Former IRS agent-turned-tax preparer Steven Martinez was sentenced April 15 to almost twenty-four years in prison for defrauding clients of more than $11 million and then plotting their murders to prevent them from testifying about the theft.
The IRS is changing its controversial policy of accessing taxpayer e-mails without first obtaining a warrant, but it’s not making any promises regarding social media postings on sites like Facebook and Twitter.
Tax Freedom Day® arrives today, the 108th day of 2013, according to the Tax Foundation's annual calculation. Americans will work well over three months of the year before they have earned enough money to pay this year's tax obligations.
Now that the tax return season is over – at least for those filers who didn't request extensions – invariably, some of your clients will ask you this question: How long do I need to keep copies of my tax return?
NBA agent LaPoe Smith Jr. of San Antonio is fighting one legal battle after another, though to some extent, the battles are connected. Smith has represented NBA stars that include Antoine Walker, Bo Outlaw, and Penny Hardaway as well as pro athletes from other sports.
Just before the April 15 due date, the White House released the 2012 federal income tax returns for President Obama and Vice President Biden. Both the POTUS and the Veep filed joint returns with their respective spouses. Overall, there were just a few mild surprises.
Smart tax professionals who are aware of existing reciprocity laws can save professional athletes a bundle in taxes they don't really owe. That's why players have to rely on their tax advisors to know where reciprocity laws exist . . . and get it right.
It looks like the last-minute run-up to the April 15 tax deadline has been particularly frantic for accountants, taxpayers, and the IRS this year. According to TIGTA, as of March 9, the IRS had received more than 65 million tax returns, down from the nearly 72 million returns filed during the same period in 2012.
The IRS continues to work on improvements relating to tax reporting of assets held in foreign banking accounts. Now it has released a new draft of Form 8957 that it expects will lead to increased compliance.
The United States has filed a civil injunction lawsuit seeking to shut down Mo' Money Taxes of Memphis, Tennessee. The complaint alleges that the estimated tax loss from fraudulent tax return preparation at Mo' Money Taxes in 2011 exceeds $9 million.
The IRS plans to spend 18 percent less time auditing businesses with assets of $10 million or more in its current fiscal year compared to two years ago, according to a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC).
In a tough economy, it's not likely that any fiscal changes will be met with cheers, and the $3.78 trillion budget proposed by President Obama on April 10 was no exception. His plan seeks to trim the deficit by $1.8 trillion over the next decade, leaning heavily on high-income earners to fill the gaps.
The National Treasury Employees Union (NTEU), the union that represents the IRS workforce, said IRS budget cutting is hurting taxpayers, in particular, senior citizens, small business owners, and the victims of identity theft.
The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
Actor and tax protester Wesley Snipes is almost a free man again, at age fifty. He was released from prison April 2, transferred to the New York Community Corrections Office, and will remain on house arrest till July 19.
What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
This is the groundbreaking virtual conference that gives you the experience of attending a major national conference without having to travel or leave your office. We're gathering national-caliber speakers from the accounting profession to share their knowledge and insights with you. We promise each session will contain valuable takeaways you can implement in your practice immediately.