IRS Reveals the Dirty Dozen Tax Scams for 2020

(As posted to IRS.gov on 7/16/20) Via IR-2020-160, the Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams for 2020 with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives. "Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers," said IRS Commissioner Chuck Rettig. "The IRS provides the Dirty Dozen list to help raise awareness...

(#235) IRS Issues Tangible Property Capitalization Audit Guide

A tool for IRS auditors to identify potential tax issues As posted to the IRS website on 9/14/16   Overview On September 14, 2016, the IRS issued an Audit Techniques Guide (ATG) on the Capitalization of Tangible Property.  The ATG is a tool to assist IRS examiners in identifying potential tax issues.  Examiners are advised to carefully assess risk and apply the law to the facts and circumstances for issues involving the capitalization and dispositions of tangible property. Background The IRS and the Treasury began a project in 2004, to revise the tangible property regulations.  In anticipation of these regulations, many taxpayers changed their method of accounting beginning as early as 1/1/06.  As a result, many of these taxpayers may now be using a method of accounting for tax purposes that...