Tax news

Tax

Tax Reform? Mortgage Interest Is All About Location

According to a new study, the amount of the mortgage interest deduction for taxpayers differs widely across the country, with the biggest deductions claimed by those living along the east and west coasts.
Tax

Crime Watch: May 2, 2013

A federal court in Los Angeles has entered an order permanently barring John Trunzo from preparing federal income tax returns and other tax-related documents for others, the Justice Department announced April 30.
Tax

IRS Seeks Applications for the Internal Revenue Service Advisory Council

The IRS announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted through June 14, 2013.
Tax

IRS Summons Wells Fargo for Data on Offshore Accounts

A ruling in a San Francisco federal court on April 29 allows the IRS to seek information on US taxpayers who may have offshore bank accounts in the Caribbean. Judge Thelton E. Henderson authorized the IRS to serve a "John Doe" summons on financial services firm Wells Fargo & Co.
Tax

State Nexus Policies Focus of Bloomberg BNA Survey

Many states say they would find nexus as a result of owning a web server in their jurisdiction, telecommuting employees, and making transactions that involve non-US entities, according to the thirteenth annual "Survey of State Tax Departments" by Bloomberg BNA.
Tax

Crime Watch: April 29, 2013

Masood Chotani, a CPA from Los Angeles, was sentenced April 25 to two years in prison, followed by one year of supervised release, the Justice Department and the IRS announced. Chotani was also ordered to pay $60,705 in restitution to the IRS.
Tax

Which Sports Team Is Less "Taxing" for Free Agents?

UPDATE: In a trade announced this week, Florida scooped up another NFL superstar. The New York Jets traded star cornerback Darrelle Revis to the Tampa Bay Bucs. After the trade, Revis signed a six-year, $96 million contract, with no guaranteed money.
Tax

What's the Impact of Baucus' Retirement on Tax Reform?

Senator Max Baucus announced that he won't be seeking reelection in 2014. Instead, the Democratic senator from Montana intends to focus on helping to shape tax policy in our nation's capital until calling it quits for good.
Tax

Top Countries Using Tax Code to Shape Sustainable Corporate Activity

The United States ranked first among twenty-one countries most actively using the tax code to influence sustainable corporate activity, according to the inaugural edition of the KPMG Green Tax Index.
Tax

Study Identifies Popular Havens for Likely Tax Cheats

According to a recent report by the Taxpayer Advocate Service (TAS), an independent division within the IRS, some of the nation's largest cities may be hotspots for tax cheats.
Tax

New Law Requiring Tax on Internet Sales Moves Forward

The federal government moved one step closer toward imposing state sales tax on online retail sellers when the Senate voted on April 22, 2013, to bring the Marketplace Fairness Act of 2013 to the floor for limited debate.
Tax

IRS Issues Furlough Notices to More than 89,000 Employees

The IRS has identified five furlough days where the agency will shut down completely, leaving taxpayers without access to information and assistance from frontline workers.
Tax

Lauryn Hill May Avoid Prison for Tax Evasion

Eight-time Grammy-winning singer Lauryn Hill was back in court April 22, presumably for sentencing in the tax evasion case against her. With three possible counts of tax fraud against her, she was facing a year in prison for each count.
Tax

IRS Warns of Tax Scams Following Boston Marathon Tragedy

Since the bombings at the Boston Marathon on April 15, millions of dollars have been donated by people and businesses from across the country to help the families of the three people killed in the attack and those who suffered severe injuries.
Tax

Survey Shows Small Businesses Struggle with Complex Tax Code; Turn to Accountants

According to Sage survey results, the majority of small businesses that use the services of an outside accountant do so, in part, because of the complexity of regulations and tax code.
Tax

Crime Watch: April 19, 2013

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.
Tax

House Rejects Bill to Fire Federal Workers with Tax Debts

A bill that would have required the federal government to terminate workers who were delinquent on paying their taxes was rejected by the House of Representatives on April 15.
Tax

IRS Backs Down on E-mail Snooping but Not Posts or Tweets

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

Tax Freedom Day Finally Arrives for 2013

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.
Tax

Should Clients Ditch or Keep Tax Return Records?

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?

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