Scams involving attempts by fraudsters to improperly obtain personal or business data never go out of season. The latest reminder of this came shortly before Thanksgiving, when the IRS issued a warning about a spike in bogus emails containing the phrase “tax transcript” in the subject line.
The agency overview highlights the amount of data seized during tax fraud and other financial crimes investigations in the last year: 1.76 petabytes. How much is that? It is huge and equivalent to 4,000 digital photos a day over your lifetime. Our brains are estimated to store memory data equivalent to 2.5 petabytes.
An Offer in Compromise (OIC) allows you to settle tax debt for less than the full amount owed. The IRS Office of Appeals has the mission of resolving disputes that arise between the government and a taxpayer in a fair and timely manner.
Last month, the Franchise Tax Board published its list of the top 500 delinquent California state taxpayers. This list includes addresses, when tax liens were filed and professional licenses. The total collectively owed is more than $646 million.
A lot has been written about the cap on the state and local tax deduction – now $10,000. Another area that will see change for 2018 taxes is the mortgage interest deduction.