Tag Archive for Form 1098-T

New Rules Can Produce New Problems – AOTC and 1098-T

Annette Nellen

In writing a summary of a recent Tax Court summary opinion, I realized that a 2015 law change may cause problems for some students trying to claim the American Opportunity Tax Credit (Section 25A), Lifetime Learning Credit (Sec. 25A) or Section 222 above the line tuition deduction starting in 2016.  A 2015 law changes requires an individual to have received a Form 1098-T from the university in order to claim the tax benefit. Read More

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How Can Theft Prevention, Reporting and Return Filing Be Improved?

Changing the April 15 due date, moving taxpayer information to the cloud, and allowing personal identification numbers (PINs) for taxpayers who want them were all on the table at a Thursday hearing held by the IRS Oversight Board to explore ways to combat fraud and improve tax administration. The board, composed of presidential appointees with tax, technology, or business expertise, advises the IRS on the best ways to meet taxpayer needs.

Fraud and Identity theft

Fraud and identity theft are still rampant, according to Michael Phillips, acting principal deputy inspector general, Treasury Inspector General for Tax Administration (TIGTA), who cited billions of dollars fraudulently claimed on refundable credits such as the American Opportunity tax credit. He said “the IRS recently prevented $12.1 billion of potentially fraudulent refunds from being issued, but more work needs to be done”.

Fraud comes in many forms, observed James R. White, director of tax issues for the United States Government Accountability Office (GAO). Given its many sources, such as failure to file, underreporting, and off-shore tax evasion, Read More

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