PYMNTS

SEPTEMBER 11, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies. Even the U.S.

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IRS Cryptocurrency RFP Law Enforcement 96

PYMNTS

MAY 28, 2020

The Internal Revenue Service ( IRS ) wants to make sure you don’t throw out your prepaid $1,200 government stimulus debit card. The Treasury issued 4 million stimulus payments by debit card as part of a program to help get stimulus pay out to Americans who didn’t have bank information on file for the last few years with the IRS.

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IRS Bureau of the Fiscal Service Debit Card Treasury 68

PYMNTS

APRIL 27, 2020

In addition, tax filers who have recently provided bank information to the IRS will get the payments. The IRS’ Taxpayer Advocate Service offers information on the overall program. Americans can use the IRS Get My Payment tool to enter their direct deposit information and track their payments.

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IRS Checks Small Business Direct Deposit 103

PYMNTS

JANUARY 11, 2021

There were around 13 million defunct accounts that accidentally received stimulus check payments by the IRS , which the agency is now attempting to get to their right places, according to The New York Times on Sunday (Jan. The tax-prep companies say they're working to help the IRS resolve the issue.

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IRS Accounts Checks Payments 64

PYMNTS

APRIL 27, 2020

Those who had trouble utilizing the IRS’ “Get My Payment” web tool to access their personal stimulus funds may now find it easier to use after updates were made, per reports. According to the IRS, the updates will make it easier for individuals to add direct deposit information and check the status of their funds.

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IRS Checks Direct Deposit Social Security 61

PYMNTS

JUNE 29, 2020

The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to 2,445 during the same time last year, a 71 percent drop.

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Audit IRS Tax Refunds Returns 69

PYMNTS

FEBRUARY 14, 2020

A section of the IRS website telling people that the online currency from the popular game Fortnite was subject to federal taxes has been removed as of Wednesday (Feb.12). It apparently marked the first time that video game currencies had received a comment from the IRS. law, according to CNN. law, according to CNN.

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IRS Bitcoin Cryptocurrency Laws 57

PYMNTS

MAY 11, 2020

The Internal Revenue Service (IRS) says it’s making progress distributing stimulus checks, and there’s still time for recipients to get their checks direct deposited. We are working hard to continue delivering these payments to Americans who need them,” said IRS Commissioner Chuck Rettig in a statement. The payments, part of the $ 2.2

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Direct Deposit IRS Checks Social Security 64

PYMNTS

NOVEMBER 15, 2018

The Internal Revenue Service (IRS) is paying $1.7 As a result, the IRS has hired The MITRE Corporation to help process the large sum of cash tax payments. MITRE and the IRS declined to provide additional details regarding their contract. “I According to Quartz , the U.S. government collected approximately $4.7

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The Paypers

JANUARY 7, 2022

As part of the American Rescue Plan Act, the Internal Revenue Service ( IRS ) has announced that all transactions over USD 600 made through payment apps must be reported.

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IRS Transactions Payments 69

PYMNTS

MAY 28, 2020

The Internal Revenue Service ( IRS ) wants to make sure you don’t throw out your prepaid $1,200 government stimulus debit card. The Treasury issued 4 million stimulus payments by debit card as part of a program to help get stimulus pay out to Americans who didn’t have bank information on file for the last few years with the IRS.

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IRS Bureau of the Fiscal Service Debit Card Treasury 65

The Paypers

JANUARY 7, 2022

As part of the American Rescue Plan Act, the Internal Revenue Service ( IRS ) has announced that all transactions over USD 600 made through payment apps must be reported.

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IRS Transactions Payments 68

PYMNTS

MAY 7, 2020

Any $1,200 COVID-19 stimulus checks sent to dead people by the Internal Revenue Service (IRS) must be returned, the agency says. However, the erroneous payments to dead people may have come about because the IRS largely sent out payments based on people’s tax returns for 2018 and 2019.

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IRS Checks Direct Deposit Returns 64

PYMNTS

JULY 26, 2019

The Internal Revenue Service (IRS) is going to send letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions, according to a report by The Wall Street Journal. The letter also said the IRS may be in touch with them.

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PYMNTS

OCTOBER 25, 2019

24) that a report from the Treasury Inspector General for Tax Administration claims the IRS is not effectively auditing corporations following tax examination reform that was designed to accelerate auditing processes. Finance predicting more IRS tax reforms ahead. Bloomberg reported on Thursday (Oct.

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PYMNTS

JULY 15, 2020

A former Coinbase user, Jim Harper, is looking to protect his privacy from the IRS through a lawsuit, CoinDesk reported. Now, Harper is suing the IRS, its commissioner and up to 10 unnamed agents, saying that if the IRS illegally accessed his data, he wants it destroyed.

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Payments Source

NOVEMBER 29, 2016

A request by the IRS for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency.

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IRS Bitcoin Privacy Compliance 103

PYMNTS

FEBRUARY 19, 2020

The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. The overall theme will be balancing taxpayer services with the IRS’ regulatory needs.

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PYMNTS

AUGUST 15, 2019

Last month it was revealed that the IRS was sending letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions. Now it’s the IRS saying, we’ve got the records.”. Taxpayers should take these letters very seriously.

