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Tax

Crime Watch: December 13, 2013

Rathana Ung, the former director and officer of Lim's Income Tax and Lim's Tax, Inc., was sentenced to twelve months and a day imprisonment, one year of supervised release, and ordered to pay $103,736 in restitution to the IRS.
Tax

Boxer Manny Pacquiao Now Cornered by Two Tax Opponents

Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.
A&A

Bramwell's Lunch Beat: Seidman Lands at Pace University

Here are "Bramwell's Lunch Beat" menu items for December 12.
Tax

Virginia Married Gay Couples Face Tax Dilemma

The Virginia Department of Taxation says it cannot legally allow same-sex married couples who are residents of Virginia to file their state tax returns using the married/joint status.
Tax

New Study Maps Out Travel-Related Taxes

According to a press release by the Global Business Travel Association, a business and travel meetings organization with more than 5,000 members, "taxes levied specifically on travel-related services increased the total tax bill for a traveler by 58 percent in 2013."
Tax

IRS Clarifies Tax Rules for Start-Up Costs of Terminated Partnerships

What are the tax consequences if a partnership technically terminates due to the sale or exchange of its interests? This issue is finally settled under new proposed regulations released by the IRS.
A&A

Bramwell's Lunch Beat: Farewell, OfficeMax

Here are "Bramwell's Lunch Beat" menu items for December 11.
Tax

Standard Mileage Rates Down for 2014

The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from this year's rates.
Tax

Rebuilding Public's Trust in IRS Top of Mind for Koskinen

During his confirmation hearing before members of the Senate Finance Committee, John Koskinen pledged that if he is confirmed as the next commissioner of the IRS, he would make the tax agency "the most effective, admired, and well-run agency in government."
A&A

Bramwell's Lunch Beat: Dog Days for Ex-Accountant

Here are "Bramwell's Lunch Beat" menu items for December 10.
Tax

'Tis the Season for a Budget Accord

Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
A&A

Bramwell's Lunch Beat: San Francisco's Soda Tax Battle

Here are "Bramwell's Lunch Beat" menu items for December 9.
Tax

Who Knew? Donating Body Parts Is a Taxable Event

Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
A&A

Bramwell's Lunch Beat: E-Filers Get Pat on the Back

Here are "Bramwell's Lunch Beat" menu items for December 6.
Tax

Crime Watch: December 6, 2013

Gary Mach was sentenced to sixteen months in prison, two months of house arrest, and eighteen months of probation and ordered to pay $270,725 in restitution to the IRS after previously pleading guilty to conspiracy to defraud the United States.
Tax

Don't Ignore This Tax Credit for Retirement Savings

Due to an underpublicized break for retirement contributions, certain taxpayers may cut their current tax bill while stockpiling funds for the future. The IRS recently reminded taxpayers of the "retirement saver's credit."
A&A

AICPA Expresses Concern with Cash Method Limitations in Baucus Proposal

The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.
A&A

Bramwell's Lunch Beat: How Twitter Masks Its Losses

Here are "Bramwell's Lunch Beat" menu items for December 5.
Tax

IRS Modernized e-File System Gets a Good TIGTA Review

In a report released publicly by TIGTA concluded the IRS Modernized e-File (MeF) system has successfully replaced the agency's Legacy e-File system as the primary e-filing platform for individual tax returns during the 2013 filing season.
Tax

IRS Testing BYOD Policy for Employees

The IRS is piloting a program that would allow employees access to work e-mail and other services on their personal smartphones, but according TIGTA, the IRS program should be cost effective and a full cost-benefit analysis is needed.

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