Right about now, 'Rush Hour' star Chris Tucker might be feeling a bit of a squeeze in the form of a federal tax bill for nearly $12 million. And, chances are, he’s still reeling from last year’s pinch from Arnold Schwarzenegger, which seems small in comparison.
AccountingWEB appears to be developing a rogues gallery of taxation ne'er-do-wells as the same celebrities continue to make headlines. Wesley Snipes, Conrad Black, Lil Wayne, and Suge Knight are, once again, in the news.
Delinquent taxpayers will get a rare opportunity to pay outstanding taxes and interest to the District of Columbia, have their penalties and fees waived, and avoid criminal prosecution. The DC Tax Amnesty program will run from August 2 through September 30, 2010.
Just before the start of this year’s French Open Tournament, news spread that Murphy Jensen, a doubles champion from the 1993 French Open, was neck deep in hot water with the Internal Revenue Service and two state tax agencies.
Iron bars might keep prisoners from physically picking our pockets. But that’s not enough to keep them – and others – from stealing millions in taxpayer money through fraudulent first-time homebuyer tax credits.
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Both unemployed (including some recent graduates) and certain currently employed Individuals looking for
work can dramatically increase their attractiveness to prospective employers by highlighting certain tax
breaks that employers can secure by hiring them.
Outright.com, the online bookkeeping service for the small, self-employed entrepreneur, recently announced the winner in its contest for who could come up with the strangest or most interesting excuse for needing a tax extension.
The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.
Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.