Tax day falls on April 17, 2018. That’s the deadline for filing taxes on income earned in 2017. For those who file an extension, tax day is October 15, 2018 but you must file the extension by April 17.
The typical tax day is April 15 unless that day falls on a weekend or holiday and this year, it falls on a Sunday.
Here is a recap of IRS 2018 “Dirty Dozen” tax scams
- Phone Scams
- Identity Theft
- Return Preparer Fraud
- Fake Charities
- Inflated Refund Claims
- Excessive Claims for Business Credits
- Falsely Padding Deductions on Returns
- Falsifying Income to Claim Credits
- Frivolous Tax Arguments
- Abusive Tax Shelters
- Offshore Tax Avoidance
The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels.
The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts.
On March 23, Congress passed a tax and appropriations bill to fund the federal government until September 30, 2018. The bill includes funds for the opioid epidemic, defense spending and infrastructure projects.
The President expressed concerns about spending priorities but, as expected, he signed the bill. Office of Management and Budget Director Mick Mulvaney stated, “All things considered, in the balance, the President supports the bill, and looks forward to signing it before the lapse in appropriations before midnight.”
The tax section included a “Grain Glitch” fix and provisions to encourage more low-income housing. The “Grain Glitch” provision corrected a Tax Cuts and Jobs Act section that unfairly favored sales to farm cooperatives.
National Council of Farmer Cooperatives (NCFC) President Chuck Conner supported the new bill. He stated, “These provisions will accomplish the goal that NCFC and our member co-ops set out at the beginning of the tax reform debate last fall – preventing a tax increase on farmers and their co-ops by keeping the Domestic Production Activities Deduction.”
If you think you need a lawyer, you are probably right. Don’t wait until it’s too late. Call Virginia Beach Law Group to speak with an attorney at 757-486-4529.