Tax news March 2010

Tax

IRS knocks out two boxing legends

Thomas “Hitman” Hearns, who earned more than $40 million in his legendary boxing career, may find himself homeless soon, proving that it’s not just ordinary folks who are dealing with the threat of foreclosure.
Tax

Managing sales and use tax compliance getting harder for small businesses

Just staying on top of the 8,000 different state and local tax rates and a thousand changes that are made every year by state legislatures is a huge challenge for small and mid-sized business in normal times.
A&A

Ernst & Young defends its Lehman work in letter to clients

Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.
A&A

Tax professionals associations team up to provide value, meet goals

The National Association of Enrolled Agents and the Latino Tax Professionals Association have formed a partnership to provide increased value to their members and to meet common goals.
Tax

States scramble for tax revenue wherever they can find it

Imagine your state tax collectors hard at work…reading the entertainment news as part of their job description. State tax authorities always have used the media to track the cross-state earnings of sports stars, celebrities, and other wealthy individuals.
Tax

Comment period open on IRS proposal to require ID numbers for tax preparers

The Internal Revenue Service recently issued proposed regulations allowing the IRS to require that tax return preparers use Preparer Tax Identification Numbers as the preparer’s identifying number on all tax returns and tax refund claims that they prepare.
A&A

How the health care bill will impact individuals, businesses

The new health reform bill was signed by President Obama Tuesday. The Congressional Budget Office estimates the health care overhaul will cost $940 billion over 10 years, and will cover 32 million uninsured individuals.
Tax

Auditors called on the carpet over Lehman collapse

The controversy surrounding the demise of Lehman Bros. spells trouble for the audit profession as it, once again, finds itself in the spotlight for all the wrong reasons. How was such a large investment bank allowed to collapse?
Tax

Threats to IRS increase after fatal plane crash

Internal Revenue Service watchdogs are looking into more than 70 reports of threats or inappropriate comments made to agency workers following a private plane crash into an IRS building in Austin, Texas, that killed the pilot and an agency employee last month.
Tax

Two IRS employees indicted for theft of government money

Two IRS employees in Covington, KY, were charged in a 29-count indictment for stealing thousands of dollars in money orders.
Tax

HIRE Act: Congress approves jobs bill second time around

A new bill – with a price tag of $17.6 billion and a prediction of creating 250,000 jobs – is on its way to President Obama for his signature. It’s the Hiring Incentives to Restore Employment, or HIRE Act.
Tax

IRS issues list of Dirty Dozen tax scams

The Internal Revenue Service has issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore, and phishing.“Taxpayers should be wary of anyone peddling scams that seem too good to be true,” IRS Commissioner Doug Shulman said. “The IRS fights fraud by pursuing taxpayers who hide income abroad and by ensuring taxpayers get competent, ethical service from qualified professionals at home in the U.S.”
Tax

Oscar swag bags loaded with taxable goodies

Even if you never watch Hollywood’s seemingly endless lineup of awards shows, you’re probably aware that the celebrities who appear on those programs are thanked with gift bags loaded with expensive items.
Tax

COBRA premium subsidy temporarily extended again

On March 2, 2010, President Obama signed the Temporary Extension Act of 2010 (the “TEA”) extending the COBRA premium subsidy eligibility period for an additional month, through March 31, 2010.
Tax

IRS wants new, controversial issues to dissect

The IRS wants business taxpayers, associations, and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers.
Tax

Senate moves to protect small business from unfair penalties

Small businesses get a break in the form of an extended moratorium on penalties related to tax shelters. Since last summer the IRS has been extending the moratorium a few months at a time.
Tax

Update: Bad guys plead guilty in two separate cases

Sherry Lynn Vertoch was arrested for posing as an agent of the Internal Revenue Service in order to gain free housing at a California hotel. If convicted, Vertoch could spend up to three years in prison.
Community News

Examiner: Lehman used aggressive accounting to hide borrowing

Anton R. Valukas, the U.S. bankruptcy court-appointed examiner of failed investment bank Lehman Bros., has found that the company used “materially misleading” accounting to make its balance sheet look stronger than it really was.
Tax

IRS announces qualified disaster treatment for Chile

The Internal Revenue Service this week issued guidance designating the February earthquake in Chile as a qualified disaster for federal tax purposes.
Tax

Citibank apologizes after exposing 600,000 Social Security numbers

More than half a million Citibank customers received mail from the credit card company with their Social Security number printed on the outside of the envelope.

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