Tax news

Tax

Income Tax Turns 100 in 2013: Die, Monster, Die!

In case you missed the big celebration, federal income tax turned 100 this month. Woo-hoo? February 3, 1913, was the day the Sixteenth Amendment to the US Constitution was passed, ushering in the nemesis of nearly every American, the good ol' income tax.
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Tax

Lindsay Lohan: Home on the Auction Block

Another round of bad news for the "Mean Girls" star Lindsay Lohan (age twenty-six) and her mom, Dina (age fifty). In early February they were greeted by an envelope tacked on the gate of their Merrick, New York, mansion.
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Tax

Battle of the Governors: Low Taxes vs. High Tans

The battle of words between two governors sounds a little like a schoolboy exchange. Texas Governor Rick Perry seems to be thumbing his nose at California Governor Jerry Brown. Brown is clearly annoyed, yet responding as if Perry is more of a mosquito than a threat.
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Tax

IRS Reports Traffic Delay for Refund Inquiries

In an unusual posting, the IRS has alerted taxpayers and professional practitioners that the Where's My Refund? feature and other related applications may not be available due to the extra-high volume of inquiries.
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Tax

IRS Warns of Delays with Schedule 8812 and Form 8867

The IRS is warning tax preparers of possible delays in processing tax returns or issuing refunds for two different forms, Schedule 8812 and Form 8867, because they either have been prepared incorrectly or are incomplete.
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Little Sympathy for Tax Debtor Casey Anthony

Here's one delinquent taxpayer who may not find many sympathizers as she works her way through bankruptcy proceedings - Casey Anthony. Anthony stood trial for murder after her two-year-old daughter disappeared and was later found dead.
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State of the Union: Table Is Set for Tax Reform

President Obama delivered a sweeping State of the Union address on a broad array of topics, ranging from the economy to immigration reform to gun control.
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Tax

Crime Watch: February 12, 2013

Hedge fund manager and CPA administrator Jonathan Davey was convicted by a jury in Charlotte, North Carolina, on February 8 for a $40 million Ponzi scheme. Ten other defendants were also convicted in the case.
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Tax

IRS to O.J. Simpson: Where's Our Money?

It's true that the IRS has slapped O.J. Simpson with two different tax liens over the years ($179,435.07 for 2007 to 2010, and $17,015.99 for 2011). California is still trying to collect $318,566.06 going back to 2000, on which Simpson has made no payments.
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Tax

IRS Accepting Returns with Depreciation, Education Credits This Week

The IRS is now accepting tax returns for processing that contain Form 4562, Depreciation and Amortization, and as of February 14, it plans to start processing Form 8863, Education Credits.
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Tax

How about a Little Sex with That Tax Audit?

That's what one Oregon taxpayer said he was offered by an IRS auditor. But it wasn't exactly a request, according to forty-year-old Vincent Burroughs. The "offer" came with a threat of hefty IRS penalties if he said no.
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Livestock – Depreciate? Inventory? Sell?

There are many different methods available to account for livestock, and it is important that farmers be knowledgeable of their options. Because of those many options, it is imperative that farmers utilize the tax planning services a tax professional can provide.
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IRS Intensifies National Crackdown on Identity Theft

Continuing a year-long enforcement push against refund fraud and identity theft, the IRS announced the results of a massive national sweep targeting identity theft suspects in thirty-two states and Puerto Rico, involving 215 cities.
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Tax

Ten Things To Do as a Tax Return Preparer

Now that we've entered the 2012 tax filing season, the IRS has posted "Ten Tips to Help You Choose a Tax Preparer" on its website. This new online guidance gives taxpayers insights into choosing a qualified professional to prepare their returns.
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Court Upholds Injunction; IRS Revives PTIN System

On February 1, the District Court for the District of Columbia, which had enjoined the IRS from enforcing its new regulatory schemes, modified its order to clarify that the IRS can continue to operate the system requiring PTINs.
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Crime Watch: February 5, 2013

Six people were sentenced for a nationwide scheme that caused the filing of tax returns for at least 180 clients from thirty different states, requesting more than $160 million in fraudulent tax refunds.
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IRS Adds Tumblr to Its Growing Lineup of Social Media Platforms

The IRS is reaching out to taxpayers with a growing array of social media platforms in order to deliver more timely information to filers and preparers. Its latest is Tumblr, which lets web browsers, smartphones, tablets, or desktops, access and share text, photos, videos, and podcasts.
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IRS Delays Accepting Returns That Include 31 Types of Forms

The IRS announced January 28, 2013, that it won't accept returns for processing that include Form 8863, Education Credits, until mid-February, or two weeks after the 2013 tax filing season begins. It’s one of many forms currently unavailable.
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Tax

Education Credit or Deduction? Read between the Lines

The American Taxpayer Relief Act has officially restored and extended several tax breaks relating to higher education. Should your clients claim a higher education tax credit or a tuition deduction for 2012? The answer? It depends.
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Tax

IRS Delays Accepting Returns That Include 31 Types of Forms

The IRS announced January 28, 2013, that it won't accept returns for processing that include Form 8863, Education Credits, until mid-February, or two weeks after the 2013 tax filing season begins. It’s one of many forms currently unavailable.
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Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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