Taxation | AccountingWEB.com

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 - 583 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.

Paging All Capitol Hill Staffers: Pay Your Taxes!

02/06/2012 - 15:17 - 939 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 - 291 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."

Romney Pays Low Tax, But It's Perfectly Legal

02/02/2012 - 15:55 - 613 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.

The Ins and Outs of New Reporting Rules in 2012

02/01/2012 - 11:39 - 1266 reads

New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.

Talk of Taxes and Economic Growth Rose above Fray at Florida Debate

01/30/2012 - 17:23 - 673 reads

On January 23, the remaining contenders for the GOP presidential nomination hit the ground running in Tampa. Romney and Gingrich dominated the debate and traded barbs over character and electability. But, despite the fireworks, core issues – tax reform, deregulation, and economic growth – were discussed.

KPMG Repair Regulations Survey – Tax Execs Unsure of Business Impact

01/30/2012 - 13:22 - 834 reads

Tax executives are unsure what impact the IRS’s recently released “Repair Regulations” might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.

GOP Tax Debate Could Coalesce around Ron Paul's Ascension in Primaries

01/18/2012 - 10:34 - 990 reads

Despite his decisive second-place finish in the New Hampshire primary and his strong third-place showing in the Iowa caucus, there are still some political pundits who question whether Ron Paul, who was initially a middle-of-the pack candidate, is a viable contender for the GOP presidential nomination.

IRS Targets the Super-Rich for More Audits

01/09/2012 - 18:05 - 1318 reads

It's not who you are or what you do, but how much you earn, as far as the IRS is concerned. New data released by the IRS indicates that the chances of being audited increase dramatically if your income reaches into seven figures. On the flip side, taxpayers earning less than $200,000 can rest a little easier.