Tax news September 2009

Tax

Paying your taxes, one bauble at a time

When you owe $54 million in taxes, paying on the installment plan might be a welcome idea. And if you're short of cash, tax authorities aren't above taking payment in the form of diamond studs.
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Tax

Philadelphia Eagles take a pass on tax credit for Vick

Michael Vick is back on the field, now playing quarterback for the Philadelphia Eagles. That means his new employer is entitled to a $10,000 tax credit.
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Tax

Even RoboCop has to pay taxes

Authorities say, RoboCop star Miguel Ferrer owes $289,800 in delinquent state and federal taxes.  Ferrer is the son of late singer Rosemary Clooney, and the cousin of George Clooney.  He is currently trying to sell his home, worth $3.8 million.
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Tax

Boxer Mayweather and the IRS are even-steven

Just days ago, boxer Floyd Mayweather earned $10 million, plus pay-per-view percentages, when he fought Juan Manuel Marquez. But most of that giant purse will go to fulfill his back tax obligations.
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Tax

A "true gentleman," a generous donor, and a possible tax evader

He was well known as a philanthropist, blessing numerous charities with tens of millions of dollars. What he had not done, however, was pay his federal taxes.
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Tax

Survivor's Richard Hatch looking for a do-over on tax evasion sentence

With just a few weeks to go in his prison sentence for tax evasion, Richard Hatch, the first winner of the reality television show Survivor, has managed to grab the spotlight, yet again.
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A&A

AICPA says proposed business tax filing requirement "extremely burdensome"

Requiring business taxpayers to report payments over $600 to corporations would result in millions of additional 1099 Forms that are of “little value to the IRS.
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Tax

Exemptions, standard deductions not expected to increase for 2010

Taxpayers will reap little benefit from the indexing of many features of the tax code, according CCH's estimated income ranges for each 2010 tax bracket.
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Tax

Girls Gone Wild producer Francis gets lighter sentence in tax evasion case

After years of fighting the charges, Joe Francis appeared in a Los Angeles court this week and pleaded guilty to two misdemeanors. 
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Tax

Three years of skipping taxes sends former Mets pitcher Koosman to jail

"A serious blemish on an otherwise outstanding life.” That’s what the judge said recently when she sentenced Mets pitcher Jerry Koosman to prison for tax evasion.
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Tax

October tax deadline putting a crimp in your autumn?

It happens every year. Some clients put off the pain of tax return filing as long as they possibly can, and that means your firm might be experiencing an October crunch.
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Tax

IRS extends amnesty deadline to October 15

The IRS has announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts.
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Community News

Brooklyn resident sentenced to prison for conspiracy to file false claims for tax refunds

Odell Folks, of Brooklyn, NY, has been sentenced to prison for his participation in a false tax return scheme. Folks was sentenced to 77 months in prison and ordered to pay restitution of $489,292.
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Community News

Federal court shuts down Nevada tax return preparer

A federal court has permanently barred Francis Kenneth (Frank) Albert of Sparks, NV, from preparing federal income tax returns for others. The court found that Albert repeatedly engaged in fraudulent or deceptive conduct in preparing returns.
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Tax

IRS employee indicted for stealing mail

An IRS employee has been indicted by a federal grand jury for stealing mail that had been delivered to the IRS service facility on Pershing Road.
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Tax

2009 is a boom year for energy credits for individuals

This is a great year for claiming energy credits. The American Recovery and Reinvestment Act offers several new credits in addition to those that carry over from previous years.
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Tax

New tire tax deflates pocketbooks of American drivers

Bowing to pressure from organized labor, President Obama has made a decision to raise taxes again by placing a 35 percent tariff on tire imports from China.
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Tax

Amnesty deadline looms for offshore account holders

There is still time for taxpayers who have failed over the years to report income in foreign bank accounts to participate in the IRS Voluntary Disclosure program.
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Tax

U.S. and Monaco agree to exchange tax information

The U.S. Department of the Treasury has announced that the United States and Monaco have signed an agreement to allow for the exchange of information on tax matters between the two countries.
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Tax

IRS launches online Tax Benefits for Education information center

The Internal Revenue Service has launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college.
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Pages

Voice of the Editor

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.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

CPAs Mira Finé, Scott Hitchcock, Rob Keasal, Kathy Scorcio, and Ken Travis offer ten pieces of financial advice for the newest Powerball winner.
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Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.
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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