Link is here.
According to the article linked below, those that have been scamming people with fraudulent phone calls from the IRS have made tweaks to their methods. For the past few years, scammers have been making threatening phone calls posing as an IRS agent in an attempt to scam money out of individuals. These were pretty simple to reject because the IRS does not make phone calls for initial contact, and instead, prefer the letter approach. Now, it seems, scammers have caught on to this fact and are creating fake letters from the IRS with requests for money or personal information.
Link is here.
President Obama signed a highway funding bill on July 31st that changes due dates for certain tax returns. The changes will not go into effect until the 2016 tax year. The change that will have the most impact on our clients will be changes to partnership returns (Form 1065) and C-Corp returns (Forms 1120). They are listed below. The FinCEN (Form 114), which is the form that requires reporting of foreign bank accounts above $10000, will also change from a due date of June 30th to April 15th.
The federal government collected a record amount of taxes in the first three quarters of fiscal year 2015, exceeding $2.4 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the record revenue, the federal government ran a deficit of $313 billion.
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The U.S. Supreme Court sided today with the Obama administration over its major healthcare overhaul, upholding federal subsidies across the country.