Tax news December 2010

Tax

Regulators terminate bank’s contract with H&R Block to stop loans

H&R Block Inc. disclosed last week that HSBC Holdings had ended its long-term contract to provide refund anticipation loans to H&R Block clients. HSBC acted under a directive from its federal regulator, which prohibited HSBC from offering any form of RALs.
Tax

Year in (1099 and W-2) review

With W-2 and 1099 reporting season in full swing (along with our nation's love of year-end lists) Greatland Corporation has released its inaugural selection of some of the year’s most news-making events as they pertain to 1099 and W-2 forms.
A&A

Charitable gifts from IRAs are ideal means to make donations

The clock is ticking. For tax and financial advisors of donors 70 1/2 or older, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 allows donors to tap their IRA to make qualified charitable distributions through January 31.
Tax

Celebrity stew: Stars up to their necks in IRS trouble

Rounding out 2010's cavalcade of celebrities mired in tax issues are actor Val Kilmer, songwriter Lamont Dozier, rapper Trick Daddy, and all-around weirdo Grace Jones.
Tax

New tax legislation creates, renews many breaks

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
Tax

Nicolas Cage: A tale of multiple foreclosures

Think you have issues with the IRS? Consider Nicolas Cage. By the latest count, he owes Uncle Sam approximately $14 million in back taxes relating to income from 2002, 2003, 2004, and 2007.
A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
Tax

Withholding tax tables available from IRS

The Internal Revenue Service has released the 2011 Percentage Method Tables for Income Tax that were developed as a result of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
Tax

Here a loophole, there a loophole

Most of the richest Americans that populate the annual Forbes 400 list gained their wealth by owning founders' stock. Allowing favorable tax treatment on this stock might be costing taxpayers by $100 billion a year, or $1 trillion over ten years.
Tax

CCH offers comprehensive coverage of 2010 tax relief legislation

CCH recently announced it is delivering resources to ensure tax professionals have access to the information and analysis they need to understand and apply provisions of the just-enacted Tax Relief Act.
Tax

BNA Income Tax Planner application includes tax law changes

BNA Software recently announced that the company has released version 2010.5 of its BNA Income Tax Planner for general availability. Version 2010.5 reflects the tax law changes contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Tax

Does tax court jurisdiction extend to U.S. Virgin Islands?

Generally, a U.S. citizen or resident who has income from sources within the U.S. Virgin Islands or income effectively connected with a trade or business in the U.S. Virgin Islands is required to file an income tax return with both the United States and the U.S. Virgin Islands.
Tax

Thomson Reuters offers analysis of Tax Relief Act on Checkpoint

The Tax & Accounting business of Thomson Reuters has issued an analysis of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Tax

Santa Claus, other seasonal employees risk making IRS naughty list

Santa might not have made the IRS's naughty list, but industry experts anticipate the agency could soon get more aggressive when it comes to ensuring proper wage and income reporting for seasonal workers.
Tax

Update: Obama signs tax bill into law

President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
Tax

Senate approves tax package that includes extending tax cuts, unemployment benefits

The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
A&A

SEC has five prominent fraud cases in one month

July was a busy month for the SEC. Five of the enforcement cases charged or settled that month involved large, well-known companies, including KBR, Goldman Sachs, Dell, General Electric, and Citigroup.
A&A

IRS watchdog: Six months of work saved taxpayers nearly $3 billion

The watchdog over costs and efficiency at the Internal Revenue Service has saved taxpayers almost $3 billion over six months, according to a new report to Congress.
Tax

More famous people in hot water with the tax man

Another bunch of celebrities is in trouble with Uncle Sam over tax debt. Singer Kelly Rowland, Eddie Murphy's ex-wife, and actor Cary Elwes are the latest.
Tax

IRS, FBI seeking financial records of Florida Republican Party

The Republican Party of Florida has been served with a subpoena seeking financial records related to $500,000 in charges on American Express credit cards issued by the party.

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