The IRS today released proposed regulations implementing a new federal law that authorizes states specially-designed tax benefits for ABLE accounts. This will benefit people with disabilities who became disabled before age 26.The Achieving a Better Life Experience (ABLE) account provision was signed into law in December 2014. Recognizing the special financial burdens faced by families raising children with disabilities, ABLE accounts are designed to enable people with disabilities and their families to save for and pay for disability-related expenses.
The IRS has joined forces with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators in a collaborative effort to combat identity theft refund fraud and protect the nation's taxpayers.The agreement includes identifying new steps to validate taxpayer and tax return information at the time of filing. The effort will increase information sharing between industry and governments. There will be standardized sharing of suspected identity fraud information and analytics from the tax industry to identify fraud schemes and locate indicators of fraud patterns. And there will be continued collaborative efforts going forward.
Are your tax records safe if disaster strikes?Hurricane season has officially started and the Internal Revenue Service advises individuals and businesses to safeguard their tax records against natural disasters by taking a few simple steps.