Tax news December 2009

Tax

2009 Recap of celebrities with tax woes

Television and movie stars, politicians, athletes, musicians - it seems that no one is above the law, particularly when there are taxes involved. Here is a recap of those notables who faced off with the IRS in 2009.
Tax

Will high unemployment mean less need for tax preparation this tax season?

The saying goes that there is nothing certain but death and taxes. That sounds like job security for tax preparers and morticians, but in the coming tax season, morticians may find themselves burning the midnight oil alone on some nights.
Tax

Black Eyed Peas in Hot Water for Ten Years of Unfiled Tax Returns

There's a war of words between two people representing the Hip Hop group, Black Eyed Peas. The group's manager, Sean Larkin, seems to have missed a minor detail... for the last ten years or so, he has neglected to file income tax returns on the group's income of $10 million.
Tax

Last minute tips for 2009 year-end tax planning

Areas of the current Tax Code can help ease the impact of the current economic downturn for taxpayers. The following tried and true tax planning techniques, with some new twists, along with new opportunities and tax law changes, can help almost every taxpayer.
Tax

IRS issues proposed regulations on new basis reporting requirement

The Internal Revenue Service has issued proposed regulations under a new law that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years.
Tax

Tax return preparers must e-file for 2010 tax returns

Beginning in 2010, new legislation will require tax return preparers to file any individual tax return electronically unless the preparer expects to file fewer than 10 returns in a calendar year.
Tax

Unemployment taxes may double or even triple in 2010

State unemployment trust funds have fallen to such a low level that rate increases may be required to rebuild their balances even when employment improves.
Tax

Deer hunters and the IRS: Tax-break would help both needy and hunters

U.S. Senator Charles Schumer (D-NY) is proposing a tax break for deer hunters who donate venison to food pantries, and the idea is gathering support.
Tax

Employer-sponsored education options: Formal assistance programs or work-related fringe benefit

Many employers provide their employees with tax-free education assistance through formal Education Assistance programs, while others offer specific work-related training as a tax-free fringe benefit.
Tax

House passes Tax Extenders Bill of 2009

In what has become almost a routine action, the U.S. House of Representatives voted Wednesday to renew for one year 45 tax breaks due to expire December 31.
Tax

Make an offer that the IRS can't refuse

It is essential to do the math before deciding to pursue an Offer in Compromise, else you will not only waste valuable time but may incur thousands of dollars in costs.
Tax

Intuit renews free tax advice promotion

Just as it did last year, Intuit is offering callers a free answer to a single question between now and January 31, 2010
Tax

IRS extends food industry tip reporting program

The Internal Revenue Service has extended for an additional two years its program that simplifies the recordkeeping burden for reporting tip income in the food and beverage industry.
Tax

2010 Standard mileage rates announced

The IRS has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Tax

Another bad accountant? Michigan man arrested on multiple schemes

If you can't depend on your accountant to be honest with the numbers, who can you depend on?   Robert Denboer Jr., age 33, of Houghton Lake, Michigan is looking at 41 to 51 months in federal prison for various schemes that bilked clients out of more than $900,000.  
Tax

U.S. value-added tax expected within five years

More than half of senior business executives surveyed by the Tax Governance Institute expect some type of value-added tax (VAT) to be introduced in the United States within five years.
Tax

Arnold Schwarzenegger in tax trouble?

An IRS lien – which was filed with the Los Angeles County Recorder's office – says Arnold Schwarzenegger owes $29,047 for tax year 2004 and another $40,016 for 2005.