Rathana Ung, the former director and officer of Lim's Income Tax and Lim's Tax, Inc., was sentenced to twelve months and a day imprisonment, one year of supervised release, and ordered to pay $103,736 in restitution to the IRS.
Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.
According to a press release by the Global Business Travel Association, a business and travel meetings organization with more than 5,000 members, "taxes levied specifically on travel-related services increased the total tax bill for a traveler by 58 percent in 2013."
During his confirmation hearing before members of the Senate Finance Committee, John Koskinen pledged that if he is confirmed as the next commissioner of the IRS, he would make the tax agency "the most effective, admired, and well-run agency in government."
Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
Gary Mach was sentenced to sixteen months in prison, two months of house arrest, and eighteen months of probation and ordered to pay $270,725 in restitution to the IRS after previously pleading guilty to conspiracy to defraud the United States.
Due to an underpublicized break for retirement contributions, certain taxpayers may cut their current tax bill while stockpiling funds for the future. The IRS recently reminded taxpayers of the "retirement saver's credit."
The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.