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IRS Returns Cryptocurrency Laws 46

Payments Dive

MARCH 17, 2022

The share of consumers planning to use mobile phones to pay their taxes increased over last year, while the portion preferring to pay by check declined, according to a survey from payments firm ACI Worldwide.

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Checks IRS Consumer Payments 144

Payments Source

DECEMBER 1, 2016

A federal court in California has accepted a controversial request from the IRS to obtain the records of possibly millions of users of the bitcoin exchange Coinbase.

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IRS Bitcoin Compliance 67

PYMNTS

NOVEMBER 12, 2019

To that end, in the United States, the Internal Revenue Service (IRS) has said that huddling with other tax authorities across the globe has helped train a spotlight on how to detect and thwart tax evasion efforts. The IRS said it has identified “dozens” of tax evasion suspects in the wake of these new tactics.

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IRS Digital Currency Bitcoin Crime 40

PYMNTS

APRIL 17, 2018

While Americans rush to file their taxes this Tax Day, some computer systems at the Internal Revenue Service (IRS) are “experiencing technical difficulties.” While the IRS did not give a reason for the outage or disclose its extent, U.S. He urged the IRS to make accommodations to taxpayers as a result of the technical difficulties.

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IRS Returns Research Consumer 40

The Paypers

FEBRUARY 14, 2022

The US Treasury has confirmed that crypto miners and wallet operators are exempt from the IRS reporting rules, preparing appropriate regulations.

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IRS Treasury Rules Regulations 28

PYMNTS

APRIL 23, 2020

Holtzblatt said the IRS “didn’t have much time” to ensure that everything worked correctly due to the immediacy of the myriad problems the virus caused.

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Payments Source

MARCH 10, 2016

For financial institutions, there are scary parallels between the IRS' failure to protect sensitive personal information and their own such struggles.

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IRS Data Breach Breach Risk 60

PYMNTS

MARCH 21, 2017

The Internal Revenue Service (IRS) continues its efforts to gain access to United States Coinbase customer accounts, filing new documents in federal court to get the California-based company to turn over the records. The IRS filed its initial request — known as a “John Doe” summons because it doesn’t name a specific person — in November 2016.

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IRS Bitcoin Digital Currency Assessments 40

The Paypers

JULY 25, 2022

US-based ACI Worldwide has extended its partnership with analytics platform IR to include end-to-end enterprise transaction monitoring.

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IRS Transactions 28

PYMNTS

JULY 7, 2017

According to a report in Fortune , the IRS said last week in a hearing over its fight with anonymous bitcoin buyers that it has been talking to Coinbase about limiting the information it needs to search for unreported income. The IRS , according to the report, contends only 802 people claimed gains or losses from bitcoin in 2015.

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IRS Bitcoin Legal On-Demand 40

PYMNTS

JANUARY 26, 2017

The IRS has been using a John Doe summons to get access to taxpayers’ bitcoin information and is now using the same tactic to get debit card information. The IRS is looking for the records of people in the U.S. The IRS alleges the cards can be used to get access to the offshore funds and avoid paying taxes in the U.S.

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IRS Debit Card Legal Bitcoin 42

PYMNTS

APRIL 18, 2016

Mark Meadows (R-NC), who chairs the subcommittee of the House Oversight and Government Reform Committee, posited that such a move would be “insane … You have a willing taxpayer, willing to give some of their hard-earned dollars to the IRS, and show up. Is that correct?”. Olson affirmed that hypothetical situation.

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IRS Payments Governance Government 40

PYMNTS

APRIL 7, 2016

In a statement that accompanied the release, Carolyn Homberger, group president of ACI Worldwide, said: “Our bill payment solution is quick, easy, reliable and secure, which is why OfficialPayments.com is the longest-tenured bill payment site for the IRS, having processed $14 billion in IRS tax payments since 1999. ”

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PYMNTS

DECEMBER 29, 2016

The Internal Revenue Service has asked a court to dismiss a motion filed by a Coinbase user who wants the court to block the IRS from accessing transaction data. According to a report by Forbes , the IRS, in a motion filed on Tuesday (Dec. Berns , sued to get that ruling set aside, and now, the IRS had its turn with the courts.

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IRS Blocks Payer Rules 43

The Paypers

OCTOBER 11, 2018

(The Paypers) The Government Accountability Office (GAO) has agreed that the Internal Revenue Service’s (IRS) needs to start looking ahead to new identity verification technologies.

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PYMNTS

OCTOBER 9, 2019

And the IRS has released new guidance for digital currency investors and their tax advisers, explaining how the agency expects them to report income from their holdings. There is certainly some interest coming out of Latin America, there’s a lot of unrest in other parts of the world.”.

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IRS Bitcoin Rules Central Bank 46

Fintech Finance

MARCH 27, 2024

This has nationwide economic implications given the IRS reports 26-to-34-year-olds file more taxes than any other group. independent professional tax preparers or the IRS website. These behaviors reflect growing mistrust of professional tax institutions and a generational shift toward personal networks and digital payment platforms.

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Payments Source

NOVEMBER 11, 2019

The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting with tax authorities from four other countries.

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IRS Cryptocurrency Authorization Risk 90