Tax news August 2010

Tax

Tax preparers called upon to help reduce the tax gap

Tax preparers could be doing more to help reduce the tax gap if they had encouragement from the IRS, according to the Treasury Inspector General for Tax Administration (TIGTA).
Tax

The many personalities of tax returns (and the clients behind them)

Anyone who has prepared tax returns for a number of years likely has come to the conclusion that individual income tax returns have their own personalities as do the taxpayers that they represent.
Tax

SEC charges former Deloitte partner, son with insider trading

The U.S. Securities and Exchange Commission last week charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm's audit clients.
Tax

Business executives give VAT a thumbs down

Findings from a recent survey on the impact a value added tax (VAT) would have on American businesses show that majority of executives polled are against VAT and agree that it would significantly increase the cost of compliance.
Tax

Armed and dangerous: Sharp-shooting IRS agent guns down would-be robber

A female Internal Revenue Service special agent shot and wounded one of two suspects who attempted to rob her while she was on duty in the Bayview District of San Francisco during the early morning August 5.
Tax

IRS removes automatic debt indicator, discourages refund anticipation loans

The IRS has announced that starting with next year’s tax filing season it will no longer provide tax preparers and associated financial institutions with the “debt indicator,” which is used to facilitate refund anticipation loans (RALs).
Tax

IRS gives non-profits one last chance to preserve tax exempt status

Hundreds of thousands of small nonprofit organizations are at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009. These organizations can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program offered by the Internal Revenue Service.
Tax

Oregon mulls details of miles-driven tax to pump up revenue

Motorists are being urged to reduce their dependence on fossil fuels from the federal government, conservationists, and their own wallets. However, less money spent on gasoline comes at a cost.
Tax

Rep. Charles Rangel saga continues

The future is not looking bright for Rep Charles B. Rangel (D-N.Y.). The chief tax writer has been fighting a variety of ethics charges for quite a while.
Tax

Chris Tucker, Rob Lowe do battle with taxman

Right about now, 'Rush Hour' star Chris Tucker might be feeling a bit of a squeeze in the form of a federal tax bill for nearly $12 million. And, chances are, he’s still reeling from last year’s pinch from Arnold Schwarzenegger, which seems small in comparison.
Tax

Attempt to repeal 1099 requirement fails

Efforts by House Democrats on Friday to repeal an Internal Revenue Service filing requirement contained in the new health care legislation failed when the measure fell short of the two-thirds majority vote needed to pass.

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