Tax news November 2012

Education & Careers

IRS Announces New Members for ETAAC

The IRS announced today, November 30, 2012, its selection of four new members and a chairperson to the Electronic Tax Administration Advisory Committee (ETAAC).
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Tax

JH Offers Post-Sandy Service Tips

Jackson Hewitt Tax Service highlights some key considerations for tax service providers who want to help eligible taxpayers in their area take advantage of disaster-related tax considerations.
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Tax

Charlie Sheen to the Rescue for Lindsay Lohan

This hasn't been a great year for Lindsay Lohan. It started with an IRS tax lien for about $94, 000 for 2009 income, followed closely by another for nearly $150,000 for 2010 income.
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Education & Careers

KPMG Webcast to Examine 'Fiscal Cliff' and Business Tax Reform

On December 6, KPMG's Tax Governance Institute will host a webcast featuring insight and perspective from key Washington insiders on what may result from negotiations on the "fiscal cliff" and business tax reform.
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Tax

Crime Watch: November 28, 2012

Today's tax crime cases include that of a woman who's headed to prison for close to two years for filing at least seventy-six fraudulent income tax returns, falsely claiming refunds of approximately $533,434.
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Tax

Ex-Miami Marlins Face Tax Tsunami in Canada

Multimillion-dollar contracts are nothing unusual in major league baseball, and neither is trading. But the problem for five recently traded Marlins is that their remaining contracts will be paid out subject to much higher taxes.
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Tax

IRS Standard Mileage Rates Increase January 1

The IRS recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
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Tax

Uncertain Fate for Sports Lovers' Tax Break

"Bloomberg" news reports that based on their calculations, tax deductions for sports ticket owners cost the rest of us more than $105 million a year in tax revenue that the Treasury can't get its hands on. Yet.
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Tax

Football and Tax Fraud at U of South Dakota

In mid-November, nine people were indicted by a federal grand jury on charges of tax fraud conspiracy and identity theft. The defendants include four former athletes from USD and one current member of its football team.
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Tax

Crime Watch

Today's tax crime news includes a case against a Virginia tax fraud promoter whose customers allegedly filed more than $67 million in false refund claims, and a New York tax preparer charged in a scheme involving $7 million in fraudulent deductions.
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Tax

Stake Your Claim to FICA Refunds on Severance

Do you remember those payroll tax payments your client made a few years ago on severance packages for workers it was forced to lay off or fire? It's much more than "water under the bridge."
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Tax

Business Leaders Prepared to Give Up Tax Incentives

Business leaders are coming to the realization that if they want to see meaningful US corporate tax reform, they will need to give up some tax preferences in exchange for a lower statutory corporate tax rate, according to a survey by KPMG LLP.
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Tax

Nobody Beatz the Tax Man

A new wife, a new baby on the way, a multimillion-dollar house in escrow, and reports of back tax bills totaling more than $2.6 million. That's how rapper/producer Swizz Beatz has made news as the year draws close to the end.
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Tax

Tax Credits and Fraud Create Challenges for IRS

According to a new report from the TIGTA, the IRS processed most tax returns on a timely basis during the last tax season, but challenges included problems with tax credits and more fraud attempts than the previous year.
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Tax

A Call to Arms: Tax Breaks for Hiring Vets

Employers can claim a Work Opportunity Tax Credit by hiring veterans who start work before January 1, 2013, but they must file Form 8850 within twenty-eight days after the qualified veteran begins work.
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Tax

IRS Issues 'Storm Warnings' to Taxpayers

The IRS has sounded alarms of a slightly different nature than the ones issued by meteorologists earlier this month: A nationwide call for taxpayers to avoid scams in the wake of Hurricane Sandy.
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Tax

Combating Offshore Tax Evasion, Implementing FATCA

The Treasury is engaging with a broad coalition of foreign governments to effectively implement FATCA - it is a milestone in establishing an intergovernmental approach to combating tax evasion.
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Tax

Crime Watch

Today’s Crime Watch includes coverage of a Barbados national sentenced to 114 months in prison and ordered to pay restitution of just under $1.7 million for devising and executing a stolen identity federal income tax refund fraud scheme.
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Tax

IRS Offers Trade-off to Help Hurricane Victims

The power still may be out for hundreds of thousands of residents in areas devastated by Hurricane Sandy, but at least the IRS is giving business people around the country another opportunity to help victims out.
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Election 2012

Obama Wins Reelection - But Congress Still Split

With Congress still split along partisan lines following the election, it's uncertain whether the President will be able to marshal the bipartisan spirit needed to address two of the most pressing economic issues.
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Pages

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
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