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Summons issued to bitcoin exchange. Coinbase, the nation’s largest bitcoin exchange firm, has been served with an IRS summons seeking records of customers who bought virtual currency from 2013 to 2015. The summons states that an IRS agent recently found three cases involving bitcoin users (including two Coinbase customers) who used the currency to evade taxes. The IRS has also stated Coinbase users haven’t complied with federal tax law in...

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November 28, 2016

Attention employers: There are three ways to set up an automatic enrollment 401(k) plan. Many Americans are unprepared for retirement because they aren’t covered by retirement plans or are among the 30% of eligible workers who don’t participate in their employers’ 401(k)-type plans. According to the IRS, that percentage could be cut to less than 15% if employers used automatic enrollment plans. A new IRS publication offers a concise summary...

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November 28, 2016

Security tips for taxpayers. The IRS suggests that you always: use security software with firewall and antivirus protections, make sure the security software is turned on and automatically updates, and encrypt sensitive files such as tax records that you store on your computer. Use strong passwords and avoid phishing emails. These are among the pointers offered by the IRS and its “Security Summit” partners partaking in the second year of...

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November 28, 2016