IRS Tax News for August, 2015 Posted on 11 Aug 14:25

IRS Tax News for August, 2015

IRS Tax News for August, 2015, includes information on IRS scams, IRS help in various languages, and tax benefits for people with disabilities. 

1. IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists; Losses Top $20 Million

The IRS has announced the emergence of new variations of tax scams that can deceive and cause financial damage to individuals. The IRS advises taxpayer to be on high alert against scammers posing as IRS agents and targeting older citizens and newly arrived immigrants without a form grasp of tax laws or the English language. Scammers now have the capability to alter what appears on your telephone caller ID to make it seem like they are with the IRS or another government agency. Scam artists will generally appear hostile and threaten victims while arrest if urgent action is not taken. Suspected scammers can be reported to the Treasury Inspector General by calling 1-800-366-4484.

More information can be found here.

2. IRS Spotlights Year-Round Tax Help in 6 Languages

The IRS now has a wide range of publications and online resources in various languages, including English, Spanish, Chinese, Korean, Russian, and Vietnamese. These multilingual resources are available throughout the year and include such publications as the Taxpayer Bill of Rights and Your Federal Income Tax, a comprehensive tax guide for individuals.

More information can be found here.

3. IRS Spotlights Tax Benefits and Services for People With Disabilities

In coordination with the 25th anniversary of the Americans With Disabilities Act, the Internal Revenue Service is spotlighting a number of tax benefits and services that can help taxpayers with disabilities.

Benefits for People with Disabilities include:

  • ABLE Accounts - this new law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities who became disabled before age 26. ABLE accounts help people with disabilities and their families to save for and pay for disability-related expenses.
  • Tax Credits - Low-and moderate-income workers and working families often qualify for the Earned Income Tax Credit, which is a refundable credit that varies by income, filing status and family size. Unfortunately, many taxpayers who qualify for the credit don't file a tax return.
  • Deductions - taxpayers with disabilities are qualified to deduct various impairment-related work expenses on their federal income tax return. Additionally, many disability-related expenses qualify as deductible medical expenses.

More information can be found here.