Tax news December 2012

Tax

Crime Watch: December 28, 2012

The Justice Department is seeking to shut down two income tax preparers for falsifying tax returns costing the US Treasury more than $100 million. According to the complaint, they repeatedly prepared tax returns that understated customers' federal tax liabilities.
Tax

Countdown to Preparer Registration: Don't Drop the Ball

As time ticks down in 2012, the IRS is once again reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they intend to offer their services in 2013.
Tax

2012 Ends with Tax Bang for Some Celebrities

Pamela Anderson owes back taxes of about $370,000 related to 2011 income, Gary Busey’s tax debt is over $450,000, and Britney Spears owes more than $37,000 to the state of California. And then there’s O.J. Simpson. . . .
Tax

IRS Q&A: Additional Medicare Tax

This Q&A from the IRS will provide employers and payroll service providers information that will help them as they prepare to implement Additional Medicare Tax which goes into effect in 2013.
Tax

Crime Watch: December 19, 2012

Yikes. If convicted on all counts of fraud and for filing false claims for tax refunds, former New Jersey chiropractor David Moleski faces a maximum potential sentence of 318 years in prison.
Practice

Survey: Fiscal Cliff Uncertainty Weighs on Business Owners

The uncertainty surrounding the "fiscal cliff" is directly impacting the strategic decisions of many US business owners, according to a new survey by Sageworks, a financial information company.
Tax

From Congress to Prison for Former Politician

Wester Cooley once belonged to the House of Representatives as a congressman from Oregon's second district. That was back in 1995 when he served one term. A lot has happened since then, and most of it hasn't been good.
Tax

Medicare Surtaxes: Being Forewarned Is Forearmed

Regardless of whether or not Congress resolves the looming "fiscal cliff" crisis or the nation is allowed to fall into the abyss, two new Medicare surtaxes will take effect on January 1, 2013.
Tax

KPMG Survey: Senior Execs Weigh In on Fiscal Cliff

Almost half of senior executives polled said they don't expect an agreement on the so-called "fiscal cliff" negotiations by year-end, according to a survey of more than 2,500 business leaders conducted by KPMG's TGI.
Tax

Final Regs Diagnose New Medical Device Tax

Just a few heartbeats away from the New Year, the IRS has issued final regulations governing the imposition of a new excise tax on "medical devices," such as pacemakers and implantable defibrillators.
Tax

Modern Problems: IRS Computers Show Flaws

In a new report, TIGTA said that the IRS has made strides in developing and implementing significant IT capabilities during the past year, but still needs to make improvements.
Tax

Crime Watch: December 12, 2012

A New Jersey CPA was sentenced to fifty-four months in prison for a $500 billion fraud scheme. In addition to his prison term, he was sentenced to three years of supervised release and ordered to pay $43,582,699 in forfeiture.
Tax

Holiday Sales Tax Cheer for Online Retailers

The figures for holiday sales aren't in yet, but online retailers already have reason to celebrate: a proposal to tack onto a defense authorization bill an amendment that would impose sales tax on out-of-state sellers was booted at the last minute.
Tax

Stephen Baldwin: Arrested for Tax Evasion

Just days ago, New York State tax authorities arrested actor Stephen Baldwin on felony tax evasion charges. Baldwin owes an estimated $350,000 in taxes and penalties, according to Rockland County DA Thomas Zugibe.
Tax

MLB Update: What a Difference a Day Makes Tax Wise

At least one Major League Baseball player has succeeded in getting his next contract signed, sealed, and the ink dried before the 2013 tax hikes are likely to kick in.
Tax

New ITIN Rules for '13 Tax Filing Season

Do you remember that Individual Taxpayer Identification Number you helped a client attain a while back? Wipe it from your memory. The IRS has just announced that ITINs won't last forever anymore.
Tax

Crime Watch: December 7, 2012

Today's tax crime cases include that of a Florida man, who filed four tax returns requesting over $1.5 million in federal refunds, and is now facing a possible twenty-three-year prison sentence.
Tax

IRS Tinkers with New Tax on Medical Devices

A controversial component of the 2010 health care law imposes a new 2.3 percent excise tax on most medical devices, beginning in 2013. The IRS has just issued a fifty-eight-page document on implementation of the rules.
Tax

Accountants Prepare for Possible Expansion of AMT

While everybody has heard much about the "fiscal cliff," many people don't realize just how hard a hit they might take. The details are none too favorable. Take for example, the alternative minimum tax (AMT).
Tax

Thoughts on Charitable Giving

Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.

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