The summer doldrums have set in. Aside from the occasional "emergency," your office is quiet, as most clients pursue outdoor activities and tend to personal business. Tax planning is probably the last thing on their minds.
Companies that take advantage of the varied tax laws of different countries to limit their tax payments claim they're maximizing shareholder returns. The result is that US companies hold huge cash reserves in countries with low tax rates.
A New Jersey man, who coowns and operates a wholesale merchandise business in New York selling adult paraphernalia, was sentenced to nineteen months in prison for concealing more than $1.2 million in income in various domestic and foreign bank accounts.
If certain Republican lawmakers have their way, the IRS will have less of the taxpayers' money to play around with. A new budget proposal would limit the IRS budget to $9 billion – a reduction of 24 percent.
The chairmen heading up the two major tax-writing committees in Congress - Max Baucus and Dave Camp - are taking a dog and pony show on the road this summer to promote the concept of comprehensive tax reform to the American public.
The IRS confirms it inadvertently posted Social Security numbers of tens of thousands of Americans on a government website. The identifying numbers relate to transactions by nonprofit political groups known as 527s.
The will left by "The Sopranos'" lead actor James Gandolfini is causing attorneys to scratch their heads. Some can't help but wonder - did the man who accumulated an estate worth about $70 million seek any legal advice at all before making his will?
A California man admitted that for tax years 2007 and 2008, he failed to report approximately $1,843,847 of income, resulting in an additional tax due and owing to the government of approximately $516,277. He faces a five-year prison sentence.
UPDATE: Terrell Owens Clears Massive Tax Debt. Owens had joined a long line of top-earning sports figures who blew through their wealth quickly and ended up broke. According to "Sports Illustrated," this is part of a "financial pandemic" that plagues a lot of top-earning athletes, especially in the NFL.
The Supreme Court's landmark decision striking down the Defense of Marriage Act (DOMA) will have far-reaching implications on many fronts. In particular, you may be scrambling to figure out the resulting tax impact under federal and state laws.
Work for the IRS and you might be able to get all kinds of free perks, including pornography and electronics, expensive meals, and more - all on the taxpayer's dime. But these items aren't supposed to be free.
A California man was sentenced to two years imprisonment, three years of supervised release, and ordered to pay $11,738,000 in restitution for aiding in the evasion of payment of federal payroll taxes.
With a Democrat in the Oval Office, the screams heard around the country were that the targeting of conservative groups was politically motivated, maybe even ordered by the Obama administration. Now the focus has shifted.
Last December, Rapper Fat Joe – real name Joseph Cartagena – was convicted of tax evasion on nearly $3 million of income from 2007 and 2008. The tax shortfall with penalties comes to more than $1 million, plus a $200,000 fine.
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.