June Law Update: FTC wins fake VW ‘clean car’ lawsuit & other tax changes

FTC wins lawsuit against fake VW claim of ‘clean diesel’

The Federal Trade Commission (FTC) has announced a partial settlement with Volkswagen Group of America over VW’s fake clean car claims. VW has agreed to compensate owners and lessees of VW and 2.0-liter diesel cars. Total compensation amount to be paid by VW is almost $10 billion. It's the largest fake advertising case ever in FTC history.

For more info: FTC Vs VW

IRS issues fresh statement on Electronic Filing PIN

In a new statement issued by the Internal Revenue Service (IRS), electronic filing PIN will not be available at IRS.gov or by toll-free phone number due to recent questionable activities. It’s a precautionary measure to protect the interest of the taxpayers.

For more info: Electronic Filing PIN

IRS grants tax relief to additional victims of recent Texas storms and flood

IRS is providing tax relief to additional victims of recent Texas storms and flood that started on May 26.

For more info: Texas storms and flood tax relief

New federal tax law may affect some refunds filed in early 2017

According to a new law effective from 2017, IRS will have to hold all Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds until February 15. Some tax returns filed in this season will be affected. IRS asks tax professionals to prepare themselves to cope with the update. Taxpayers will be informed by IRS this summer and fall.

For more info: EITC & ACTC