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Keeping Your Balance: Obama calls for more IRS cybersecurity funding

President Barack Obama recently asked Congress to increase funding for Internal Revenue Service cybersecurity. Trying to get in front of future hacking, the president asked for an extra $242 million, reflecting a more than 70 percent increase over fiscal 2015. According to ...

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Watchdog blames IRS incompetence for lost tea party emails

WASHINGTON — Investigators are blaming two IRS workers at a computer center in West Virginia for erasing thousands of emails related to the tax agency’s tea party scandal, impeding congressional investigations into the treatment of conservative political groups. The workers ...

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IRS does business with tax delinquents despite ban

WASHINGTON — The IRS is doing business with tax delinquent contractors despite a federal law that bars the tax agency from awarding contracts to these companies, a government watchdog said Wednesday. The IRS awarded contracts to 17 businesses in 2012 ...

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Watchdog: IRS needs to do more to fight cyberattacks

WASHINGTON — The IRS has failed to implement dozens of security upgrades to combat cyberattacks, leaving the agency’s computer systems vulnerable to hackers, a government watchdog told Congress Tuesday. The agency’s inspector general outlined the security weaknesses a week after ...

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Keeping Your Balance: Cybercrime, tax credits and more from the IRS

Applicable Rates for June 2015 In Rev. Rul. 2015-14, the IRS issued its short-term, mid-term and long-term monthly applicable interest rates and adjusted AFRs for June 2015. Below is a summary of those rates. Applicable Federal Rates (AFR)                                   short:  0.43%         ...

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Congress probes theft of tax info from IRS

WASHINGTON — Congress is demanding answers about how identity thieves were able to steal the personal tax information of more than 100,000 taxpayers from an IRS website. Senate Finance Committee Chairman Orrin Hatch has requested a confidential briefing by IRS ...

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IRS refunds $10M to tax preparers

WASHINGTON (AP) — The IRS is refunding a total of $10 million to thousands of tax preparers who paid to take a competency test. A federal court struck down IRS regulations in 2013 that sought to require some tax preparers ...

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Commentary: Beyond the basics of Internal Revenue Code Section 409A

Savvy lawyers used to advise that tax considerations should never drive a business deal. The passage of Internal Revenue Code Section 409A in 2004 upended that paradigm. Section 409A applies to all “nonqualified deferred compensation,” a concept defined broadly in ...

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Tax refund advances appeal to more cash-strapped Americans

WASHINGTON — Cash-strapped Americans anxious for tax refunds are increasingly turning to payment advances, prepaid cards or other costly services when getting tax preparation help, according to new federal data raising concerns among regulators about whether consumers are fully informed ...

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Fake IRS agents target many in huge tax scam

WASHINGTON — Fake IRS agents have targeted more than 366,000 people with harassing phone calls demanding payments and threatening jail in the largest scam of its kind in the history of the agency, a federal investigator said Thursday. More than ...

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IRS has $1B in 2011 unfiled returns

Federal income tax refunds totaling $1 billion may be waiting for an estimated 1 million taxpayers, including 63,400 in New York, who did not file a federal income tax return for 2011, the Internal Revenue Service has announced. To collect ...

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