Income tax

Practice

IRS Unveils New Version of Smartphone App

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app is available on the Apple and Android platforms.
A&A

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."
A&A

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.
Community News

AccountingWEB Readers Find Time Management a Challenge

Few readers think time management is their strong suit, with the vast majority of respondents to a recent survey – 87.3 percent – saying they're either "OK, not great" at it or "could use some improvement." It's no wonder. During tax season, most accountants feel the tensions of too much work and too little time.
Tax

Paging All Capitol Hill Staffers: Pay Your Taxes!

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.
Tax

Most Say It's Wrong to Cheat on Taxes; Some Say It's Okay

Most taxpayers – the vast majority, in fact – say they would never cheat on their taxes and that it's wrong to do so. However, to 8 percent of taxpayers polled, it's okay to cheat "as much as possible."
Technology

Free Spreadsheet-Based Form 1040 Available for 2011 Tax Year

Glenn Reeves of Burlington, Kansas, recently released his fifteenth annual spreadsheet-based version of the U.S. Individual Tax Return, commonly known as Form 1040. Since 1997, Reeves has pursued this "labor of love," which means he allows any taxpayer to download and use the spreadsheet for free.
Community News

Romney Pays Low Tax, But It's Perfectly Legal

Romney has been catching a lot of flak for the relatively small amount of tax he pays, despite the millions in assets that he owns. But the GOP front-runner for president is only doing what the filthy rich usually do: paying the least amount of income tax they are legally obligated to pay.

Is the IRS Being Mean to Lindsay Lohan?

Lindsay Lohan has found herself in compromising positions before, and now she’s landed in another one. A report has surfaced that the twenty-five-year-old actress, who rocketed to fame in the 2004 film Mean Girls, is on the hook for almost $100,000 in back taxes owed to the Internal Revenue Service (IRS).
Tax

Video News Update for Week of January 9, 2012

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!
Tax

IRS Targets the Super-Rich for More Audits

It's not who you are or what you do, but how much you earn, as far as the IRS is concerned. New data released by the IRS indicates that the chances of being audited increase dramatically if your income reaches into seven figures. On the flip side, taxpayers earning less than $200,000 can rest a little easier.
Election 2012

Cain Vows to Keep 9-9-9 Part of GOP Presidential Race

Earlier this month, Herman Cain announced that, despite the fact he is no longer on the GOP ballot, he will continue to take his 9-9-9 tax reform and economic recovery plan to the public through his newly formed Solutions Revolution bus tour and media blitz.
Tax

IRS Releases "Extra Points" about 2011 Tax Returns

The Internal Revenue Service (IRS) has kicked off the 2012 tax return season with a series of five new Fact Sheets that were released the first week of January. In them, the IRS discusses recent changes, improvements, free services, and more that are relevant to both taxpayers and practitioners.
Tax

New York Tax Preparer Pleads Guilty to Filing Fictitious Tax Returns

New York tax preparer Howard Levine has pleaded guilty to filing false tax returns containing contained fictitious deductions, business expenses, and corporate losses.
Tax

IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17

On January 4, the IRS announced that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it's the best way to ensure accurate tax returns and get faster refunds. The IRS has made a number of improvements to help make tax season easy for taxpayers.
Tax

Pride of the Yankees? Hal Steinbrenner Sued by the IRS

A lawsuit – filed by the IRS on December 27, 2011, in federal court in Tampa, Florida – aims to recover the funds issued to Hal Steinbrenner, managing general partner of the Yankees, on December 28, 2009. The refund resulted from a dispute between the Steinbrenner family and the IRS for the 2001 tax year as well as audits of the team's parent company for the 2001 and 2002 tax years.
Election 2012

Some CPA Analysts Question if Romney's Tax Reform Approach Will Fly

Some Republican candidates' tax reform platforms have spurred discussion and controversy, but Mitt Romney's "Believe in America" plan for jobs and economic growth has drawn relatively little discussion. One CPA analyst argues that Romney is "staying status quo on the personal side of the tax equation."
Tax

Wrangling Continues over the Payroll Tax Cut

This morning (December 19), the Associated Press reported that "Boehner spoke after a chaotic weekend in which Senate leaders first failed to agree on a full-year bill, then coalesced around the two-month extension that passed overwhelmingly, only to spark a revolt among GOP conservatives in the House."
Tax

Filing Deadline Extended to March 30 for Some Tax-Exempt Organizations

The IRS announced that tax-exempt organizations with January and February filing due dates have until March 30 to file their returns. The extension is granted because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be offline January and February.
Tax

IRS to MC Hammer: We Can Touch This

It's Hammer time: The Internal Revenue Service (IRS) is going after MC Hammer for $779,585 it claims he owes in back taxes dating back to 1996 and 1997. According to entertainment news outlet TMZ, the federal government has initiated a lawsuit to recover the tax debt from Hammer.

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