Income tax

Tax

IRS Simplifies Option for Claiming Home Office Deduction

The IRS announced on January 15, 2013, a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
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Tax

Uncle Sam Takes "Real Housewife" to Task

Sheree Whitfield, the ex-wife of former Atlanta Falcons tackle Bob Whitfield and a former star on reality TV show "Real Housewives of Atlanta," is in trouble with the IRS for failure to pay taxes in 2009 and 2010.
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Tax

Jon Gosselin - From Stardom to Average Guy to Tax Deadbeat

When Jon Gosselin walked away from his wife in 2009, he also walked away from the income derived from their reality TV show, "Jon & Kate Plus 8." He hasn't paid any taxes since splitting with Kate; the result is a tax lien of $39,000.
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Tax

Tax Lien Hits Music Legend Stevie Wonder

Nobody is immune from the long arm of the California Franchise Tax Board, not even one of the key entertainers at President Obama's inaugural ball. The good news is Stevie Wonder can handle it. The tax lien is for a mere $40.
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Tax

IRS Provides Penalty Relief to Farmers and Fishermen

The IRS announced it will issue guidance to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.
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Tax

O.J. Simpson Hit with Tax Debt and Foreclosure

In prison for a total of thirty-three years, and he's still drawing fire from multiple sources. O.J. Simpson is being targeted by the IRS, and it's not the first time. The tax agency just filed a second lien on him for 2011 income.
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Tax

TIGTA to IRS: Get Tough on Noncash Charitable Contributions

TIGTA estimates that more than 273,000 taxpayers claimed about $3.8 billion in potentially erroneous noncash charitable contributions in tax year 2010, which resulted in an estimated $1.1 billion reduction in tax.
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Tax

IRS: Annual Inflation Adjustments for 2013

The IRS announced January 11, 2013, annual inflation adjustments for tax year 2013, including the tax rate schedules and other tax changes from the recently passed American Taxpayer Relief Act of 2012.
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Tax

Crime Watch: January 9, 2013

A Florida woman – who owned or controlled undeclared foreign financial accounts in excess of $42 million in 2007 and who caused a tax loss to the government of approximately $667,716 – has been ordered to pay a $21 million civil penalty.
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Tax

IRS Plans January 30 Tax Season Opening for 1040 Filers

Following the January tax law changes made by Congress under the American Taxpayer Relief Act, the IRS has announced it plans to open the 2013 filing season and begin processing individual income tax returns January 30.
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Tax

As 2012 Ends, Celebrities Pay Tax Debts, Sort Of

The Lindsay Lohan story never ends. To recap, 2012 started for her with two IRS liens. For 2009, she owed about $94,000 and for 2010, another $140,000. Next came a series of reports about bad behavior and financial irresponsibility.
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Tax

American Taxpayer Relief Act of 2012: What It Means for You

In the final hour of January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which in part addressed the dramatic sunset of favorable federal estate, gift, and generation-skipping tax exemption limits.
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Tax

IRS Provides Updated Withholding Guidance for 2013

The IRS today released updated income tax withholding tables for 2013 reflecting this week's changes by Congress. The new rates in effect for 2013 supersede the tables issued on December 31, 2012.
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Tax

New Tax Law Emerges Beyond the Fiscal Cliff

The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.
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Tax

Rapper Fat Joe Takes the Rap with the IRS

Like so many celebrities, the rap star who calls himself Fat Joe got behind on his taxes. But unlike many famous tax deadbeats, he's willing to take responsibility for his own blunder instead of blaming his handlers or lashing out at authorities.
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Tax

Gerard Depardieu Just Says No to Supertax

Gerard Depardieu's departure from France may have been premature. As December rolled to a close, the harsh "temporary supertax" that French President Francois Hollandee sought to impose on individuals he calls "the rich" was soundly rejected.
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Tax

Countdown to Preparer Registration: Don't Drop the Ball

As time ticks down in 2012, the IRS is once again reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they intend to offer their services in 2013.
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Tax

2012 Ends with Tax Bang for Some Celebrities

Pamela Anderson owes back taxes of about $370,000 related to 2011 income, Gary Busey’s tax debt is over $450,000, and Britney Spears owes more than $37,000 to the state of California. And then there’s O.J. Simpson. . . .
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Tax

IRS Q&A: Additional Medicare Tax

This Q&A from the IRS will provide employers and payroll service providers information that will help them as they prepare to implement Additional Medicare Tax which goes into effect in 2013.
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Tax

From Congress to Prison for Former Politician

Wester Cooley once belonged to the House of Representatives as a congressman from Oregon's second district. That was back in 1995 when he served one term. A lot has happened since then, and most of it hasn't been good.
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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