Tax news July 2010

Tax

Three famous tax cheaters take issue with the authorities

AccountingWEB appears to be developing a rogues gallery of taxation ne'er-do-wells as the same celebrities continue to make headlines. Wesley Snipes, Conrad Black, Lil Wayne, and Suge Knight are, once again, in the news.
A&A

D.C. launches amnesty program waiving penalties, fees on back taxes

Delinquent taxpayers will get a rare opportunity to pay outstanding taxes and interest to the District of Columbia, have their penalties and fees waived, and avoid criminal prosecution. The DC Tax Amnesty program will run from August 2 through September 30, 2010.
Tax

AICPA asks Congress to repeal new 1099 reporting provision

The AICPA has asked Congress to repeal the section of the new health care law that requires businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year.
A&A

BP seeks $9.9 billion tax credit for oil spill costs

On the same day it announced a $17 billion loss for the second quarter of 2010, BP this week said that it plans to claim a $9.9 billion taxation credit from the U.S. government for costs incurred during the oil spill cleanup operation in the Gulf of Mexico.
Tax

Revenue worries don't stop states from offering tax holidays

Taxpayers in 16 states will get sales tax breaks on the purchase of various school-related purchases during certain dates in July and August.
Tax

Is Bond, James Bond a cheat, tax cheat?

After years of playing secret service agent James Bond in the movies, Sean Connery might be on the wrong side of the law. The latest worry for 79-year-old Connery and his wife is a tax fraud investigation involving the sale of their land in Spain.
A&A

IRS offers one-time special filing relief program for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the IRS announced.
A&A

Dell shareholders to consider SEC settlement

Dell Inc. appears to be closer to an agreement with the U.S. Securities and Exchange Commission, which has been investigating the computer maker and its founder over questionable arrangements with Intel.
Technology

BNA Tax & Accounting launches quick tax reference application for BlackBerry

BNA Tax & Accounting has launched its first application for the BlackBerry with the creation of BNA Quick Tax Reference – an electronic version of its Quick Tax Reference Guide, which is made available annually in print to tax practitioners.
Tax

Block and Liberty: A marriage in the tax prep industry?

John Hewitt, founder of Liberty Tax Services, is reaching out to H&R Block to see if there might be a commercial marriage in their future.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
Tax

Justice Department shows no compassion for church's alleged tax shenanigans

The U.S. Department of Justice has asked a federal court to permanently bar Kevin Hartshorn from promoting an allegedly false church-based tax fraud scheme.
Tax

Former Tennessee inmate indicted for filing false tax returns while in jail

A Tennessee grand jury has indicted Walter Allen Johnson, aka "Beau" Johnson, of Sevierville, TN, for filing false claims against the United States as well as conspiring to defraud the United States.
Tax

Death of New York Yankees owner sends lawmakers scrambling

Members of Congress had years to close the loophole that would eliminate the estate tax completely in 2010. But they didn’t. Now that high-profile billionaire George Steinbrenner has died, some of them are scrambling to find a way to tax his wealth.
Tax

4.5 million businesses qualify for HIRE Act tax benefits

Businesses that have hired 4.5 million employees (so far) under the HIRE Act are expected to receive $8.5 billion in tax credits and exemptions.
A&A

Former Arizona congressman's accountant convicted of embezzling insurance premiums

Dwayne Lequire was found guilty by a federal jury in Tucson, Arizona, last week of eight counts of embezzling insurance premiums and one count of conspiracy.
Tax

Accounting errors, fraud are common problems for small businesses

Experts say the difference between errors and fraud is a question of intent. When it’s your money, does it really matter?
Tax

AICPA's tax accountants get immersed in tips, new law, and sunshine

Tax practitioners are meeting this week in the heat of southern Florida to learn about the latest tax tips and tools that they can use to improve their practices, as well as getting an update on what is going on in Washington.
Tax

After the convictions: Wesley Snipes, Richard Hatch, Method Man

In 2009, rapper Method Man, whose real name is Clifford Smith, was arrested on felony tax evasion charges, accused of not filing tax returns for 2004 through 2007. His defense was pretty self-incriminating.
Tax

Report: Taxpayer data might be at risk

Taxpayers’ personal data is vulnerable to disclosure because the Internal Revenue Service is failing to track all the contractors that store and process the information, and the agency is not fixing previously identified security weaknesses fast enough.

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