Tax news June 2012

Tax

Supreme Court Upholds Obama Health Care Law

The U.S. Supreme Court, in a 5-4 decision this morning (June 28, 2012), upheld President Obama's health care law, declaring the individual mandate constitutional as a tax.
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Tax

IRS Prescribes Rules for Health Care FSAs

A new IRS ruling provides guidance on a pending limit for FSAs. Beginning in 2013, the amount that a participating employee can contribute to an FSA for health care expenses is limited to $2,500.
4993
Tax

New York CPA Gets Two-Year Prison Sentence

Silford Warren of Queens, New York, was sentenced June 12 to two years in prison for failure to pay over employment taxes in connection with his ownership of Silford Warren, CPA PC.
3522
Tax

Court Shuts Down Orange County Tax Preparer

Ernesto Jesus Suarez of Orange, California, has been permanently barred from preparing tax returns for others.
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Practice

BDO Accepts Deferred Prosecution Agreement

BDO USA LLP (BDO) the seventh largest US accounting firm, agreed on June 12 to pay a civil penalty of $34.4 million to the IRS and forfeit $15.6 million to the US government as part of a deferred prosecution agreement.
4600
Practice

President Pushes Small Biz Tax Credits

June 8, President Obama hosted a White House press conference to urge Congress to pass “in full” the “bipartisan” jobs plan he introduced in September 2011 and the tax credits listed in his “job creating To-Do List for Congress.”
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Tax

Give Your Regards to the 'Cohan Rule'

The iconic showman George Cohan's most enduring legacy may be traced back to a landmark US Tax Court decision permitting him to deduct business expenses, even though he didn't have all the receipts needed to back up his claims.
2987
Tax

IRS Posts Draft Revised Withholding Forms Conforming to FATCA

In response to the new requirements imposed by the Foreign Account Taxpayer Compliance Act (FATCA), the IRS has prepared two new withholding certificates.
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Tax

Business Owner Pleads Guilty to Excise Tax Crimes and Fraud

Jason W. Leas, a Minnesota resident and cofounder of Best Used Trucks of Minnesota Inc., is facing a potential maximum penalty of five years in prison for excise tax crimes and fraud.
2476
Tax

IRS Throws Curve at Tony Gwynn's Ownership Bid

Baseball Hall of Famer Tony Gwynn is seeking to acquire an ownership interest in his former team, the San Diego Padres. But there's a potential problem - he reportedly owes more than $400,000 in back taxes.
4110
Tax

The Tax 'Miseducation' of Lauryn Hill

Grammy Award winner Lauryn Hill has been charged with failing to pay taxes on income totaling $1.8 million.
3983
Tax

Tax Preparer Caused $235,000 in Tax Loss to IRS

New York tax preparer pleaded guilty to one count of aiding and assisting in the preparation and presentation of a false and fraudulent return.
2795
Tax

Six Indicted in $18 Million Tax Fraud Scheme

Six individuals have been charged with conspiring to defraud the United States in filing false tax returns.
1800
Tax

Self-Proclaimed 'Governor' Gets 10 Years in Prison

Monty and Patricia Ervin were sentenced to federal prison for tax evasion and for conspiring to defraud the United States.
2208
Tax

IRS to Shutter 43 Offices to Cut Costs

The IRS recently announced that it will close down forty-three of its offices around the country and will consolidate space in others.
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Tax

Car Dealership Owner and CFO Plead Guilty to Tax Crimes

Charles Alan Pflueger, Randall Kurata, and Julie Kam plead guilty to filing false federal income tax returns.
2943
Tax

IRS Aims High to Crack Down on Identity Theft

The IRS is ramping up its efforts to crack down on personal identity thefts involving illegally procured tax return information by implementing a new pilot program in conjunction with Florida.
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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

CPAs Mira Finé, Scott Hitchcock, Rob Keasal, Kathy Scorcio, and Ken Travis offer ten pieces of financial advice for the newest Powerball winner.
Hang Bower of BDO USA and Dan Black of Ernst & Young share their perspectives on why their firms made the Best Places to Work for Recent Grads 2013 list.
Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
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