Earlier this year Education Credit Management Corporation bought 56 campuses from embattled for-profit chain Corinthian Colleges Inc. and took the schools to the nonprofit sector. While that conversion was initiated because of the ongoing collapse and financial problems facing CCI, other college chains have dropped the for-profit status seemingly to pick up hefty profits. [More]
IRS
Lawmakers In House, Senate Investigating Fraudulent Returns Filed With TurboTax
By 2.17.15
Joining the Federal Bureau of Investigation and the Internal Revenue Service on the case of bogus tax returns filed used Intuit’s TurboTax software will now be lawmakers from both the House and Senate, who have started probing the recent flurry of fraudulent activity. [More]
FBI Now Investigating Possible Fraudulent Federal Tax Returns From TurboTax
By 2.12.15
Days after TurboTax resumed e-filing of all state tax returns following a third-party security expert’s finding that fraudulent activity reported by state tax officials did not result from a breach of Intuit’s own systems, federal regulators announced they would take a look for themselves. [More]
IRS Issues List Of “Dirty Dozen” Scams Taxpayers Should Be On The Lookout For This Year
By 2.12.15
Each tax season fraudsters manage to separate taxpayers from billions of dollars by using aggressive schemes such as impersonating Internal Revenue Service agents or employing emails and websites designed to gather consumers’ personal information for fraudulent use. This year, the IRS has issued a list of the “Dirty Dozen” scams consumers should guard against. [More]
IRS Says Thousands Have Been Scammed Into Paying Bogus Back Taxes
By 1.23.15
Let’s be honest for a moment and acknowledge that not everyone is 100% honest or accurate when filing their tax returns. There are lots of people out there who wouldn’t be shocked to hear from the IRS that they owe more or didn’t pay enough, which is why thousands of Americans have been scammed out of millions of dollars by con artists pretending to represent the IRS. [More]
Beware Of Unprepared, Unscrupulous Tax Preparers
By 1.20.15
While one might assume that it requires a modicum of tax expertise and perhaps some sort of certification to be a paid tax preparer, the sad fact is that most states have little to no standards for selling tax preparation services, meaning that once again millions of Americans are being put at risk when seeking help with their tax returns. [More]
IRS Free File Program Open To Qualifying Taxpayers Starting Today
By 1.16.15
While the Internal Revenue Service won’t be accepting electronically filed tax returns until Jan. 20, the agency’s Free File program is open starting today for those taxpayers who make an adjusted gross income of $60,000 or less. The Free File site features free access to federal tax preparation and e-filing software from 14 different tax-prep companies, and offers helpful links to help guide taxpayers through the process. [IRS.gov Free File] [More]
More Than Half Of All Taxpayer Calls To The IRS Could Go Unanswered This Year
By 1.14.15
Seeking tax preparation help from the Internal Revenue Service this year might be a futile test of patience, as the agency’s taxpayer advocate predicts services for taxpayers are likely to drop to the worst levels in more than a decade. [More]
IRS Turning Its Baleful Gaze At Company Cafeterias That Churn Out Free Food
By 9.2.14
Do you hear that noise? It’s thousands of forks clattering in the hands of Silicon Valley employees currently enjoying a free lunch. The Internal Revenue Service is taking a closer look at the trend of company cafeterias shoveling free food onto employees’ plates, saying that smorgasbord is a taxable fringe benefit. [More]
People Still Falling For Fake IRS Phone Demand Scam
By 6.11.14
Remember the scam that we kept hearing about during tax season, where victims received a phone call from a person pretending to represent the Internal Revenue Service who demanded immediate payment on a prepaid debit card? People just keep on falling for it. Yes, even now that most people have turned in their tax returns. [More]
10 Ways To Not Suck At Spending Your Tax Refund
By 4.21.14
Tax season is finally over, and hopefully you’re one of the lucky ones who is expecting a tax refund rather than one of those who has to send even more money to the IRS. But before you spend that money on a third 72″ LED for your yacht, there are several more sensible ways to use your refund. [More]
Ask Tax Dad: Doula Deductions, Pension Distributions, And The Sandwich Generation
By 4.14.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Ask Tax Dad: I Just Can’t Quit Itemizing My Deductions
By 4.11.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
IRS Decision To Tax Bitcoin As Property May Slow Efforts To Widen Its Use In Retail
By 3.25.14
It’s a good-news/bad-news day for folks who have heavily invested in the Bitcoin virtual currency, after the IRS declared that will tax Bitcoins as property. On the one hand, that means that people who are profiting from their investment in Bitcoin will pay the lower taxes associated with capital gains, rather than the much higher taxes levied on foreign currency gains. On the other hand, it could mean an awful lot of record-keeping that may make it a hassle to use Bitcoins for everyday transactions like one would use a debit card. [More]
IRS Warns Of “Largest Ever” Phony Phone Call Scam
By 3.21.14
After receiving more than 20,000 reports of victims being taken in by a phone scam in which the callers pretend to be IRS officials, the tax agency’s internal watchdog has issued a public warning for consumers to be mindful of unsolicited calls claiming to be from the IRS. [More]
Ask Tax Dad: Mobile Home Sale, Sisterly Support, And Son Leaves The Nest
By 2.26.14
Historically, our staff Certified Tax Cat has handled readers’ questions about taxes, but he took feline early retirement and hung up his oversized eyeglasses. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist, Tax Dad answers your questions. [More]
Protect Your Refund: Consumer Advocates Warn Tax Scammers Will Steal Your Identity
By 2.25.14
It’s that time of year again: tax time. While almost everyone is excited for their well-earned tax return to arrive, there’s a group of people ready to take that money away from you. Thankfully, the National Consumers League wants to make sure consumers don’t fall victim to tax ID thieves. [More]
Appeals Court Ruling Means Tax-Preparers Will Continue To Go Largely Unregulated
By 2.11.14
The federal government’s attempt to rein in the virtually unregulated tax-preparation industry was dealt a serious blow this morning after a federal appeals court upheld a lower court ruling that the IRS overstepped its authority by trying to require registration and testing for all tax preparers. [More]
