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.
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.
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.
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.
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.
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.
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.
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.
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. . . .
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.
A New Jersey CPA was sentenced to fifty-four months in prison for a $500 billion fraud scheme. In addition to his prison term, he was sentenced to three years of supervised release and ordered to pay $43,582,699 in forfeiture.
Christopher Street Financial, a New York-based wealth management firm, was founded in 1981 when Bob Casaletto, a gay man who worked at Merrill Lynch, realized that the financial needs of people in his community weren't being met.
Just days ago, New York State tax authorities arrested actor Stephen Baldwin on felony tax evasion charges. Baldwin owes an estimated $350,000 in taxes and penalties, according to Rockland County DA Thomas Zugibe.
While everybody has heard much about the "fiscal cliff," many people don't realize just how hard a hit they might take. The details are none too favorable. Take for example, the alternative minimum tax (AMT).