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Reporting Gambling Income and Losses on Your Tax Return

If you play the ponies, play cards or pull the slots, your gambling winnings are taxable. You must report gambling income on your tax return. If you gamble, these IRS tax tips can help you at tax time next year:

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IRS, Industry, States Take New Steps Together to Fight Identity Theft, Protect Taxpayers

The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the

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Businesses in U.S. Territories Must File Form 8300 with the IRS on Cash Transactions of $10,000 or More

Businesses, including individuals who are sole proprietors that receive more than $10,000 cash in a transaction or in two or more related transactions in any U.S. possession or territory must file Form 8300 with the IRS. Possessions and territories include

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Those with Foreign Assets of U.S. Tax Obligations

Most People Abroad Need to File A filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the foreign earned income exclusion or the foreign tax credit , that substantially reduce or eliminate their U.S. tax

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Revised Tax Credit Certification Form Now Available

Businesses and tax-exempt organizations planning to claim the work opportunity tax credit (WOTC) for eligible workers hired during 2014 have until April 30 to request the certification required for these workers, according to the Internal Revenue Service. Newly revised Form

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Retirees Face April 1 Deadline to Take Required Retirement Distributions

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans. The April 1 deadline only applies to the required

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IRS Completes the “Dirty Dozen” Tax Scams for 2015

The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the nation. The IRS urged taxpayers not give out money or personal financial information as a result of these phone calls

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IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014

Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final

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Tax-Free Transfers to Charity

  Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2014 IRA owners age 70½ or older have until Wednesday, Dec. 31 to make a direct transfer of part or all

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Standard Mileage Rates for 2015

Standard Mileage Rates for 2015   Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for business miles driven, up from 56 cents

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