Income tax

Tax

IRS and the mileage rate increase

The last time we saw a steep increase in gas prices at the pump, the IRS helped ease the pain with an increase in the allowable standard mileage deduction/reimbursement rates. There was a mid-year mileage rate adjustment in 2005, and another one in 2008.
Tax

Taxes are finished; which documents should you keep or pitch?

You’re done with the taxes for another year. Time to dump all the receipts and paperwork associated with preparing the return, you think. Not so fast!
Tax

IRAs for minors are an investment in a child's future

As traditional retirement age draws near for the Baby Boomer generation, many are wishing they had started saving earlier and more aggressively. If you want to help your children avoid that mistake, now is a perfect time to start them on the road to saving for a comfortable retirement.
Tax

Survey results: Heightened call for transparency is biggest challenge for multinationals

A majority of multinational company tax executives predict that a broadened international regulatory focus on increased transparency will be the most significant change their company can expect in international taxation over the next year.
Tax

AICPA wants IRS to allow e-file for S corporation election

The AICPA has recommended that the IRS allow electronic filing of the form electing S corporation status so that taxpayers will have immediate and verifiable conformation of the status.
Tax

Late filing attorney gives up right to practice before IRS

A Texas attorney accused of willfully failing to file his federal tax returns has been disbarred from practicing before the IRS. The attorney argued that his failures to file and pay were not the result of willful conduct but were due to personal circumstances beyond his control.
Tax

Tax planner jailed for tax evasion

A Salt Lake City tax planner has been sentenced to 10 months of prison, 12 months of supervised release, and ordered to pay the costs of prosecution for willfully failing to file a federal income tax return for 2001.
Tax

IRS turns up the audit heat again

The IRS is reporting that tax audits of individual taxpayers overall went up for the 2010 fiscal year. But that's not all. It appears that certain groups are being targeted.
Tax

IRS gets serious about return preparer rules

The PTIN registration is the first step in a multi-year effort by the IRS to provide standards for and oversight of the tax preparation industry. Starting this fall, certain paid preparers will be required to pass a new competency test.
Tax

Justice Department shuts down San Antonio tax preparation business

A federal court has barred Eddie Madrigal of San Antonio and his business, Madrigal Tax Express Inc., from preparing federal tax returns for others.
Tax

Philly tax firm barred from claiming the First-Time-Homebuyer credit for customers

A federal court has barred a Philadelphia tax preparation firm and its owner from preparing federal tax returns claiming first-time-homebuyer tax credits and tax deductions for certain expenses.
Tax

Senior executives ambivalent about prospects for corporate tax reform

Senior executives were split nearly 50/50 regarding the potential for reform in the corporate tax rate in the next two years, according to a survey by KPMG's Tax Governance Institute (TGI).
Tax

One sixth of Americans will contribute to tax gap for 2010 tax year

On Monday, April 18, at 11:50 pm EDT, the U.S. tax filing deadline passed and estimates show that over 16 percent of Americans will have failed to file their 2010 federal tax returns, report their full income, or pay their full 2010 tax liability.
Tax

1040 e-file disaster averted: How to meet the filing deadline when your tax return has been rejected

Procrastinators beware! Just because you e-filed your tax return before Midnight on April 18, that doesn't mean your tax return is timely filed.
Tax

2009 hiatus on mandatory IRA withdrawals contributes to 2010 penalties

Some taxpayers who had arranged for the RMD to be automatically deposited into their checking accounts every December deactivated that service in 2009, when the withdrawal was not required. They're paying the price now in unexpected penalties.
Tax

IRS commissioner proposes changes to the tax preparation process

Internal Revenue Service Commissioner Douglas Shulman says "looking back" has been the business model of the IRS since its inception in 1862, but dealing with taxpayer issues up-front is where the tax agency should be headed.
Tax

Ozzy and Sharon Osbourne at odds with the IRS

Not long ago they were one of the richest couples in the United Kingdom. Now Ozzy (real name John) and Sharon Osbourne are up to their eyeballs in tax trouble with Uncle Sam.
A&A

Obama signs repeal of expanded 1099 requirements

On April 14, President Obama signed legislation that repeals both the expanded Form 1099 information reporting requirements and the 1099 reporting requirements imposed on taxpayers who receive rental income.
Tax

Tax professor crowns national champion in 'April Madness' bracket

A cottage industry has sprung up around the bracket created for the NCAA Division I men's basketball tournament. Syracuse University professor Robert Nassau decided to create his own "April Madness" bracket centered around the tax code.
Tax

Short on cash? Last minute income tax payment options

Time is running out to pay income taxes by the Monday, April 18 deadline. The IRS has laid out the options for making payments with checks, credit cards, and e-funds.

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