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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.