Tax news June 2010

Tax

Game, set, match to the IRS

Just before the start of this year’s French Open Tournament, news spread that Murphy Jensen, a doubles champion from the 1993 French Open, was neck deep in hot water with the Internal Revenue Service and two state tax agencies.
Technology

Social media under the microscope

Has social media run amok, converting our personal information into a commodity?
Tax

Fraud continues to plague homebuyer program

Iron bars might keep prisoners from physically picking our pockets. But that’s not enough to keep them – and others – from stealing millions in taxpayer money through fraudulent first-time homebuyer tax credits.
Tax

Push toward electronic filing continues

With a job as big as the Internal Revenue Service's, there has to be a pack of watchdogs – maybe several packs – to help the agency stay on track. That’s where Electronic Tax Administration Advisory Committee (ETAAC) comes in.
Tax

Collecting unpaid taxes four pennies at a time

Aaron Zeff is the owner of Harv’s Metro Car Wash in Sacramento, California. Imagine his surprise when, one day last March, federal agents showed up at his business demanding payment of an amount owed from tax year 2006. Just how much did Zeff need to cough up? Four pennies.
Tax

Four rap stars make the IRS hit list

The list of famous, well-paid people who owe back taxes is long and getting longer. Lately, it seems the names dominating the list are those of rappers.
Tax

IRS accepting applications for qualifying therapeutic discovery project

The Internal Revenue Service recently announced that small firms may begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.
Tax

Senate responds to glut of prospective homebuyers seeking tax credits

In response to the backlog of first-time homebuyers hoping to take advantage of federal tax credits, the Senate this week agreed to extend the measure for three months.
A&A

Massive extenders bill fails in the Senate

The $141 billion spending bill casually dubbed the extenders bill failed in the Senate yesterday. Forty-five Senators voted for it, fifty-two against.
Workplace Fitness

IRS issues regulations regarding tax on tanning services

The Internal Revenue Service recently has issued regulations outlining the administration of a 10 percent excise tax on indoor tanning services that goes into effect on July 1.
A&A

UPDATE: Next in a series of new legislation from Congress: Jobs and loopholes

If Senate Democratic leaders have their way, they will vote this week on the American Jobs and Closing Tax Loopholes Act, which is an amended version of a bill passed in late May by the House (HR 4213).
Tax

IRS deals professional poker player a bad hand

Poker has been good to Michael “The Grinder” Mizrachi. But his financial fortunes have hit the skids in recent months. Earlier this year, both his home and a rental property were lost to foreclosure. Then the Internal Revenue Service hit him with a tax lien for nearly $340,000.
Tax

Twin Cities IRS agent nabbed in alleged bribe attempt

A Twin Cities agent of the Internal Revenue Service, who had filed for bankruptcy approximately two weeks earlier, allegedly offered two businessmen a deal: I’ll cut your tax liability by more than 80 percent if you pay me $9,700.
A&A

AICPA Practitioners and TECH+ Conferences: The view from the crowd

For those who might think there is a stodgy side to conferences presented by the venerable AICPA, be prepared to change that notion. The recent Practitioners and TECH+ Conference was anything but stodgy.
A&A

Small company suffers massive embezzlements

The discovery of alleged fraud at Koss Corporation highlights some of the potential dangers that can lead to fraud within a company and demonstrates how small companies can be susceptible to massive losses.
Tax

Starr quality: Not what you want in a financial advisor

Being rich and famous does not necessarily make you smart. That could be why so many wealthy people trust the untrustworthy.
Tax

Disney employee finds out the hard way: Insider trading doesn’t pay

Disneyland may be the happiest place in the world, but one Disney employee and her boyfriend are not smiling.
Tax

State of Florida launching tax amnesty program July 1

Florida residents who owe back taxes can settle their debts without fear of penalties and criminal prosecution under an amnesty program that runs from July 1 to September 1.
Tax

Broke states and broken promises

According to a recent report from the National Association of State Budget Officers and the National Governors Association, state fiscal conditions "have continued to worsen" and state revenues can be expected to lag behind a national economic recovery by one to three years.
Tax

More whistleblowers needed, organizational transgression appears to be growing

Whistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.

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