Tax news August 2012

Tax

AICPA Recommends Changes to IRS Form 990

The AICPA has recommended changes be made to IRS Form 990, Return of Organization Exempt from Income Tax. Some observers say the once-straightforward form has become too complex.
Tax

NAEA Takes on Outdated Tax Provisions

The NAEA has announced its intent to focus its advocacy efforts on tax code provisions in desperate need of reform and to work with other interested stakeholders in requesting that Congress address this important issue.
Tax

Take Cover: IRS Agents Go on the Attack

Lately, the IRS has been bringing out one of its big guns: an "administrative summons" that compels taxpayers to hand over the books and other sensitive documents where they may have been hiding their dirty secrets.
Tax

Six Indicted in $1.2 Million Conspiracy

A federal grand jury in Montgomery, Alabama, returned a superseding indictment charging six Alabama women with conspiring to file false tax returns using stolen identities.
Tax

IRS Fears Tax Refund Delays

Do you think this year's tax return season was a nightmare? Wait until next year! The upcoming election and its potential fallout have IRS officials tossing and turning at night as they contemplate another year when expiring tax provisions will go down to the wire.
Tax

Fifteen-Year Prison Sentence for Tax Fraud

Gino Carlucci was sentenced to 188 months in prison for his role in conspiracies to commit money laundering and to defraud the IRS as well as for filing a false income tax return.
Tax

Tax Return Preparer in Kansas Shut Down

A federal court in Kansas City, Kansas, has permanently barred Ahferom Goitom from preparing federal tax returns for others.
Tax

Tax Refund Fraud to the Tune of $2.8 Million

Larreka Jackson, an Alabama tax preparer, was indicted on twenty-five counts for conspiring to file false tax returns using stolen identities, filing false claims, wire fraud, and aggravated identity theft.
Tax

Husband and Wife Face YEARS in Prison

A married couple has been charged with running a fraudulent advance fee scheme and tax evasion. The twenty-six count indictment seeks forfeiture of at least $3.7 million.
Tax

Nine-Year Prison Sentence for Tax Defier

An Arizona man was sentenced on August 10, 2012, to nine years in prison and ordered to pay fines of $1,021,500.
Tax

Identity Theft Fraudster Jailed for 81 Months

Yumeitrius Manuel was sentenced to eighty-one months in federal prison for filing false tax returns using stolen identities. The court also ordered Manuel to pay $52,242 in restitution to the IRS.
Tax

IRS Fraud Detection Failures. Shulman's Job on the Line?

A new report released by the TIGTA accuses IRS agents of "looking the other way" while illegal immigrants were assigned false ITINs. A key member of the House's tax-writing committee is calling for Commissioner Shulman to resign.
Tax

Man Allegedly Falsified Returns to Maximize EITC

The Justice Department has asked a federal court in Chicago to bar Bruce E. Grant from preparing tax returns. The suit alleges that Grant frequently fabricates business income and expenses to maximize EITC.
Tax

Tax Preparer Goes to Jail for Close to Five Years

Texas tax return preparer, Eddye Lovely, was sentenced to fifty-seven months in federal prison for aiding and assisting in the preparation of false tax returns.
Tax

Couple Sentenced for Hiding Millions Offshore

Sean and Nadia Roberts were sentenced July 30 before US District Court Chief Judge Anthony W. Ishii to twelve months and one day in prison for hiding millions of dollars in secret offshore bank accounts.
Tax

Former IRS Worker Admits He Hid Records

On July 31, former IRS employee Richard Andersen pleaded guilty to concealing records for a private business he owned.
Tax

Billions in ID Theft Tax Fraud Go Undetected

TIGTA estimates $21 billion could be refunded to identity thieves over the next five years. This is in addition to over $5 billion in tax refunds in 2011.
Tax

Treasury Department Unveils Model FATCA Agreement

The Treasury Department has just released a new "model agreement" designed to facilitate global information sharing about investments under the Foreign Account Tax Compliance Act (FATCA) of 2010.
Tax

Taxes Can Tarnish Olympic Gold

US swimmer Nathan Adrian won a gold medal in the 100-meter freestyle by one-hundredth of a second. Thanks to that millisecond victory, he'll owe at least $6,250 in federal income taxes.
Tax

Rapper Buys Back His Belongings at IRS Auction

The IRS collected $53,000 last week at an auction of jewelry and recording equipment once owned by rapper Young Buck, who claims he bought back some of his former possessions.

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