Tax news September 2010

A&A

Obama wants to expand, extend business tax credits

President Barack Obama has proposed a 100 percent bonus depreciation business tax incentive for 2011 to encourage business investment. Obama also wants Congress to make the research-and-development tax credit permanent.
Tax

UPDATE: Actor, tax evader Wesley Snipes faces accusation of stalking

More than a month after Wesley Snipes lost his bid for a new tax trial, his name continues to appear in court documents and news headlines. Most recently, a New York woman has accused him of stalking her as a way to resolve his tax woes.
Tax

Crocodile Dundee's Paul Hogan feels the bite of the tax man

Crocodile Dundee star Paul Hogan owes tax on AU $37.6 million (approximately $34 million U.S.) of undeclared income, according to the Australian Tax Office, which temporarily banned him from leaving the continent until he agreed to pay up.
Tax

Rapper Young Buck working on a deal with the IRS

Just a few weeks ago, rap star Young Buck (nee David Darnell Brown) made headlines of a dubious nature. That’s when Internal Revenue Service agents raided his home at gunpoint.
A&A

IRS form helps small businesses claim new health care tax credit

The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year.
A&A

IRS explains 2011 changes to flexible spending arrangements

The Internal Revenue Service has issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements (FSAs), to pay for over-the-counter medicines and drugs.
Tax

IRS can spell tax relief for disaster victims

"I'm from the government and I'm here to help you" may be regarded by some to be the most terrifying words in the English language, but not so when you are dealing with a disaster.
A&A

AICPA contracts NACVA to develop course for CPA forensic credential exam

The American Institute of Certified Public Accountants has engaged the National Association of Certified Valuation Analysts to develop a course to help CPAs prepare for the qualifying exam for the Certified in Financial Forensics credential.
Tax

IRS expected to drop UBS lawsuit

Officials with the Internal Revenue Service last week said that the agency would drop its civil lawsuit against UBS following assurances from the Swiss government that it was in the process of delivering information on thousands of American clients suspected of using UBS accounts to evade U.S. taxes.
Tax

Convictions upheld, fine reduced in KPMG tax shelter case

A $6 million fine levied against former KPMG LLP senior manager John Larson for selling illegal tax shelters was reduced by half last week by a U.S. appeals court.

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