Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Michael Parker of Baltimore, Maryland, who was the COO of TransCapital Corporation, a tax-advantaged investments company based in Virginia, was sentenced May 20 to fifty-four months in prison in KPMG tax shelter case.
Following Monday's disaster declaration for individual assistance issued by FEMA, the IRS announced May 21, 2013, that affected taxpayers in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties will receive special tax relief.
Matthew Knowles, music executive, television producer, father, and former manager of Beyoncé Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career.
Rapper Ja Rule spent the last nearly two years in prison at Ray Brook Correctional Facility in upstate New York on charges that included illegal gun possession and tax evasion. Now he'll finish his sentence on home confinement.
Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.
The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.
The IRS announced on May 16 that it's issuing refunds to tax return preparers who registered for certification tests that were canceled due to a court-ordered injunction in late March. Fees collected from tax preparers who tested on or after January 18, the date the tests were enjoined, are also being refunded.
The current controller of the US Office of Management and Budget has been appointed by President Obama as the new acting commissioner of the IRS, effective May 22. Daniel Werfel will take over the position vacated by Steven Miller, who resigned on May 15.
UPDATE: The battle with Seattle is over. For twenty-seven months, a group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer have pursued the Sacramento Kings, hoping to move them north to become the Seattle SuperSonics. But on May 15, the NBA Board of Governors voted down the sale.
A man who perpetrated a million-dollar investment fraud from California that defrauded New Jersey victims was sentenced May 14 to forty-six months in prison for crimes related to the scheme, US Attorney Paul J. Fishman announced.
Steven Miller, a twenty-five-year veteran of the IRS who has been the agency's acting commissioner since November 2012, resigned from his post on May 15, less than a week after the IRS admitted to and apologized for improperly scrutinizing the federal tax-exempt status of conservative groups.
It was recently announced that Walt Disney Company–owned Lucasfilm Ltd. is planning to shoot and produce the next Star Wars movie in the United Kingdom. Chancellor George Osborne said the announcement is "clear evidence" the country's film tax incentives are working.
The IRS TCE program offers free tax help to individuals who are sixty or older. The IRS provides grants to eligible organizations, which use the funding to purchase equipment and to reimburse volunteers for out-of-pocket expenses.
Attorney General Eric Holder is scheduled to testify before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for improperly scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their applications.
It hasn't been a very good week for the IRS. First, a firestorm has erupted over its efforts to target conservative "tea party" groups applying for tax-exempt status. Now the Government Accountability Office (GAO) has released a new report saying that the IRS has to improve its internal controls.
Nobody wants to come in second instead of first. But depending on how the pieces of the tax puzzle fit together, second place could be a lot more profitable. Take a look at this recent scenario in which the number two draft choice netted well over a quarter million dollars more than the number one.
President Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups. The IRS apologized on May 10 for scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their names.
The United States, Australia, and the United Kingdom have announced a collaborative effort to share tax information from a multitude of trusts and companies holding assets on behalf of residents from far-flung places.
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.