Income tax | AccountingWEB.com

IRS Unveils New Version of Smartphone App

02/08/2012 - 16:31 - 550 reads

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app is available on the Apple and Android platforms.

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

02/08/2012 - 15:24 - 498 reads - 1 comment

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

02/07/2012 - 14:54 - 584 reads

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.

AccountingWEB Readers Find Time Management a Challenge

02/07/2012 - 10:19 - 570 reads

Few readers think time management is their strong suit, with the vast majority of respondents to a recent survey – 87.3 percent – saying they're either "OK, not great" at it or "could use some improvement." It's no wonder. During tax season, most accountants feel the tensions of too much work and too little time.

Paging All Capitol Hill Staffers: Pay Your Taxes!

02/06/2012 - 15:17 - 949 reads

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.

Most Say It's Wrong to Cheat on Taxes; Some Say It's Okay

02/03/2012 - 13:31 - 293 reads

Most taxpayers – the vast majority, in fact – say they would never cheat on their taxes and that it's wrong to do so. However, to 8 percent of taxpayers polled, it's okay to cheat "as much as possible."

Free Spreadsheet-Based Form 1040 Available for 2011 Tax Year

02/03/2012 - 12:23 - 3214 reads

Glenn Reeves of Burlington, Kansas, recently released his fifteenth annual spreadsheet-based version of the U.S. Individual Tax Return, commonly known as Form 1040. Since 1997, Reeves has pursued this "labor of love," which means he allows any taxpayer to download and use the spreadsheet for free.

Romney Pays Low Tax, But It's Perfectly Legal

02/02/2012 - 15:55 - 614 reads

Romney has been catching a lot of flak for the relatively small amount of tax he pays, despite the millions in assets that he owns. But the GOP front-runner for president is only doing what the filthy rich usually do: paying the least amount of income tax they are legally obligated to pay.

Is the IRS Being Mean to Lindsay Lohan?

01/13/2012 - 12:59 - 1815 reads

Lindsay Lohan has found herself in compromising positions before, and now she’s landed in another one. A report has surfaced that the twenty-five-year-old actress, who rocketed to fame in the 2004 film Mean Girls, is on the hook for almost $100,000 in back taxes owed to the Internal Revenue Service (IRS).

Video News Update for Week of January 9, 2012

01/09/2012 - 21:02 - 787 reads

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!

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