After performance issues to its electronic filing system caused delays in processing tax returns during the 2012 filing season, the IRS has made several enhancements to the system over the past year that are expected to improve the tax-filing process.
California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
Athletic stars with big personalities and untarnished images can make far more by lending those images to major companies than they can by performing well at their chosen sports. But how is endorsement income taxed?
The "Tea Party scandal" at the IRS has claimed another victim: Lois Lerner, director of the IRS Exempt Organizations (EO) division, has been placed on administrative leave after refusing to resign. Ken Corbin was promptly named the EO acting director.
After the initial round of hearings held by three congressional committees this week, at least we know the IRS wrongfully targeted conservative "tea party" groups applying for tax-exempt status. But precious little else has been revealed.
There's one person – or maybe a group of people – who has yet to claim the largest Powerball jackpot in history: an estimated $590.5 million. The ticket was purchased on May 18 from a Publix supermarket in Zephyrhills, Florida.
Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Michael Parker of Baltimore, Maryland, who was the COO of TransCapital Corporation, a tax-advantaged investments company based in Virginia, was sentenced May 20 to fifty-four months in prison in KPMG tax shelter case.
Following Monday's disaster declaration for individual assistance issued by FEMA, the IRS announced May 21, 2013, that affected taxpayers in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties will receive special tax relief.
Matthew Knowles, music executive, television producer, father, and former manager of Beyoncé Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career.
Rapper Ja Rule spent the last nearly two years in prison at Ray Brook Correctional Facility in upstate New York on charges that included illegal gun possession and tax evasion. Now he'll finish his sentence on home confinement.
Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.
The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.
The IRS announced on May 16 that it's issuing refunds to tax return preparers who registered for certification tests that were canceled due to a court-ordered injunction in late March. Fees collected from tax preparers who tested on or after January 18, the date the tests were enjoined, are also being refunded.
The current controller of the US Office of Management and Budget has been appointed by President Obama as the new acting commissioner of the IRS, effective May 22. Daniel Werfel will take over the position vacated by Steven Miller, who resigned on May 15.
UPDATE: The battle with Seattle is over. For twenty-seven months, a group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer have pursued the Sacramento Kings, hoping to move them north to become the Seattle SuperSonics. But on May 15, the NBA Board of Governors voted down the sale.
A man who perpetrated a million-dollar investment fraud from California that defrauded New Jersey victims was sentenced May 14 to forty-six months in prison for crimes related to the scheme, US Attorney Paul J. Fishman announced.
Steven Miller, a twenty-five-year veteran of the IRS who has been the agency's acting commissioner since November 2012, resigned from his post on May 15, less than a week after the IRS admitted to and apologized for improperly scrutinizing the federal tax-exempt status of conservative groups.