Tax news

Tax

Update: Stephen Baldwin's Tax Case Moves On

Just a few months ago in December, actor Stephen Baldwin was arrested on charges of failure to pay state income tax in New York relating to income from 2008, 2009, and 2010. The tax debt, with interest and penalties, came to around $350,000.
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Tax

IRS Seeks Applications for Information Reporting Program Advisory Committee

The IRS is requesting nominations for membership to the Information Reporting Program Advisory Committee (IRPAC), a federal advisory panel that advises the IRS on various tax administration issues.
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Tax

TIGTA Addresses IRS' Trouble Processing Foreign Currency Tax Payments

The IRS is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a report from the Treasury Inspector General for Tax Administration (TIGTA).
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Tax

Crime Watch: April 4, 2013

A federal jury in Montgomery, Alabama, found James Timothy Turner, also known as Tim Turner, guilty of multiple tax crimes. He faces a potential maximum prison term of 164 years, a maximum potential fine of $2,350,000, and mandatory restitution.
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Tax

Online Sales Tax Court Decision Could Set Stage for Supreme Court Showdown

A court ruling last week that upholds a decision to force online retailers to collect New York State sales tax may force a Supreme Court battle or action by Congress to allow states to claim tax revenues they've lost to online purchases.
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Tax

AICPA Comments on IRS Changes in Cancellation of Debt Reporting

The American Institute of CPAs (AICPA) said it supports the IRS' proposed guidance governing the reporting of the cancellation of debt by lenders, but asks for some changes.
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Tax

IRS Asked to Clarify Rules for New Medicare Surtax

Critics are calling for the IRS to clarify certain rules relating to the new 3.8 percent Medicare surtax on net investment income (NII) that kicks in this year. Proposed regulations were issued in December, but advocates of business owners and estates have asked the IRS to shed more light on several murky areas.
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Tax

Should You Spend or Save Your Tax Refund?

According to the AICPA's annual survey to determine Americans' top financial concerns and assess their financial well-being, taxpayers say they're likely to use their tax refund conservatively – to build up savings, pay for day-to-day household expenses, or put toward debt.
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Tax

Billion $ Tax Bill? No Problem for Zuckerberg

When your income is in the billions, it stands to reason your tax liability will top a billion dollars too. On May 18, 2012, Facebook founder Mark Zuckerberg took his company public, and his income shot to $13 billion . . . with a "b."
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Tax

IRS Offers Six Tax Tips for the Self-Employed

With less than two weeks left in the current tax filing season, the IRS has issued six tax tips for the self-employed, a category that includes independent contractors and those who own their own businesses.
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IRS Posts Nine Tips for Deducting Charitable Gifts

The IRS often puts charitable deductions under the microscope. This area has been ripe for abuse in the past, but the rules for establishing and documenting gifts to charity were recently tightened.
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Survey Reveals Taxpayers Who Procrastinate Pay 33 Percent More than Early Filers

Taxpayers who procrastinate getting their returns prepared or who file for an extension will pay about one-third more in tax preparation fees than those who filed in January or February.
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Tax

Federal Budget Talks Focus On – What Else? – Taxes

At the very least, key members of the House and Senate are talking to each other about the federal budget. But talk – unlike the mounting debt of the country – is cheap.
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Tax

Linebacker Romanowski Loses $13 Million Tax Deduction

As a former defensive player, Bill Romanowski should've seen this latest round of trouble coming, but he didn't. Having been a linebacker for several teams over his career, he's seen his share of controversy.
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Tax

IRS Expands Law Enforcement Assistance Program on Identity Theft Nationwide

As part of its growing efforts to stanch identity theft crime, the IRS announced the nationwide expansion of its program designed to help state and local law enforcement agencies obtain tax return data needed for their local efforts in investigating and prosecuting thieves.
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Tax

Dionne Warwick: "Say a Little Prayer" for Singer's Tax Woes

Singer Dionne Warwick's back taxes are paid up now, said her publicist. The taxes are paid, but because some of those taxes went unpaid for almost two decades, she still owes $10.2 million in penalties and interest. Ouch!
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Tax

Former IRS Commissioner Everson to Practitioners: Buckle Up!

Mark W. Everson, the former Commissioner of the IRS, sees a bumpy road ahead in tax circles due to pending sequester cuts, growing taxpayer identification theft, and looming health care reforms. But Everson has complete faith in the nation's tax collector's ability to rise to the challenges it will be facing.
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Tax

TIGTA Says IRS CAP Program Works But Needs Additional Assessment

The TIGTA said in a report publicly issued March 26, that the CAP program, a new cooperative effort between the IRS and business taxpayers to conduct real-time audits, is receiving positive feedback, but it may not be cost-efficient.
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Tax

Court Denies IRS Appeal to Lift Injunction on Tax Preparer Licensing

On March 27, a federal appeals court refused to lift an injunction issued January 18 by a lower court against the IRS' effort to license tax preparers. The ruling means the IRS' requirements for mandatory testing and continuing education of all tax preparers remain suspended.
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NFL's Freddie Mitchell Pleads Guilty in Tax Fraud Case

Former Philadelphia Eagles wide receiver Freddie Mitchell was back in the spotlight in early March, but he probably wishes he wasn't. This appearance wasn't on the field and not on an ESPN special, but in an Orlando federal court to enter a guilty plea for his role in a tax fraud case.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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