Tax news May 2010

Tax

Three artists sing the tax-trouble blues

The Queen of Soul and the taxman are doing battle again – and Judy Collins and Toni Braxton are singing a similar tune.
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A&A

Tax departments more concerned with getting it right

An overwhelming majority of senior financial executives say their tax department’s top priority is not tax savings or their effective rate, but timely and accurate tax return and financial reporting.
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Tax

Former Detroit Lion in trouble as “Farr” as eye can see

Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
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Tax

Another round of actors in trouble with the tax man

What do Mary Ann, the Big Lebowski, Arnie Becker, and Cal Hockley have in common? The actors who played them are in tax-related trouble.
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Tax

IRS sending compliance questionnaires to 401(k) plan sponsors

The Internal Revenue Service has launched a compliance initiative aimed at 401(k) plans. Plan sponsors have 90 days to complete and return the lengthy questionnaire.
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Tax

IRS gives details on small business health care tax credit

The Internal Revenue Service recently issued guidance intended to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive.
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Tax

Unemployed can use tax laws to secure a job

Both unemployed (including some recent graduates) and certain currently employed Individuals looking for work can dramatically increase their attractiveness to prospective employers by highlighting certain tax breaks that employers can secure by hiring them.
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Tax

Strippers call for voluntary “pole tax” to help education

Long Island exotic dancers rallied last week in favor of a voluntary, $5 “pole tax” that would go toward education.
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Tax

Embezzling accountant cuts a deal

Usually accountants uncover stories like this one. Regrettably, sometimes they are the perpetrators.
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Tax

Outright.com announces winner for wackiest tax extension excuse competition

Outright.com, the online bookkeeping service for the small, self-employed entrepreneur, recently announced the winner in its contest for who could come up with the strangest or most interesting excuse for needing a tax extension.
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Tax

Statement from IRS commissioner regarding small charity filing deadline

Now that the May 17 filing deadline has passed, it appears many small tax-exempt organizations have not filed the required information return in time.
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Tax

HIRE Act: Payroll tax exemption claim form for hiring new workers available

The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
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Tax

U.S. ranks sixth among tax-friendly countries

The United Kingdom and the United States rank fifth and sixth, respectively, among tax-friendly countries, according to KPMG’s recently released Competitive Alternatives 2010, Special Report: Focus on Tax.
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Tax

Taxman to seller of luxury watches: Time’s up!

Christopher Wardle sells luxury timepieces costing more than $8,000 at his Bozeman Watch Company. But as far as the Internal Revenue Service is concerned…he’s run out of time.
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Tax

Average Joe or star athlete: The housing slump played no favorites

Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
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A&A

Diagnose tax rules in new health care law

The new health care law finalized March 25 – the Patient Protection and Affordable Care Act – includes sweeping changes for both employers and individuals.
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Tax

Report: IRS must improve verification techniques to prevent ID theft

The Internal Revenue Service must do more to protect the identity of taxpayers calling its toll-free assistance lines, a recent report concluded.
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A&A

COBRA premium subsidy extended for third time

Congress has extended eligibility for the COBRA premium subsidy for two months as one provision of The Continuing Extension Act of 2010 enacted April 15th.
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Tax

Fear factor: Intimidating print, TV ads used in amnesty program

Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.
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Tax

Amazon denies North Carolina’s request for tax-related information

North Carolina has raised the ire of online retailer Amazon by beginning an audit of its compliance with state sales and use tax laws.
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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.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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