IRS Reminds Taxpayers to Report Virtual Currency Transactions
From the IRS | IR-2018-71 | March 23, 2018
The Internal Revenue Service reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.
Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.
Top Things to Know About Deducting Charitable Contributions on a 2017 Tax Return
From the IRS | Tax Tip 2018-39 | March 14, 2018
Taxpayers who give money or goods to a charity may be able to claim a deduction on their 2017 federal tax return, which basically reduces the amount of their taxable income. Here are some important facts about charitable donations:
IRS Online Tool Lets Taxpayers Check Their Account Balance
From the IRS | IR-2018-63 | March 19, 2018
The Internal Revenue Service urged taxpayers to use online account to check the status of their federal tax accounts.
The online account is one of many useful online tools driving the impressive growth in visits to the agency’s popular web site. Already this year, visits to IRS.gov have jumped 24 percent over last year at this time.
The IRS.gov/account provides individual taxpayers with basic information to file, pay or monitor their tax payments. In addition, taxpayers can:
IRS Warns Taxpayers of Scammers Impersonating Charitable Organizations
From the IRS | IR-2018-47 | March 9, 2018
The Internal Revenue Service today warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don't actually qualify for a tax deduction.
Contribute to an IRA by April 17, Claim it for 2017
From the IRS | IR-2018-65 | March 20, 2018
The Internal Revenue Service reminded taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018.
Taxpayers Should Report Name Changes Before Filing Taxes
IRS Tax Tip 2018-36 | March 8, 2018
When a taxpayer changes their name, that change can affect their taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what a taxpayer should do if anyone listed on their tax return changed their name: