Income tax | AccountingWEB

Income tax


California's Top Tax Delinquents for 2012

Every year California publishes a list of tax delinquents, many of whom are big names in Hollywood. This year is no exception, though some say the celebrity names come more from the B-list or farther down the alphabet.

The 'Hidden' Social Security Tax Change

Like clockwork, the SSA announces an increase in the annual Social Security "wage base" practically every October. This year is no exception. Among other changes, the SSA says the wage base will jump to $113,700 in 2013.

IRS Commissioner Shulman to Step Down

On October 10, 2012, the IRS announced that Douglas Shulman, who has led the agency since 2008, is stepping down next month. "It has been an honor to serve the American people during this dynamic time," said Shulman.

Should Preachers Be Practicing Politics?

On "Pulpit Freedom Sunday," more than 1,000 pastors participated in a collaborated effort to defy the IRS by endorsing political candidates. Their message was clear: You can't tell us what we can and can't talk about to our congregations.

Attention, Shoppers: Tax Returns on Sale!

Are consumers inclined to drop off their tax returns at a department store kiosk after shopping for linens, sporting goods, or electronic gadgets? Both Liberty Tax Services and Jackson Hewitt are betting they are.

IRS Freezes Per Diem Rates for 2013

Now that new per diem rates for business travelers have been released, there's a definite chill in the air. The IRS has announced the rates for the government's 2013 fiscal year have been frozen at the same levels as last year.

45 States Have More Time to Replace Livestock

Farmers and ranchers who previously were forced to sell livestock due to drought, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the IRS announced.
Election 2012

The Secret is Out: Romney Tax Returns Released

The long awaited secret is out. The Romney campaign posted his full 2011 tax return September 21, along with a summary of taxes paid all the way back to 1990.

The Prince of Tax Trouble?

Not only is recording artist Prince in deep with the IRS, but his tax troubles now extend overseas as well. Prince was summoned by the IRS at the request of French authorities to appear before the French tax agency.

Tax Preparer Arraigned on 25-Count Indictment

A Texas tax preparer has been arraigned for preparing and presenting false federal income tax returns on twenty-five separate occasions between 2008 and 2011.

Tax Preparers Misusing Power of Attorney Forms

Some tax preparers are circumventing standard IRS procedures by using an electronic power of attorney form to obtain tax transcripts, increasing the risk that taxpayer information is being disclosed without proper authorization.

Swiss Low-Tax Gig Is Up for Wealthy Foreigners

Rich foreigners have enjoyed favorable tax treatment from Switzerland for a long, long time, causing the country to become a veritable magnet for the wealthy. However, growing opposition is forcing changes.

POTUS Gets Tax Policy Advice from Lindsay Lohan

President Barack Obama is surrounded by advisers, official and unofficial. Everyone has an opinion. But it's doubtful he expected to be getting tax policy advice from "Mean Girl" actress, twenty-three-year-old Lindsay Lohan.

Taxpayer Advocate Service Can't Do It All

The Taxpayer Advocate Service (TAS), inundated with calls for help from taxpayers dealing with the IRS, has had to clarify to taxpayers what it can and can't handle for them.

Could a Real-Time Tax System Become Reality?

IRS Commissioner Shulman has been gearing up the computers to accommodate the "real-time tax system" he has been envisioning for years. Now he needs Congress to pull the trigger on legislation that would authorize this approach.

Business Owner Pleads Guilty to Tax Fraud

A Garden Grove, California, business owner who built small electronic airplane parts for C5 cargo planes and F18 fighters has pleaded guilty to tax fraud.

Justice Dept Seeks to Shut Down Tax Preparers

Two tax return preparers are being sued by the Department of Justice for filing false deductions and credits, including federal fuel tax credits and education tax credits, on customers' federal tax returns.

Are IRS Outreach Efforts Working?

The IRS, which has been turning to online services and "facilitated self-assistance" methods to inform taxpayers, needs better information to determine if those efforts are successful, according to a new audit report.

Whistleblower Receives $104 Million from IRS for Exposing UBS

In what is considered the largest whistleblower award issued to a single individual, the IRS has given $104 million to the man who exposed a massive tax fraud by Swiss bank UBS.

Will Outsourcing Overseas Cut You Some Slack?

Do you think you're the only one in your office who can complete tax returns "the right way?" If so, outsourcing some of your tax work to India or some other foreign location isn't for you.


Premium content is currently locked