Daily Ledger

Your evening roundup of the day's tax news & social happenings

Chart comparing total spending on federal and state taxes to housing, clothing and food.
© Tax Foundation

Tax Tip of the Day

There's still time to make your contribution to an IRA for 2014, the IRS reminds us today.

More info:

Taxpayer Victory of the Day

CPA's Wife Targeted by Scammers; Hung up Phone & Called Husband

People who call you on the phone and pretend to be from the IRS or the state department of revenue are criminals.

Hang up and report the caller ID to the TIGTA. Even the IRS acknowledges this is a serious problem. "They often leave 'urgent' callback requests and sometimes prey on the most vulnerable people, such as the elderly, newly arrived immigrants and those whose first language is not English," the IRS notes in today's news release. The IRS never calls to demand payment. They send certified mail first.

Speaking of TIGTA ...

The title sounds innocuous, but the findings are serious. After reviewing IRS systems for corporate returns, TIGTA found corporations that did not receive $170 million in general business credits claimed on their return. If you're a corporate type, it might be worthwhile to look into whether this impacts you or your clients.

What's Hot on IRS.gov Today*

*according to analytics.usa.gov, as of 4:30 pm ET.

State Tax News

AlabamaADOR Offers Online Option for Identity Quiz (PDF)

Idaho6 tips for filing Idaho taxes

Maryland –  Comptroller Franchot Urges Taxpayers to File Electronically as April 15th Deadline Approaches

MassachusettsTax Amnesty Program for Qualified Massachusetts Taxpayers through May 15

New York4 Questions You Should Ask Before Hiring a Tax Preparer

Upcoming Deadlines

Upcoming Learning Events

April 2: Learn Time Tracking – Quickbooks (Demo) from CPAacademy.org, at 12pm Eastern.

April 2: How to report Bitcoin transactions on the 1040 (free twitter live chat with @wperez & @Libra_Tax; follow the hashtag #BeTaxSmart) 2 pm Eastern.

April 7: Free Business Workshop in Oxford, Alabama, at 3 or 6 pm.

Want to study for the EA exam? Tax Mama is offering a March "early bird" special, $140 to $200 off live and self-study courses. For more info: IRSexams.com.

As Seen on Twitter

· Don't Be That Client: 8 Clients That Drive Tax Pros Crazy http://t.co/JvAueOO4JD via @forbes #tax
— Kelly Phillips Erb (@taxgirl) March 31, 2015
· Have a #tax question? I'll be answering questions along with other #tax folks with @ReutersMoney. Use #Reuterstax.
— Kelly Phillips Erb (@taxgirl) March 31, 2015
· Pros and Cons of Starting a #Business with Your #Spouse via @susansolovic - http://t.co/TV4wP29s5R #smallbiz #tax #entrepreneurship
— PDFfiller (@PDF_filler) March 31, 2015
· US government and #IRS cracking down on identity theft. Top 10 #IDtheft prosecutions http://t.co/FTvwQMB6LM #tax #scam
— IRS (@IRSnews) March 30, 2015

As Seen on Google Plus

+Dagley & Co: Let's turn your #startup expenses into #tax deductions. Read on: Writing Off Those Start-Up Expenses

+Okaloosa County Tax Collector: Save money and split your property taxes into 4 payments instead of one lump sum. http://ow.ly/L28St‪ #‎easier‬

+jamali hamilton: IRS Tax Scam Exposed - Ownage Pranks:https://youtu.be/dNt8nPA9khc (Warning: Language)

As Seen on LinkedIn

Important Questions Being Asked on Reddit

In Other News

  • Notice 2015-29 "provides guidance on how the special rule for expatriate health plans for the 2014 and 2015 fee years under the Expatriate Health Coverage Clarification Act of 2014 applies to the health insurance provider fee under ACA § 9010." (PDF)
  • Rev Proc 2015-25 "provides the list of countries for the tax year 2014 for which the minimum time requirements of the foreign earned income exclusion are waived" (PDF).
  • Rev Proc 2015-26 "provides instructions for all communications relating to the identification of the agent to act on behalf of the consolidated group" (PDF).

Thought of the Day

Work is most fulfilling when you're at the comfortable, exciting edge of not quite knowing what you are doing.

— Alain de Botton (@alaindebotton) March 29, 2015