Tax news

Tax

Bloomberg BNA Projects 2014 Inflation-Adjusted Tax Rates

Bloomberg BNA last week released its projected US inflation-adjusted tax rates for 2014, which include many new amounts pertaining to the American Taxpayer Relief Act of 2012 and the Affordable Care Act.
Tax

Beanie Babies at the Center of Tax Scandal?

Who would've ever thought Beanie Babies would emerge as part of a tax evasion scheme? Only in America. But on September 19, the billionaire creator of Beanie Babies, Ty Warner, was hit with charges of tax evasion.
Tax

IRS Hounded Conservative Groups After Tax-Exempt Approvals

The "Tea Party scandal," which has been quietly simmering for several weeks, may boil over once again. A leading Republican lawmaker says the IRS continued to target conservative groups after they'd been granted tax-exempt status.
Tax

IRS to Crack Down on Tax Return Preparers

The TIGTA says the IRS has to do a better job of policing paid tax return preparers. And the IRS – which has been under fire on numerous other fronts – agrees with this assessment.
Tax

Crime Watch: September 19, 2013

Beth Ann Pettyjohn of Englewood, Colorado, was sentenced to serve twenty-eight months in federal prison for failure to pay over employment tax. The judge also ordered her to pay $4,669,532.05 in restitution to the IRS as well as a $25,000 fine.
Tax

2014 Income Tax Bracket Increase Estimates Revealed

Although slow rises in prices have been paired with only modest wage increases in many sectors of the current economy, taxpayers will at least receive some relief in 2014, thanks to the mandatory annual inflation adjustments provided under the Tax Code, according to CCH, part of Wolters Kluwer.
Tax

IRS Providing Tax Relief to Colorado Flood Victims

The IRS announced it is providing tax relief to individual and business taxpayers in four Colorado counties impacted by the recent severe storms that have caused flooding, landslides, and mudslides in that state.
Tax

TIGTA Report: IRS Tax Gap Estimate Needs Improvement

A new report released by the Treasury Inspector General for Tax Administration (TIGTA) on September 16 recommended that the IRS needs to make improvements to the tax gap estimate.
Tax

Crime Watch: September 13, 2013

A couple from Iowa and a Las Vegas accountant were charged September 11 with conspiring to defraud the IRS of more than $700,000 by allegedly using nominee corporations and bank accounts to hide their income and other assets.
Tax

Treasury Issues Proposed Rules for Information Reporting by Employers and Insurers under Affordable Care Act

On September 5, the US Department of the Treasury and the IRS issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Affordable Care Act.
Tax

Can You Afford Free? Taxes Spoil the Game Show Win

You've seen game shows where contestants hop around the stage excited beyond belief at the possibility of winning cash and prizes. What you don't see, according to some of the winners, is when the other shoe drops. That is, the tax shoe – and it drops fast.
Tax

IRS: Interest Rates Stay the Same for Fourth Quarter of 2013

Interest rates will remain the same for the calendar quarter beginning on October 1, 2013, the IRS announced September 5.
Tax

IRS Spent $10,000 Spoofing 'The Apprentice' in Training Video

A video the IRS released to the House Ways and Means Committee on September 6 that parodied Donald Trump and his show "The Apprentice" was made using taxpayer dollars at a total cost of approximately $10,000.
Tax

AICPA to Congress: Provide IRS with Sufficient Funds

In a letter sent to Congress on September 4, the American Institute of CPAs (AICPA) urged lawmakers to provide the IRS with "sufficient" funds to perform its duties.
Tax

Messi Pays Tax in Full, Ahead of 9/17 Court Date

Spanish soccer star Lionel Messi and his father, Jorge Horacio Messi, protested their innocence when authorities accused them of filing false tax returns last June. Still, they agreed to pay additional taxes to settle the government's claims against them.
Tax

New Tip-Reporting Rule Looms Large

A little-noticed tax change could have a major tax impact on business clients who own and operate restaurants or other establishments that commonly add automatic gratuities to the bills of large parties.
Tax

AICPA Nixes Proposed Tax Reforms for Pass-through Entities

The more Congress tries to simplify the tax code, the more complicated things seem to get. At least that's what the American Institute of CPAs (AICPA) believes about a proposal to consolidate the myriad of tax rules for pass-through entities.
Tax

Crime Watch: September 6, 2013

David Haigler, who pleaded guilty in US District Court for the Middle District of Alabama September 5, 2013, to one count of theft of public funds and to one count of passing US Treasury checks with forged endorsements, faces twenty years in prison.
Tax

Prison Doors Slam on Fat Joe for Tax Evasion

On August 26, as scheduled, forty-two-year-old rapper "Fat Joe" reported to a Federal Detention Center in Miami. He'll spend four months there, followed by a year of supervised release.
Tax

IRS: Sole Proprietorship Returns Up 1.8 Percent in 2011

Approximately 23.4 million individual income tax returns for tax year 2011 reported nonfarm sole proprietorship activity, an increase of 1.8 percent from 2010, according to a new report from the IRS.

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