Tax news

Tax

Tea Party Scandal: Oversight Committee and IRS Spar Over Documents

The congressional committee investigating the "Tea Party scandal" – the House Oversight and Government Reform Committee – and the IRS continue to snipe back and forth at each other.
Tax

Crime Watch: August 2, 2013

The Justice Department and IRS announced that John T. Hoang of Virginia pleaded guilty in federal district court in Washington, DC, to willfully aiding and assisting in the preparation of false income tax returns for tax year 2004.
Tax

Obama Nominates John Koskinen as Next IRS Commissioner

President Obama on August 1 nominated John Koskinen as the next commissioner of the embattled IRS. The president tapped the retired Koskinen because of his ability to lead an organization out of a crisis.
Tax

Is the IRS Stonewalling Congress?

Does it seem that the IRS scandal targeting conservative groups for extra scrutiny has been going for . . . well, forever? Certain Republican leaders in Congress think the IRS is prolonging the agony by holding back information.
Tax

Worker Classification Conundrum: Employee or Independent Contractor?

If your clients have workers they consider to be independent contractors, you may want to drill down to ensure they are classifying them correctly and they're not actually employees in the eyes of the government.
Tax

House Committee Report Stirs Up Tea Party Scandal

The Republican-dominated committee claims that fifty-six applications filed by conservative groups were still pending as of May 31, while no groups with "progressive" in their names had a pending application.
Tax

Reality Bites for Teresa Giudice - A Star with Real Tax Woes

Reality star Teresa Giudice has been in money trouble for a while. On July 29, it all got a whole lot worse when a federal grand jury handed down a thirty-nine count indictment against her and husband.
Tax

Many States Offer Back-to-School Sales Tax Holidays in 2013

Did you know there are seventeen states where state sales tax charges are temporarily dropped on back-to-school items, such as clothing, footwear, classroom supplies, computers, and certain other products?
Tax

Minnesota Twins Heirs Go to Bat against IRS in Tax Court

When a truly wealthy person dies - like Minnesota Twins owner Carl Pohlad - the IRS doesn't give up easily on the possibility of collecting more taxes. Pohlad's heirs are now fending off the IRS, which wants more than the taxes already paid.
Tax

TIGTA Report: IRS Oversight of Revenue Officer Case Actions Can Be Improved

Improved oversight of revenue officers at the IRS is needed to ensure that case actions are completed timely, according to a report released publicly July 30, 2013, by the TIGTA.
A&A

Uncertain Prognosis: Industries Impacted by Health Care Reform

With key provisions of the Patient Protection and Affordable Care Act kicking in soon, industries navigating through a new health care environment present opportunities for accountants.
Tax

Large Chunk of Taxes Taken from Mickelson's UK Winnings

Phil Mickelson recently had about as perfect a two weeks in the United Kingdom as any professional golfer could hope for. Unfortunately for him, approximately 61 percent of his winnings will go to taxes.
Tax

Chris Zorich Avoids Prison in His Tax Evasion Case

Back in March when Chris Zorich faced a Chicago judge to answer for his tax failings, he took it like a man. In the long run, this attitude might have bought him some mercy.
Tax

Taxes Push Income of NFL #1 Draft Pick to Second Place

As of today, the top three NFL draft picks have signed their contracts. As predicted, the numbers came in with only a slight variation from 2012.
Tax

Bipartisan Bill Would Adjust Tax Liability for Mutual Insurers

Two Iowa lawmakers led a bipartisan group of five senators in introducing a bill on July 23 that would increase the alternative tax liability limitation for small property and casualty insurance companies.
Tax

Tax Reform: Listen, Do You Want to Know a Secret?

Congress appears to be getting serious about tax reform. Party leaders of the Senate's tax-writing committee have promised that any tax reform proposals made by their colleagues will be kept secret for fifty years.
Tax

Marriage Equality: NY Gay Couples to Receive Estate Tax Refund Post-DOMA

Same-sex spouses in New York who had to pay estate taxes following the death of their partner will get refunds from the state as a result of the recent US Supreme Court decision that found a section of DOMA unconstitutional.
Tax

Death Tax Grasps for More of William Davidson's Wealth

Anyone wealthy enough to own a major sports franchise is probably steeped deep in serious estate planning. William Davidson was no exception. In 2008, the year before he died, his net worth was $5.5 billion.
Tax

Crime Watch: July 25, 2013

A former manager of an H&R Block Preparation store has been sentenced to twelve months and one day in federal prison for using the identities of former tax preparation clients to file false returns with the IRS seeking fraudulent income tax refunds.
Tax

Bill Would Give Tax Benefits to Conservation-Minded Landowners

A bipartisan bill that would provide a permanent tax incentive to family farmers, ranchers, and other landowners who choose not to develop their land but preserve it for conservation is expected to be introduced by two lawmakers in the House.

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