Tax news

Tax

Husband and Wife Face YEARS in Prison

A married couple has been charged with running a fraudulent advance fee scheme and tax evasion. The twenty-six count indictment seeks forfeiture of at least $3.7 million.
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Tax

Nine-Year Prison Sentence for Tax Defier

An Arizona man was sentenced on August 10, 2012, to nine years in prison and ordered to pay fines of $1,021,500.
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Tax

Identity Theft Fraudster Jailed for 81 Months

Yumeitrius Manuel was sentenced to eighty-one months in federal prison for filing false tax returns using stolen identities. The court also ordered Manuel to pay $52,242 in restitution to the IRS.
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Tax

IRS Fraud Detection Failures. Shulman's Job on the Line?

A new report released by the TIGTA accuses IRS agents of "looking the other way" while illegal immigrants were assigned false ITINs. A key member of the House's tax-writing committee is calling for Commissioner Shulman to resign.
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Tax

Man Allegedly Falsified Returns to Maximize EITC

The Justice Department has asked a federal court in Chicago to bar Bruce E. Grant from preparing tax returns. The suit alleges that Grant frequently fabricates business income and expenses to maximize EITC.
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Tax

Tax Preparer Goes to Jail for Close to Five Years

Texas tax return preparer, Eddye Lovely, was sentenced to fifty-seven months in federal prison for aiding and assisting in the preparation of false tax returns.
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Tax

Couple Sentenced for Hiding Millions Offshore

Sean and Nadia Roberts were sentenced July 30 before US District Court Chief Judge Anthony W. Ishii to twelve months and one day in prison for hiding millions of dollars in secret offshore bank accounts.
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Tax

Former IRS Worker Admits He Hid Records

On July 31, former IRS employee Richard Andersen pleaded guilty to concealing records for a private business he owned.
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Tax

Billions in ID Theft Tax Fraud Go Undetected

TIGTA estimates $21 billion could be refunded to identity thieves over the next five years. This is in addition to over $5 billion in tax refunds in 2011.
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Tax

Treasury Department Unveils Model FATCA Agreement

The Treasury Department has just released a new "model agreement" designed to facilitate global information sharing about investments under the Foreign Account Tax Compliance Act (FATCA) of 2010.
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Tax

Taxes Can Tarnish Olympic Gold

US swimmer Nathan Adrian won a gold medal in the 100-meter freestyle by one-hundredth of a second. Thanks to that millisecond victory, he'll owe at least $6,250 in federal income taxes.
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Tax

Rapper Buys Back His Belongings at IRS Auction

The IRS collected $53,000 last week at an auction of jewelry and recording equipment once owned by rapper Young Buck, who claims he bought back some of his former possessions.
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Practice

Should You Send Some Tax Work to India?

Are you having trouble hiring enough staff to do all your tax returns? Consider outsourcing some of the overflow to India.
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Tax

Florida State Rep Faces IRS Investigation

State Representative Daphne Campbell is under investigation for Medicaid fraud, prompting the state Democratic Party to ask Campbell "to consider stepping down," the <i>Miami Herald</i> reported.
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Tax

House Approves Firing of Tax-Delinquent Federal Workers

The House approved legislation on July 31 that would require the federal government to terminate workers with "seriously delinquent" tax debts.
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Tax

Guidance on ERISA Notice for Underfunded Pension Plans

The IRS has provided new guidance on notice requirements under the ERISA for single-employer defined plans, like pension plans, when the plan fails to meet certain funding levels (Notice 2012-46).
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Tax

IRS Visits to Preparers Not Very Productive

A review of the Return Preparer Visitation Project (RPVP) for FY 2011 by TIGTA found that major changes need to be made to the management of the program to improve its effectiveness.
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Tax

IRS: Too Many No-Change Audits of S-Corps, Partnerships

More than half of IRS audits of partnerships and S-corporations for 2011 closed with no change, according to two reports released recently by the TIGTA.
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Tax

Study Offers Insight into Nonprofit Governance

A new benchmarking study, "A Snapshot of Key Data Extracted from 2008-2010 Form 990s," assesses the governance practices of nonprofits. It is a follow-up piece to a similar study released in 2010.
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Tax

Dems Claim Hollow Victory on Tax Cut Bill

It was closer than initially expected, but the Senate approved a bill on July 25 to extend lower income tax rates for most Americans.
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Pages

Voice of the Editor

What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.

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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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