Tax news November 2009

Tax

From Dancing with the Stars to waltzing with the IRS

Is Dancing with the Stars becoming a favorite target of the Internal Revenue Service? First it was racecar driver Helio Castroneves - mow it is 21 year old pop star, Aaron Carter, brother of Backstreet Boys' Nick Carter.
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Tax

Treasury inspector says Hope Credit gave away hundreds of millions improperly

The federal Hope Credit is intended to make the first two years of college universally available. However, it appears that the regulations are not effective to ensure the credit is claimed properly.
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Pending legislation spurs analysis of tax increase scenarios for high income taxpayers

Deloitte scenarios illustrate potential tax increases on high income taxpayers from Senate health care bill surtax and budget proposals
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Tax

Cruising for tax deductions? Try deducting your next Caribbean cruise

Does it seem like your life is all work and no play? Why not consider a business cruise, allowing you to write off travel expenses as business tax deductions?
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Tax

Madoff’s Florida luxuries bring in $2 million for his victims

Items once owned by infamous Ponzi schemer Bernard Madoff are being auctioned off to provide some restitution to victims.
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Tax

IRS will try to sell e-filing to tax professionals

Tax professionals can hear first hand from their colleagues and e-mail questions to the Internal Revenue Service about the benefits of IRS e-file during a free Webinar.
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Tax

Michigan attorney and client sentenced for tax crimes

A Michigan attorney has been sentenced to five years in prison for attempting to defraud the government. His client received a hefty fine and probation.
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The potential negative impact of the Make Work Pay Credit

Because of the unusual way the Make Work Pay Credit is administered, some taxpayers will find themselves owing federal taxes and possibility penalties.
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The taxman comes rapping for rappers Method Man, Nas, and DMX

Clifford Smith, better known as the rapper Method Man or simply Meth, is battling the New York State Department of Taxation over back taxes of $52,503.
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Nicolas Cage sues business manager for tax woes

The trouble seems to never end for Nicolas Cage. Now the IRS is after him for $6.26 million in taxes owed on his 2007 income.
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Take advantage of changes in education credits and deductions in 2009

Many more taxpayers may be able to take advantage of education credits and deductions for 2009 because of new legislation.
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Tax

New life and new rules for the Home Buyer Credit

Just as the door was about to slam shut on the First Time Home Buyer Credit, Congress not only extended the deadline, but also expanded it to include those who are not first time buyers.
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Joe Francis free: Was he a victim of accountants gone wild?

In spite of a future that looked pretty dismal, “Girls Gone Wild” producer Joe Francis will not serve another day of jail time for tax evasion.
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Tax

Congress extends homebuyer tax credit; expands eligibility

President Obama signed into law last week an extension of the first time home buyers tax credit until April 30, 2010. The credit was set to expire on December 1, 2009.
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Wanted: Taxpayers who want to claim their refunds

The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.
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IRS reports two out of three individuals using e-file

Individuals e-filed a record 95 million federal income tax returns during 2009, up almost 6 percent from last year’s total of nearly 90 million.
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Tax

What will Barack Obama do with his $1.4 million Nobel Peace Prize?

If President Obama follows the examples set by most Nobel Prize recipients, he'll donate all or most of the prize money to qualified not-for-profit organizations.
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Tax

TaxWorks Software

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Tax

Orange Tax Suite

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Tax

Intuit ProLine Tax Online Edition

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Pages

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
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