Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
Gary Mach was sentenced to sixteen months in prison, two months of house arrest, and eighteen months of probation and ordered to pay $270,725 in restitution to the IRS after previously pleading guilty to conspiracy to defraud the United States.
Due to an underpublicized break for retirement contributions, certain taxpayers may cut their current tax bill while stockpiling funds for the future. The IRS recently reminded taxpayers of the "retirement saver's credit."
The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.
In a report released publicly by TIGTA concluded the IRS Modernized e-File (MeF) system has successfully replaced the agency's Legacy e-File system as the primary e-filing platform for individual tax returns during the 2013 filing season.
The IRS is piloting a program that would allow employees access to work e-mail and other services on their personal smartphones, but according TIGTA, the IRS program should be cost effective and a full cost-benefit analysis is needed.
In a new case decided by the US Supreme Court, the remnants of a tax shelter partially constructed by wily Texas billionaire Billy Joe McCombs – known informally as "Red" – collapsed like a house of cards.
Three provisions of the ACA may have a major impact on individual taxpayers and certain businesses beginning in 2013. The IRS has just issued voluminous new final regulations clarifying some of the rules.
As professional athletes' salaries continue to escalate, several revenue-strapped states seem to be looking to the athletes for a solution. Two NFL players are crying foul and taking one major city to court.
The federal tax law provides relief to victims of natural disasters, but taxpayers generally have to wait until the government works its way through a lengthy process for each specific event. Now, the AICPA has proposed a faster solution.
Welcome to our first installment of "Bramwell's Lunch Beat." Each weekday around lunchtime, I'll provide you, the accounting and finance professional, with some bite-sized summaries and links to news articles that may be of interest.
Some are wondering if federal agencies are seizing private assets on flimsy evidence to beef up their budgets. In 1985, about $27 million assets were seized. That's no small amount, but leap forward to 2012, when the amount skyrocketed to $4 billion.
Over the last year or so, the Marketplace Fairness Act has gotten a lot of coverage. Although the act passed in the Senate, the House of Representatives hasn’t yet voted on its passage, and in some circles, there’s concern it won’t pass.
The Treasury Inspector General for Tax Administration (TIGTA) concluded in a recent report that the IRS needs to step up its tracking efforts to eliminate weaknesses in the security of systems involving taxpayer data.
Max Baucus released a series of comprehensive tax reform proposals over a three-day span. Specifically, the three drafts cover a restructuring of the international tax system, tax administration and fraud prevention techniques, and cost recovery deductions.
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.