Tax news May 2007 | AccountingWEB

Tax news May 2007


Reading About Taxes Can Be Fun

Reading about taxes doesn’t make you smile very often, but a little known page on offers a variety of historical -- and sometimes humorous -- quotes. When it comes to taxes, everyone has an opinion. These quotes reflect the opinions of their authors; their inclusion here is not an official IRS endorsement of the sentiments expressed."Taxes are what we pay for civilized society."— Oliver Wendell Holmes, Jr., U.S.
Community News

IRS Extends Deadlines for N.Y. & N.J. Storm Victims

The Internal Revenue Service announced tax relief for New Jersey and New York taxpayers in the Presidential Disaster Area that was struck by severe storms and flooding April 14-18, 2007.The disaster area consists of the following counties: Bergen, Burlington, Essex, Passaic, Somerset and Union in New Jersey and Orange, Rockland and Westchester in New York.Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts falling on or after April 14, 2007 and on or before June 25, 2007 have been postponed to June 25, 2007.In addition, the IRS will waive

Ex-IRS Director Pleads Guilty to Fraud

A former IRS district director pleaded guilty Thursday to defrauding the agency in connection with a tax scam orchestrated by Renaissance, The Tax People Inc. of Topeka. Jesse Ayala Cota, a former Internal Revenue Service district director, admitted in federal court in Kansas City, Kan., that he conspired to prepare, or have others prepare, false federal income tax returns resulting in a tax loss to the government of about $1.3 million. Cota, who worked for the IRS for more than 30 years before joining Renaissance, The Tax People Inc.


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