Tax news July 2013

Tax

Crime Watch: July 12, 2013

A New Jersey man, who coowns and operates a wholesale merchandise business in New York selling adult paraphernalia, was sentenced to nineteen months in prison for concealing more than $1.2 million in income in various domestic and foreign bank accounts.
Tax

Will Taxes Affect Dwight Howard's 'Decision?'

UPDATE: Did Taxes Push Howard to the Houston Rockets? On July13, the Houston Rockets will hold a press conference to announce free agent Dwight Howard has decided to join their ranks.
Tax

House Proposal Would Slash IRS Budget by 24 Percent

If certain Republican lawmakers have their way, the IRS will have less of the taxpayers' money to play around with. A new budget proposal would limit the IRS budget to $9 billion – a reduction of 24 percent.
Tax

'Odd Couple' Baucus and Camp Launch Tax Reform Tour

The chairmen heading up the two major tax-writing committees in Congress - Max Baucus and Dave Camp - are taking a dog and pony show on the road this summer to promote the concept of comprehensive tax reform to the American public.
Tax

Tax Evasion: Jail Time Begins for Lauryn Hill

Lauryn Hill is officially behind bars. Her first meal, according to TMZ.com, was "tasty BBQ pulled pork with a side of carrots, peas, and sweet potatoes." Doesn't sound too punitive.
Tax

IRS Breach Exposes Thousands of Social Security Numbers

The IRS confirms it inadvertently posted Social Security numbers of tens of thousands of Americans on a government website. The identifying numbers relate to transactions by nonprofit political groups known as 527s.
Tax

Bada Bing? Gandolfini's Leaves Behind a "Tax Disaster"

The will left by "The Sopranos'" lead actor James Gandolfini is causing attorneys to scratch their heads. Some can't help but wonder - did the man who accumulated an estate worth about $70 million seek any legal advice at all before making his will?
Tax

Delay in Obamacare Rules Stirs Political Cauldron

The government is providing a temporary reprieve from one of the most onerous provisions in the monumental health care law often referred to as "Obamacare."
Tax

Crime Watch: July 3, 2013

A California man admitted that for tax years 2007 and 2008, he failed to report approximately $1,843,847 of income, resulting in an additional tax due and owing to the government of approximately $516,277. He faces a five-year prison sentence.
Tax

Football Player Terrell Owens Faces IRS Lien

UPDATE: Terrell Owens Clears Massive Tax Debt. Owens had joined a long line of top-earning sports figures who blew through their wealth quickly and ended up broke. According to "Sports Illustrated," this is part of a "financial pandemic" that plagues a lot of top-earning athletes, especially in the NFL.
Tax

Supreme Court Ruling on DOMA: Sudden Tax Impact

The Supreme Court's landmark decision striking down the Defense of Marriage Act (DOMA) will have far-reaching implications on many fronts. In particular, you may be scrambling to figure out the resulting tax impact under federal and state laws.
Tax

Free Agency Brings Back Pivotal State Income Tax Issue

The NBA free agency period began hot and heavy on July 1, and for the NHL, it starts July 5. This means, once again, state income taxes are weighing in as these players negotiate for new contracts.
Tax

IRS Spending Sprees Send Some to the Woodshed

Work for the IRS and you might be able to get all kinds of free perks, including pornography and electronics, expensive meals, and more - all on the taxpayer's dime. But these items aren't supposed to be free.

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