Tax news July 2009

Tax

"Cash for Clunkers" may be cash for grandparents

Buy a new car before November 1st with a trade-in and get a tax-free credit of up to $4,500.
Tax

Combustible tax deductions: Will this charitable contribution go up in smoke?

It may sound suspicious, but many CPAs and attorneys argue that it’s a legitimate tax strategy.
Tax

Inspector General requests help from tax preparers

Tax professionals are invited to help shape regulations and also curb unethical or illegal activities by unscrupulous preparers.
A&A

Home office deduction simplification gathers steam

Senators and representatives from both parties are joining forces to promote legislation that would simplify the home office tax deduction.
Tax

Rappers Foxy Brown and Toni Braxton face tax liens

Singers Foxy Brown and Toni Braxton reportedly face hefty tax liens, ranging from $79,315 for Braxton to $641,558 for Brown.
Tax

IRS adjusts focus to hedge fund investors

The Internal Revenue’s focus on income from foreign bank and financial accounts could turn to investors in hedge funds with foreign domiciles.
Tax

Screaming IRS agent goes to jail

Few things are certain in this life. There's death, and of course we all have to pay our taxes. Here’s a third rule to live by: it is never a good idea to scream death threats at federal agents.
Tax

He’s back... Survivor winner Richard Hatch is in the spotlight again

He was the first winner of the hit reality show, Survivor. And... then he made headlines again in 2006 for failing to pay taxes. Now... he’s back.
Tax

Tax options in health care reform debate

Funding health care reform, which will probably carry a $1 trillion price tag, will involve both cost saving measures and tax increases.
Tax

IRS Webinar addresses Office of Professional Responsibility

The next installment of the Internal Revenue Service's Tax Talk Today will discuss "OPR: A Balanced Approach," featuring the agency's Office of Professional Responsibility, its oversight role and its approaches to its mission. The Web-based show will be held July 14 at 2 p.m.
Tax

Another Ponzi scheme is dismantled

The Securities and Exchange Commission has obtained an emergency asset freeze in a $485 million offering fraud and Ponzi scheme orchestrated by three Dallas businessmen through a company they owned and controlled, Provident Royalties LLC.
Tax

Boiler room brokers get burned by SEC

The Securities and Exchange Commission has charged New York-based broker-dealer Sky Capital LLC and six individuals involved in a fraudulent boiler room scheme that raised millions of dollars from U.S. and UK investors who were then restricted from selling their stock, and their investments later became worthless.
Tax

Online retailers Amazon, Overstock.com in tax dispute with states

Soon after dropping its California and Hawaii-based marketing affiliates over online tax issues, Overstock.com reversed its decision after state officials assured the online retailer that sales tax bills in those states won't become law.The issue centers on legislation that requires companies to collect sales tax if they have marketing affiliates in the state. Affiliates earn money by posting ads for Overstock and its products on their Web sites.
Tax

Taxpayer Advocate addresses tax preparer oversight, OIC, taxpayer services

National Taxpayer Advocate Nina E. Olson delivered a report to Congress this week that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year.

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