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Income 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.

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 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.

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.

There's an app for that: Track refund status for your clients

The Internal Revenue Service wants to remind taxpayers to use new mobile phone applications launched this filing season to check the status of refunds and to get other tax information on the go.

Famous names go round two with the Taxman

Rapper Lil Wayne probably breathed a sigh of relief a few months ago when he settled his $1.13 million debt with the Internal Revenue Service. But compared to the new lien just filed for income earned in 2008 and 2009, that previous bill must seem small.

Trump tax plan would have wiped out national debt

Several years ago, real estate tycoon and potential candidate for president in 2012, Donald Trump, proposed a tax plan that would have wiped out the multi-trillion dollar national debt, provided a tax cut to the middle class, and installed a safeguard to the Social Security system.

'Bonus depreciation' and 'Eligible small business' are top tax researcher requests

Intuit ProLine Tax Research has provided AccountingWEB with the monthly results of its internal search engine, showing the most-searched words and phrases made by tax preparers in the month of March.

IRS recognizes Japan disasters but warns taxpayers about non-deductibility of contributions

The Internal Revenue Service has issued guidance that designates the earthquake and tsunami in Japan in March, 2011 as a qualified disaster for federal tax purposes.

Senate repeals 1099 provision; bill goes to President Obama for signature

The Senate voted on Tuesday, April 5, by a vote of 87 to 12, to repeal the provision in the Patient Protection and Affordable Care Act that would have required businesses to file 1099 tax forms beginning in 2012 for all purchases over $600.

IRS announces another new filing deadline

The IRS has announced a new filing deadline for Form 8939, Basis for Property Acquired from a Decedent. Formerly due April 18, the new filing date has not been announced.

AICPA urges IRS to help safeguard electronic accounting records

In a letter this week, the American Institute of Certified Public Accountants urged the IRS to work with small business owners to safeguard private data included in electronic accounting software records that the IRS may request as part of an examination.
Tax Former IRS investigator lends his old employer a hand

After 30 years with the IRS, 25 of them as a special agent with the criminal investigation division, Al Drucker has heard just about everything when it comes to tax cheats.

Student tax preparers perform 'marriage' ceremony

Accounting students preparing tax returns at Northeastern State University's VITA clinic got to say, "I now pronounce you... Married Filing Jointly."

Accountants gone bad...

The following is a summary of the latest news about accountants, both public and private, whose careers have taken a turn for the worse.

Sister act: Alabama tax prep sisters each face 129 years in prison

Loretta and Tracey Fergerson have been indicted by a federal grand jury in the Middle District of Alabama on a variety of charges stemming from an identity theft and tax fraud conspiracy.

Rules for claiming the student loan interest deduction

The mortgage interest deduction is cherished by many, but the much-maligned student loan is another interest deduction not to be overlooked. And in some cases, parents can even reap the benefit.

Japan disaster provides proving ground for IRS tax scams

In the aftermath of the recent catastrophes in Japan, the tremendous generosity of average Americans will once again be in full swing. Scammers are well aware of this.

Charlie Sheen, out of work, faces tax issues

Unlike many other celebrities, Sheen has not been in the news for tax trouble. But his new situation poses some interesting tax issues.

E-filing mandate tightens for firms handling fiduciary tax returns

For the Spring, 2012, tax season, any firm filing more than 10 Federal fiduciary income tax returns will be required to file electronically, as will firms filing New York State fidiciary income tax returns This change will impact thousands of firms next tax season.


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