Tax news April 2008

A&A

Surviving the final push to April 15

Attention CPAs in Chicago, New York and Houston: Your cities rank No. 1, 2 and 3, respectively, on the list of Top 10 Tax Procrastinating Cities in America.And if last year is any indication, next week should be brutal. Intuit, which makes TurboTax products, based its list on the number of federal tax returns electronically filed last year between April 14 and April 17. First, there are the clients. You know the type.
Tax

TIGTA report: IRS security controls 'weak'

U.S. taxpayers' personal information is vulnerable to identity theft because the IRS is plagued by computer security breaches.That's according to an audit by the Treasury Inspector General for Tax Administration (TIGTA). "We are very concerned that authorization and authentication controls are weak on devices as sensitive as routers and switches," read the March 26 report, released this week. Routers and switches are used to direct network traffic.
Tax

Watchdog: IRS lax on combating ID theft

The IRS rarely prosecutes identity thieves, despite a steep increase in the number of fake tax returns filed as a result of the crime, a new report says.The number of fraudulent tax returns stemming from identity theft increased by nearly 600 percent from 2002 to 2007, the Treasury Inspector General for Tax Administration (TIGTA) said."The IRS' policy is that identity theft will only be investigated if it is committed in conjunction with other criminal offenses having a large tax impact," J.
Tax

Huge increase in refund anticipation loans in 2008

The number of taxpayers requesting
Tax

New report encourages use of VITA tax assistance program

A new report released today by Bread for the World Institute finds that low-income Americans could keep substantially more of their hard earned money if they were to use volunteer income tax assistance (VITA) sites to process their earned income tax credits (EITC) this tax season.Low-income Americans pay an average of $300 each to commercial tax preparers like H & R Block and Jackson Hewitt to process the complex requirements of the EITC.
Tax

IRS reminds taxpayers of options for making tax payments

The Internal Revenue Service has issued a notice reminding taxpayers who owe taxes but who can't pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline.Taxpayers should file their return on time, pay as much as they can with their return, and use the online payment features on the IRS Web site if they need to request a payment agreement.Interest and penalties add up for people who don't file and pay on ti
A&A

Laughing at taxes: Lawyer wins TurboTax laugh contest

A good laugh never hurt anyone, especially at tax time. And Austin attorney John Ramsey came up with enough good laughs about taxes to win the Intuit TurboTax TaxLaugh contest and its $10,000 grand prize.
Tax

AICPA testifies on estate and gift tax reform

The American Institute of Certified Public Accountants testified today before the Senate Finance Committee about estate tax reform. The testimony appears below.In March, the AICPA submitted written testimony for the hearing record of the Senate Finance Committee’s March 12 hearing on estate and gift tax reform. That testimony appears below today's testimony.####AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTSTESTIMONY OF ROBY B.
Tax

Woman sentenced for unleashing dogs on IRS employee

Lisa Blechman of Santa Clarita, CA was sentenced to two years' probation on Monday for unleashing two dogs, including a pit bull, on an Internal Revenue Service employee who was attempting to post a summons on Blechman's home. At the time the IRS was conducting an audit of Blechman's husband's business. At her sentencing hearing Blechman said she was sorry. She had pleaded guilty in December to one count of assaulting a Federal officer.
Tax

Center for Audit Quality comments on Treasury regulatory blueprint

The Center for Audit Quality (CAQ) has issued the following statement by Executive Director Cindy Fornelli in reaction to the U.S. Treasury Department's Blueprint for Regulatory Reform: "Like others in the financial policy arena, the CAQ recognizes the effort of the Treasury Department in developing this comprehensive blueprint for financial regulatory reform.

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