Tax news July 2013

Tax

Reality Bites for Teresa Giudice - A Star with Real Tax Woes

Reality star Teresa Giudice has been in money trouble for a while. On July 29, it all got a whole lot worse when a federal grand jury handed down a thirty-nine count indictment against her and husband.
Tax

Many States Offer Back-to-School Sales Tax Holidays in 2013

Did you know there are seventeen states where state sales tax charges are temporarily dropped on back-to-school items, such as clothing, footwear, classroom supplies, computers, and certain other products?
Tax

Minnesota Twins Heirs Go to Bat against IRS in Tax Court

When a truly wealthy person dies - like Minnesota Twins owner Carl Pohlad - the IRS doesn't give up easily on the possibility of collecting more taxes. Pohlad's heirs are now fending off the IRS, which wants more than the taxes already paid.
Tax

TIGTA Report: IRS Oversight of Revenue Officer Case Actions Can Be Improved

Improved oversight of revenue officers at the IRS is needed to ensure that case actions are completed timely, according to a report released publicly July 30, 2013, by the TIGTA.
A&A

Uncertain Prognosis: Industries Impacted by Health Care Reform

With key provisions of the Patient Protection and Affordable Care Act kicking in soon, industries navigating through a new health care environment present opportunities for accountants.
Tax

Large Chunk of Taxes Taken from Mickelson's UK Winnings

Phil Mickelson recently had about as perfect a two weeks in the United Kingdom as any professional golfer could hope for. Unfortunately for him, approximately 61 percent of his winnings will go to taxes.
Tax

Chris Zorich Avoids Prison in His Tax Evasion Case

Back in March when Chris Zorich faced a Chicago judge to answer for his tax failings, he took it like a man. In the long run, this attitude might have bought him some mercy.
Tax

Taxes Push Income of NFL #1 Draft Pick to Second Place

As of today, the top three NFL draft picks have signed their contracts. As predicted, the numbers came in with only a slight variation from 2012.
Tax

Bipartisan Bill Would Adjust Tax Liability for Mutual Insurers

Two Iowa lawmakers led a bipartisan group of five senators in introducing a bill on July 23 that would increase the alternative tax liability limitation for small property and casualty insurance companies.
Tax

Tax Reform: Listen, Do You Want to Know a Secret?

Congress appears to be getting serious about tax reform. Party leaders of the Senate's tax-writing committee have promised that any tax reform proposals made by their colleagues will be kept secret for fifty years.
Tax

Marriage Equality: NY Gay Couples to Receive Estate Tax Refund Post-DOMA

Same-sex spouses in New York who had to pay estate taxes following the death of their partner will get refunds from the state as a result of the recent US Supreme Court decision that found a section of DOMA unconstitutional.
Tax

Death Tax Grasps for More of William Davidson's Wealth

Anyone wealthy enough to own a major sports franchise is probably steeped deep in serious estate planning. William Davidson was no exception. In 2008, the year before he died, his net worth was $5.5 billion.
Tax

Crime Watch: July 25, 2013

A former manager of an H&R Block Preparation store has been sentenced to twelve months and one day in federal prison for using the identities of former tax preparation clients to file false returns with the IRS seeking fraudulent income tax refunds.
Tax

Bill Would Give Tax Benefits to Conservation-Minded Landowners

A bipartisan bill that would provide a permanent tax incentive to family farmers, ranchers, and other landowners who choose not to develop their land but preserve it for conservation is expected to be introduced by two lawmakers in the House.
Tax

Royal Baby or Commoner - What's the Cost?

The royal baby finally arrived July 22, and one thing seems certain. His royal parents, William and Kate, won't need to think about such trivialities as hospital bills.
Tax

Single Out Charitable Volunteers for Tax Breaks

Do some of your clients serve on the boards of private foundations or work in the trenches for public charities? Volunteers are entitled to deduct their unreimbursed expenses incurred on behalf of qualified charitable organizations.
Tax

Surprise! IRS Will Be Open for Business July 22

Maybe IRS agents checked their pockets and discovered some money they didn't know they had. At any rate, the IRS has announced it is canceling the furlough day initially scheduled for July 22. The offices will be open and fully staffed after all.
Tax

Crime Watch: July 18, 2013

A Texas man, who was arrested in an airport while attempting to flee the country, was indicted in the Central District of California in a multimillion-dollar identity theft and tax refund fraud scheme. If convicted, he faces a statutory maximum sentence of at least seventy-five years in federal prison.
Tax

Midyear Tax Planning: Drum Up More Business

The summer doldrums have set in. Aside from the occasional "emergency," your office is quiet, as most clients pursue outdoor activities and tend to personal business. Tax planning is probably the last thing on their minds.
Tax

Maximizing Returns or Unethical Tax Avoidance?

Companies that take advantage of the varied tax laws of different countries to limit their tax payments claim they're maximizing shareholder returns. The result is that US companies hold huge cash reserves in countries with low tax rates.

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