Tax news

Tax

Identity Theft Tops IRS ‘Dirty Dozen’ List of Scams for 2014

For the third straight year, identity theft heads the IRS’s list of the top twelve scams taxpayers should be wary of during tax season.
Tax

TIGTA Says IRS Needs to Upgrade Travel Procedures

In a new report released yesterday, the Treasury Inspector General for Tax Administration (TIGTA) says some IRS executives have been dodging taxes on travel excursions.
Tax

Bramwell’s Lunch Beat: Mt. Rushmore of Tax Professors

Here are “Bramwell’s Lunch Beat” menu items for February 19.
Tax

Celebs Talk a Big Game, But Will They Pay More Taxes?

Who wants to pay more taxes? If you’re waiting for a punch line, forget about it. With tax time underway, there will be a lineup of wealthy people, mostly celebrities, saying, “Please tax me more!” However, in many cases, their words don’t match their actions.
Tax

Tax Professionals: How Do You Protect Your Practice and Clients From Dishonest Employees?

This morning, I was reading an article in last year’s EA Journal about an EA who discovered that one of his employees had been stealing his clients’ refunds. It was a stunning revelation to this employer, because it had been going on for at least two tax seasons (2010 and 2011) without his knowledge.
Tax

Bramwell’s Lunch Beat: Mr. Wyden, Tell Us What You Really Think About the US Tax Code

Here are “Bramwell’s Lunch Beat” menu items for February 18.
Tax

2014 Tax-Filing Season Off to a Roaring Start

From January 31 – the opening day of the 2014 tax-filing season – until February 7, the IRS received 27.3 million income tax returns, up 2.5 percent from the 26.9 million returns it collected around the same time last year, the agency reported today.
Tax

IRS to Taxpayers: Hang Up the Phone

Typically, Presidents Day week is “prime time” for taxpayers to call the IRS with questions about filing returns and related issues. But because of government budget cutbacks that may result in longer call wait times, the IRS is asking taxpayers to use its website and other online tools instead to find answers to their questions.
Tax

Legislation to Exempt US Olympic Medalists from Tax Comes Out Right on Cue

Shortly before the Winter Olympics in Sochi got underway, Representative Blake Farenthold (R-TX) reintroduced legislation, the Tax Exemptions for American Medalists (TEAM) Act, that would provide tax exemptions to American athletes who win medals in the Olympics.
Tax

Olympic Medal Dreams: All That Glitters Is Taxable

Winning a medal in the Winter Olympics is not extremely lucrative for US athletes, with $25,000 awarded for gold, $15,000 for silver, and $10,000 for bronze. And that prize money is taxable by Uncle Sam. Even those with the lowest incomes will pay at least 10 percent to the IRS, and maybe more in state taxes.
Tax

Appeals Court: IRS Lacks Authority to Regulate Preparers

A federal appeals court panel of three judges on February 11 upheld a lower court’s ruling early last year that the IRS does not have the legal right to regulate the estimated 600,000 to 700,000 paid tax return preparers in the United States.
Practice Management

Tax Professionals: How Do You Respond When Someone Asks About Your Fee?

There’s a discussion going on in the Tax Business Owners of America LinkedIn forum about fees. It’s quite lively and has a lot of voices joining in.
Tax

Ohio Board of Tax Appeals Says No Relief for Two Former NFL Players

Two former pro football players, Hunter Hillenmeyer and Jeff Saturday, recently lost their individual cases before the Ohio Board of Tax Appeals last month. The board ruled that the games-played method of taxation the city of Cleveland uses does not violate the state’s constitution and is not unreasonable.
Tax

IRS Releases Version 4.0 of Mobile App

It might take slightly longer for taxpayers to get their tax refunds from the IRS this year, but at least they can do a better job of tracking the progress on their smartphones.
Tax

Report: IRS Criminal Prosecutions Up 23.4% under Obama

A new report from Syracuse University found that the number of referrals for criminal prosecution by the IRS has risen by nearly a quarter under the Obama administration compared to George W. Bush’s years in the White House.
Tax

Tax Refunds Could Be Grounded By Debt Ceiling Stand-Off

Is there a danger that the IRS won’t make good on its promise to send speedy federal income tax refunds to taxpayers? That’s a distinct possibility, according to Treasury Secretary Jack Lew and the Democrats on the House Ways & Means Committee.
Tax

Bramwell’s Lunch Beat: Orrin Hatch is Outraged Over IRS Employee Bonuses

Here are “Bramwell’s Lunch Beat” menu items for February 4.
Tax

Tips on How You Can Stand Out From Other Tax Professionals

Eva Rosenberg explains a few things you can do to make sure your clients don't go anywhere else for professional tax help.
Tax

Bramwell’s Lunch Beat: IRS: Don’t Call Us

Here are “Bramwell’s Lunch Beat” menu items for February 3.
Tax

Bramwell’s Lunch Beat: Psst … You Can File Your Taxes Now

Here are “Bramwell’s Lunch Beat” menu items for January 31.

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