Incomplete or missing documentation led the IRS to delay processing 43,295 Adoption Credit claims and approve more than $11 million in erroneous claims, according to a report publicly released by TIGTA.
With all the talk about income tax increases and cuts, you'd think there would be more discussion about a pending estate tax bombshell. But the prospect of higher estate taxes in 2013 doesn't appear to be a concern on the Hill.
Megastar Rihanna is fighting the accountants whom she blames for mishandling her finances and federal tax returns. She and her touring company are seeking tens of millions of dollars in compensatory damages.
Apparently, singer Lauryn Hill has changed her tune about her tax troubles. June 29, the Grammy award winner pleaded guilty to failure to pay federal income tax on more than $1.8 million earned by four corporations she owns.
The iconic showman George Cohan's most enduring legacy may be traced back to a landmark US Tax Court decision permitting him to deduct business expenses, even though he didn't have all the receipts needed to back up his claims.
Baseball Hall of Famer Tony Gwynn is seeking to acquire an ownership interest in his former team, the San Diego Padres. But there's a potential problem - he reportedly owes more than $400,000 in back taxes.
On May 21, a jury convicted William A. Herder of Ohio on federal tax charges, the Justice Department and IRS announced. Herder was charged with corruptly endeavoring to impair and impede the due administration of IRS laws, tax evasion, and five counts of failure to file tax returns. He was convicted of all counts.
The Mobile Workforce State Income Tax Simplification Act of 2011 would establish a uniform requirement that nonresidents would have to work in a state for more than thirty days before becoming subject to out-of-state income taxes.
The American Institute of CPAs (AICPA) has launched the Total Tax Insights calculator, a comprehensive calculator that was developed as a tool to enable taxpayers to estimate the amount they pay each year for the most common federal, state, and local taxes.
In IRS Revenue Procedure 2012-26, the IRS has announced the new inflation-adjusted increases for Health Savings Account (HSA) contributions and high-deductible health plan (HDHP) deductibles. These amounts apply to the 2013 calendar year.