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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.