A massive case of organized tax and bank fraud culminated September 26 with the unsealing of four federal grand jury indictments accusing fifty-five people of participating in one or more illicit schemes, including the theft of more than 2,000 identities that were used to claim more than $20 million in bogus IRS tax refunds.
The IRS says it's improving procedures for reviewing tax-exempt applications. On September 24, the nation's tax collection agency released a new table showing the progress it has made in following recommendations outlined by the TIGTA.
Because of the federal government shutdown, the IRS will be unable to issue tax refunds until the stalemate in Congress is over, but the agency reiterated that all taxpayers should continue to meet their normal tax obligations.
The American Institute of CPAs (AICPA) has created a questions-and-answers page on the tax section portion of its website to help practitioners working to complete tax returns during the federal government shutdown.
The IRS has set the special per diem rates for substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014. The per diem rates went into effect October 1, 2013.
Despite the federal government shutdown that went into effect October 1, the deadline for many of the more than twelve million taxpayers who requested an automatic six-month extension from the IRS to file their 2012 tax returns and make payments will remain October 15.
Because of the widespread devastation to housing caused by storms and flooding in Colorado, the IRS will temporarily suspend certain limitations for qualified low-income housing projects that house people displaced by the storms and flooding.
A New York man admitted his role in one of the largest credit card fraud schemes ever charged by the Justice Department. He and a coconspirator caused more than $200 million in confirmed losses to businesses and financial institutions.
More than four years after Michael Jackson's death, the tug of war between his estate and the IRS seems to be heating up rather than nearing agreement. Some estate specialists wonder if the IRS is looking to tax assets they haven't generally taxed before.
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.
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.
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.
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.
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.
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.
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.