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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.