Tax news October 2012

Tax

IRS Gives More Time to Taxpayers and Preparers Affected by Sandy

The IRS announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until November 7, 2012, to file returns and accompanying payments normally due October 31.
Tax

Frankenstorm: Post-Hurricane Accounting for Casualty Loss

After Hurricane Sandy and subsequent damage to the Northeast region, taxes are probably the last thing on your mind. However, with disasters comes property damage.
Tax

Crime Watch

Our latest roundup of criminal cases includes a US postal worker who has been indicted for his involvement in stolen identity fraud and embezzlement. If convicted, he faces years of jail time.
Tax

It's Open Enrollment Season for PTINs!

The IRS has issued an important reminder to 730,000 federal tax return preparers around the country: Don't forget to renew your PTIN for 2013. It has also cautioned tax professionals who must meet new competency tests to schedule their exams.
Tax

YouTube Video Features Medicare Surtax

"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
Tax

IRS Told to Improve Controls over Refundable Tax Credits

The IRS may never recover millions of dollars in refundable tax credits that were given out erroneously, a new Treasury Inspector General for Tax Administration audit report contends.
Tax

Highlights of COLAs for '13

The IRS has announced various cost-of-living adjustments for 2013. Although inflation has remained on the low side this year, it was still high enough to move the needle on more than two dozen tax code provisions.
Tax

Crime Watch

Here's our latest roundup of tax crime news. Today's cases involve real estate mortgage fraud, tax evasion, an under-the-table payroll scheme, and an underground warehouse banking scheme.
Tax

California's Top Tax Delinquents for 2012

Every year California publishes a list of tax delinquents, many of whom are big names in Hollywood. This year is no exception, though some say the celebrity names come more from the B-list or farther down the alphabet.
Tax

Meeting with Your Tax Guy? Leave the Gun at Home

Rapper Richard Morales entered a tax preparation office and exploded in a fit of rage. Surveillance cameras show him pulling a gun on an accountant seated behind a desk where there was no visible means of escape.
Tax

The 'Hidden' Social Security Tax Change

Like clockwork, the SSA announces an increase in the annual Social Security "wage base" practically every October. This year is no exception. Among other changes, the SSA says the wage base will jump to $113,700 in 2013.
Tax

Crime Watch

Today's tax crime cases involve tax evasion, charitable organization donation kickbacks, false claims for tax refunds, bank fraud, aggravated identity theft, money laundering, and wire fraud.
Tax

IRS Commissioner Shulman to Step Down

On October 10, 2012, the IRS announced that Douglas Shulman, who has led the agency since 2008, is stepping down next month. "It has been an honor to serve the American people during this dynamic time," said Shulman.
Tax

Beanie Sigel: The 2012 Al Capone of Rappers?

Beanie Sigel is serving time in prison for tax evasion. Why didn't he file returns and pay taxes? That's a question many people ask about celebrities and other artists, most of whom have much healthier incomes than the rest of us.
Tax

Crime Watch

A woman in Georgia has been indicted for stealing the identities of the most vulnerable - the homeless and the disabled. The second case involves a tax refund scheme of national scope, wherein at least 180 clients from thirty different states were victimized.
Tax

Should Preachers Be Practicing Politics?

On "Pulpit Freedom Sunday," more than 1,000 pastors participated in a collaborated effort to defy the IRS by endorsing political candidates. Their message was clear: You can't tell us what we can and can't talk about to our congregations.
Tax

Attention, Shoppers: Tax Returns on Sale!

Are consumers inclined to drop off their tax returns at a department store kiosk after shopping for linens, sporting goods, or electronic gadgets? Both Liberty Tax Services and Jackson Hewitt are betting they are.
Education & Careers

IRS Needs Advisory Committee Members

The IRS is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input on relevant areas of tax administration.
Tax

Tax Fraud Promoters Get Lengthy Prison Sentences

Catherine June Floyd was sentenced to sixty months in prison, and William Scott Dion got an eighty-four-month sentence for tax fraud. Each was ordered to pay restitution of $3 million.
Tax

Firearms Training: IRS Meets the Wild West

The IRS Criminal Investigation Division needs to ensure that its special agents are taking and passing required firearms training, according to a new report from the Treasury Inspector General for Tax Administration.

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