Tax news November 2013

Tax

The Big Boon of the Marketplace Fairness Act of 2013

Over the last year or so, the Marketplace Fairness Act has gotten a lot of coverage. Although the act passed in the Senate, the House of Representatives hasn’t yet voted on its passage, and in some circles, there’s concern it won’t pass.
Tax

IRS Urged by TIGTA to Fix Weaknesses in Its Systems Security

The Treasury Inspector General for Tax Administration (TIGTA) concluded in a recent report that the IRS needs to step up its tracking efforts to eliminate weaknesses in the security of systems involving taxpayer data.
Tax

Ultra-Wealthy OK with California's High Tax?

Are the superrich leaving California? Despite the big talk, the ultra-wealthy don't seem to be going anywhere. But that doesn't mean the state isn't losing income and jobs.
Tax

Baucus Proposes Series of Sweeping Tax Reforms

Max Baucus released a series of comprehensive tax reform proposals over a three-day span. Specifically, the three drafts cover a restructuring of the international tax system, tax administration and fraud prevention techniques, and cost recovery deductions.
Tax

Tax Recommendations Aplenty in Latest IRSAC Report

The Internal Revenue Service Advisory Council (IRSAC) made several recommendations on a broad array of issues and concerns regarding tax administration in its annual report released on November 20.
Tax

Lois Lerner Was Slammed for Playing 'Blame Game'

It's been revealed that the supervisor in the Cincinnati office accused of wrongdoings by Lois Lerner, former head of the IRS Exempt Organizations (EO) division, took umbrage when the finger was pointed her way.
Tax

AICPA Asks IRS to Plan Ahead for Another Shutdown

In a media briefing held on November 8, high-ranking officials of the AICPA urged the IRS to develop and publicize a contingency plan in the event the government shuts down again January 16.
Tax

Bernie Madoff Employees on Trial as Assistant Scammers

The name Bernie Madoff probably rings a bell. It has also been known to set off a few whistles and sirens. His well-publicized crime masterminded the biggest Ponzi scheme ever recorded.
Tax

TIGTA Report: IRS Needs to Make Virtual Servers More Secure

The IRS has made significant strides in expanding its virtual environment, but more attention is needed to ensure its virtual server configurations are secure, according to a report released by the TIGTA.
Tax

Crime Watch: November 18, 2013

Chicago lawyer Gary J. Stern designed at least three tax-fraud schemes that helped hundreds of customers falsely claim over $16 million in improper tax credits and avoid paying income tax on at least $3.4 million.
Tax

IRS Warns Consumers of Possible Scams Relating to Relief of Typhoon Victims

On November 15, the IRS issued a consumer alert about possible scams taking place in the wake of Typhoon Haiyan.
Tax

AICPA Briefs Media on Three Pressing Tax Issues

On November 15, the AICPA held a conference call with various members of the media, including AccountingWEB. The briefing focused on three critical areas.
Tax

TIGTA Wants IRS to Improve Security Risk Assessments

In a report released publicly on November 14, the TIGTA emphasized that the IRS should take further steps to improve security at some of its facilities.
Tax

IRS Hands Over Tax-Exempt Training Materials to Nonprofit Publisher

In response to a lawsuit initiated by Tax Analysts, a nonprofit publisher of tax information and expert analysis, the IRS has released almost 3,000 pages of training materials used by its EO division, most of them dating from 2012.
Tax

TIGTA Says IRS Efforts on International Tax Compliance Succeeding

The IRS International Campus Compliance Unit has improved international tax compliance of individuals to the tune of 18,000 audits conducted and approximately $36 million in additional taxes assessed for fiscal years 2011 through 2013.
Tax

Freddie Mitchell: I Banged My Head and Committed Tax Fraud

When Freddie Mitchell entered his plea deal last March, he'd live to regret it, he now says. The former wide receiver thought the deal was the best way to go, after an investigation showed he was neck deep in tax fraud.
Tax

IRS to Launch Fishing Expeditions for Pass-Through Entities

The IRS doesn't always try to catch the biggest fish in the pond. Case in point: It has announced it will devote more resources to auditing various pass-through entities instead of focusing on the traditional corporate targets.
Tax

TIGTA: IRS Improperly Enforced Law Penalizing Erroneous Claims

A November 12 report released from TIGTA found the IRS significantly limited the number of erroneous tax refund and improper tax credit claims on which it could assess penalties.
Tax

With NFL Season Kickoff, Players Look to Cut Tax

UPDATE: Our recent article listed what NFL players can deduct on their taxes, and two of those deductions are making headlines in sports news this week: fines for personal behavior and rookie hazing expenses.
Tax

Taxman Tries to Lap NASCAR's Juan Pablo Montoya

If the IRS is correct, NASCAR driver Juan Pablo Montoya owes the government a bit of money. Like $2.7 million. Montoya concedes he may have underreported some income, but he maintains the IRS is way off.

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