Debit cards

The Internal Revenue Service could be auditing more tax returns where it sees big discrepancies in the payments reported on the Form 1099-K and the income reported on tax returns, according to a new report.

Together, the companies form a payments powerhouse valued at $29B.

The Internal Revenue Service issued a warning Thursday cautioning taxpayers and tax professionals about a new scam revolving around the Electronic Federal Tax Payment System, in which criminals are calling innocent taxpayers demanding they make an immediate tax payment through a prepaid debit card.

A Montana federal court has authorized the Internal Revenue Service to serve a summons on a Montana man on the use of offshore accounts in Panama tied to debit cards.