Tax news October 2013

Tax

Tax Rates, Standard Deduction, Exemptions Increase Due to IRS Inflation Adjustments

For tax year 2014, the IRS announced annual inflation adjustments for more than forty tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments.
Tax

IRS Announces 2014 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to Their 401(k) Plans in 2014

On October 31, 2013, the IRS announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.
Tax

IRS Now Processing 2014 PTIN Renewals and Applications

Preparer Tax Identification Number (PTIN) renewals and applications for 2014 are now being accepted and processed by the IRS.
Tax

NFL Players versus the IRS: It's a Tough Tackle

Professional athletes get a lot of glory, not to mention salaries that range from healthy to obscene, and all for doing what they love. It's one thing to envy their wealth, but when it comes time to file taxes, be glad you're not one of them.
Tax

TIGTA Wants IRS to Take Steps to Prevent Fraudulent Refunds

After reviewing the IRS's primary tool for detecting fraudulent tax returns, the TIGTA recommended the IRS take steps to fix ineffective income and withholding verification processes that are resulting in the agency issuing potentially fraudulent tax refunds.
Tax

TIGTA: IRS Contractor Employees Owe $5.4 Million in Tax Debts

A report released October 23 from the Treasury Inspector General for Tax Administration (TIGTA) revealed that hundreds of IRS contractor employees owe millions of dollars in federal tax debt.
Tax

Italian Taxmen Hound Soccer Player Diego Maradona to Pay Up

Diego Maradona took a chance returning to Italy this month where he was once a well-loved soccer star. When he visited back in 2009, the Italian tax authorities promptly confiscated two Rolex watches and a pair of earrings, valued at about $20,700.
Tax

Crime Watch: October 25, 2013

A Los Angeles man was sentenced October 24 to sixty months in federal prison for defrauding professional football player Dwight Freeney in a multimillion dollar fraud scheme.
Tax

Dave Camp Scolds IRS for Delaying Tax-Filing Season

According to Dave Camp (R-MI), the powerful chairman of the House Ways and Means Committee, the IRS' decision to postpone the start of the upcoming tax filing season could adversely affect taxpayers banking on early refunds.
Tax

Stephen Baldwin Chips Away at His Tax Debt

Last March when actor Stephen Baldwin made a plea deal in New York's Rockland County Court, he committed to paying off his back taxes within one year.
Tax

Shutdown Fallout: IRS Delays 2014 Tax-Filing Season

The 2014 tax-filing season, which was scheduled to begin on January 21, 2014, will be delayed approximately one to two weeks as a result of the recently concluded federal government shutdown, the IRS announced October 22.
Tax

Chicago Mayor Proposes Hike in Cigarette Tax

A seventy-five-cent increase in Chicago's cigarette tax that is being proposed by Mayor Rahm Emanuel will likely be included in the city's 2014 budget, which will be presented to the Chicago City Council October 23.
Tax

'Amazon Tax' Invalidated by Illinois Supreme Court

A two-year-old Illinois law that required all businesses to collect state sales tax on purchases made by Illinois residents – whether or not the merchant had a physical presence in the state – was invalidated by the Illinois Supreme Court October 18.
Tax

TIGTA Report: The IRS Must Do More to Reduce Improper Payments

The IRS has made no significant improvement in reducing improper Earned Income Tax Credit (EITC) payments, according to a report publicly released October 22, 2013, by the Treasury Inspector General for Tax Administration (TIGTA).
Tax

IRS Is Seeking Applications for Vacancies on the ACT

The IRS is requesting applications for membership to serve on the Advisory Committee on Tax Exempt and Government Entities (ACT). Written applications or nominations must be received on or before November 4, 2013.
Tax

IRS Issues Statement on Resumption of Post-Shutdown Services

As IRS employees are returning to work following the conclusion of the sixteen-day federal government shutdown that ended late last week, the agency said on October 18 it is assessing the impact the work stoppage had on its national operations.
Tax

Beauty Jeane Napoles Bathes in Cash: Mom Swims in Legal Sewage

Young, beautiful Philippine designer Jeane Catherine Napoles filled a bathtub full with currency, climbed in, and took a photo of herself bathing bare in a sea of money. Then she posted it on social media.
Tax

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock

Farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the IRS announced October 18.
Tax

Crime Watch: October 18, 2013

Randolph Scott of Doylestown, Pennsylvania, an attorney whose practice included estate and probate matters, was charged by Indictment on October 3, 2013, with defrauding a client's estate of more than $1.7 million.
Tax

'A Natural Evolution': Teresa Mackintosh Takes Helm of CCH

Almost eighteen months to the day that she began her tenure at CCH, Mackintosh is taking on a new responsibility: overseeing operations for the entire US CCH business as president and CEO.

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