Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.
New legislation authorizing the states to collect sales tax from companies peddling their wares online breezed through the Senate on May 6 by a wide 69-27 margin. But the Marketplace Fairness Act is expected to face much tougher opposition in the Republican-controlled House of Representatives.
Tax Freedom Day® arrives today, the 108th day of 2013, according to the Tax Foundation's annual calculation. Americans will work well over three months of the year before they have earned enough money to pay this year's tax obligations.
The United States has filed a civil injunction lawsuit seeking to shut down Mo' Money Taxes of Memphis, Tennessee. The complaint alleges that the estimated tax loss from fraudulent tax return preparation at Mo' Money Taxes in 2011 exceeds $9 million.
On March 8, the IRS announced that its Office of Professional Responsibility obtained the disbarment of enrolled agent Lorna M. Walker for stealing a client's tax payments and for preparing tax returns with false deductions for multiple clients.
Is 2013 shaping up to the year of tax reform? "There are more proposals this year than we have seen in the last five years, and an unprecedented number of major state tax reform proposals," said Harley Duncan, a managing director at KPMG.
Appearing before US District Judge Margaret M. Morrow, a Los Angeles woman was sentenced February 25 to three years in prison for her role in a scheme whereby she used the identities of others to defraud the federal bankruptcy and tax systems.
This January, the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) announced the recipients of the American Accounting Association's (AAA) Greatest Potential Impact on Management Accounting Practice Award for 2012.
A Florida woman – who owned or controlled undeclared foreign financial accounts in excess of $42 million in 2007 and who caused a tax loss to the government of approximately $667,716 – has been ordered to pay a $21 million civil penalty.
A New Jersey CPA was sentenced to fifty-four months in prison for a $500 billion fraud scheme. In addition to his prison term, he was sentenced to three years of supervised release and ordered to pay $43,582,699 in forfeiture.
KPMG LLP and golf champion Phil Mickelson have paired to launch "Blue for Books," a nationwide charitable initiative designed to put thousands of books into the hands of children in need, through the sale of KPMG blue golf hats, just like the KPMG hat that Mickelson wears on tour.
A recent survey conducted by the American Institute of Certified Public Accountants (AICPA) and the Ad Council indicates that today's difficult economic times have dramatically altered the way people between the ages of twenty-five and thirty-four think about the importance of savings.
BowenPhillips has merged with Carr, Riggs & Ingram (CRI). Both BowenPhillips offices in Georgia will now operate under the Carr, Riggs & Ingram name. The same BowenPhillips team will serve local clients, who will benefit from the additional specialized services and resources provided by the regional CPA firm.
Volunteers from the LCPA and accounting students from Nicholls State University visited Schriever Elementary to teach second grade students about money management. Their efforts were part of the LCPA's scholastic literacy book program, a statewide collaboration between the LCPA, Scholastic, and Gilsbar, Inc.
What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
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