act. On a recent visit to the Winter Olympic Training Center in Lake Placid, New York, Schumer joined Olympic medal winners Andrew Weibrecht (Alpine skiing), Justin Olson (Bobsled)… Read More

In Announcement 2016-25; 2016-31 IRB 1, the IRS announced that it will exclude most payments to residents affected by the Aliso Canyon natural gas leak. Aliso Canyon was originally an oilfield developed by J. Paul Getty. After the oilfield was depleted, it was sold and is currently used by Southern… Read More

With a unanimous voice vote, the Senate on July 12 passed the United States Appreciation for Olympians and Paralympians Act (S. 2650). The bill was cosponsored by Sen. John Thune (R-SD) and Sen. Chuck Schumer (D-NY). The bill excludes the value of Olympic medals and other prizes from federal taxation. Read More

On June 28, the IRS held a Security Summit in Washington. The IRS reported a reasonable level of success in its efforts to reduce tax refund fraud. IRS Commissioner John Koskinen outlined several specific accomplishments. Refund Fraud – In January through April of 2016, the IRS discovered $1.1 billion of… Read More

In IR-2016-81 the IRS warned students not to fall for a new scam. Phone scammers call a student and claim to be from the IRS. The scammer will notify the potential victim that he or she has not paid the “student tax.” Scammers often demand immediate payment of taxes. The… Read More

Under the Affordable Care Act, many American taxpayers with low or moderate incomes qualify for a Health Coverage Tax Credit (HCTC). On May 26, the IRS announced that it is implementing a new program by July of 2016 to make advance HCTC payments. During 2014 and 2015, the IRS was… Read More

In IR-2016-77 the Service highlighted a new tax guide on www.IRS.gov to help military members and their families. May is Military Appreciation Month and the IRS explains tax benefits available for Service members. Combat Pay – Pay for service in Afghanistan, Iraq or other combat zones is… Read More

At a May 5 Taxpayer Advocate Service forum in Red Oak, Iowa, a panel including Senate Finance Committee member Sen. Chuck Grassley (R-IA) and National Taxpayer Advocate Nina Olson, discussed how the IRS can better assist taxpayers. “Taxpayers work hard to fulfill their tax obligations,” Grassley said. “The IRS needs… Read More

The IRS reports that there is “no significant change” in the tax gap. The tax gap is the shortfall in tax collections. It is measured each year to determine the level of taxpayer compliance. For years 2008, 2009 and 2010, the tax gap averaged $458 billion per year. With an… Read More

IRS Charitable Contribution Tips In IR-2016-50 the IRS reminded taxpayers to follow appropriate charitable contribution guidelines. 1. Records For gifts of $250 or more, you need a contemporaneous written acknowledgement. Most donors will call this a receipt. It usually states that “No goods or services were provided in exchange for… Read More