Income tax

Tax

Study Identifies Popular Havens for Likely Tax Cheats

According to a recent report by the Taxpayer Advocate Service (TAS), an independent division within the IRS, some of the nation's largest cities may be hotspots for tax cheats.
Tax

Tax Freedom Day Finally Arrives for 2013

Tax Freedom Day® arrives today, the 108th day of 2013, according to the Tax Foundation's annual calculation. Americans will work well over three months of the year before they have earned enough money to pay this year's tax obligations.
Tax

Should Clients Ditch or Keep Tax Return Records?

Now that the tax return season is over – at least for those filers who didn't request extensions – invariably, some of your clients will ask you this question: How long do I need to keep copies of my tax return?
Tax

Marathon Bombing Aftermath: IRS Extends Tax-Filing Deadline for Boston Residents

UPDATE: Boston-area taxpayers and others affected by the tragedy at the Boston Marathon earlier this week now have until July 15 to file their taxes or make payments.
Tax

A Few Nuggets Found in Obama and Biden Tax Returns

Just before the April 15 due date, the White House released the 2012 federal income tax returns for President Obama and Vice President Biden. Both the POTUS and the Veep filed joint returns with their respective spouses. Overall, there were just a few mild surprises.
Tax

UPDATE - Tax Man to MLB: "Take Me Out to the Ball Game!"

Smart tax professionals who are aware of existing reciprocity laws can save professional athletes a bundle in taxes they don't really owe. That's why players have to rely on their tax advisors to know where reciprocity laws exist . . . and get it right.
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.
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.
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."
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.
Tax

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.
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.
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!
Tax

IRS 2011 Audit Rates Show Estate Tax Returns under the Microscope

The IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011, at close to a 30 percent rate of examination, while individual income tax returns with $1 million or more in income saw a slight decline in audit coverage.
Tax

IRS Releases 2012 Data Book; Examined 1 Percent of Individual Returns

On March 25, the IRS announced the release of its "2012 Internal Revenue Service Data Book," which provides a snapshot of agency activities.The report includes information about returns filed, taxes collected, enforcement actions, taxpayer assistance, and the IRS budget and workforce, along with other data.
Tax

Ex-Chicago Bear Zorich Up Tax Creek without an Excuse

No excuses for former Chicago Bear Christopher Zorich. He simply told the judge in March that he didn't file his taxes for 2006 to 2009 "in a timely fashion." He pled guilty on four misdemeanor counts of not filing federal income tax on more than $1 million.
Tax

Relief Available to Many Extension Requesters Claiming Tax Benefits

On March 20, 2013, the IRS provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they're attaching to their returns any of the forms that couldn’t be filed until after January.
Tax

Mike Tyson Has Heavyweight Tax Problems

When Mike Tyson was named heavyweight champion back in 1986, he was the youngest man ever to win that title. They called him "the baddest man on the planet." Over the course of his career, he made more than $300 million. But in 2003, he declared bankruptcy.
Tax

Stephen Baldwin Takes Plea Deal for Tax

A few months ago actor Stephen Baldwin was arrested – and released – on charges of failure to pay his New York State income tax for three years. Based on those charges, he could have faced four years in prison. In early March he returned to court and entered a plea agreement to resolve the issue.
Tax

Strip Club Tips Rain Tax Deductions for Rapper

Canadian Rapper Drake may have found an interesting loophole he believes will allow him a hefty deduction for tips at a strip club. That includes $50,000 in what he called "making it rain" money he spent at a club in North Carolina.

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