Income tax

Tax

Return Preparer Charged ‒ Preparing False Tax Returns for Drug Dealers

Rebecca Renae Powell, a resident of Wasilla, Alaska, has been charged with six counts of preparing false income tax returns for several clients whose primary source of income was from the sale of illegal narcotics.
Tax

Study: Taxpayers Willing to Sacrifice to Reform Social Security

A new study ? "The Effect of Accounting Information on Taxpayers' Acceptance of Tax Reform" ? suggests that if taxpayers had a different understanding of the financial sustainability of Social Security, they might be more willing to make sacrifices to reform the system.
Tax

Former Partner at BDO Seidman LLP Sentenced to Prison for Tax Crimes

Stephen A. Favato, a resident of Point Pleasant Beach, New Jersey, and a former partner in BDO Seidman LLP's Woodbridge, New Jersey, office, was sentenced to eighteen months in prison for tax crimes, the Justice Department and the IRS announced April 16.
Tax

New Case Spotlights 'Hobby Losses' of Filmmaker

Filmmaker Lee Storey, who produced and directed the documentary "Smile 'Til It Hurts: The Up with People Story," has emerged from a protracted battle with the IRS with a giant smile on her face.
Community News

ASTPS Offers Pro Bono Representation to Returning Combat Veterans

The American Society of Tax Problem Solvers (ASTPS) has launched a program to help returning combat veterans (RCVs) with IRS problems. ASTPS members have volunteered to represent RCVs for no fee as a way of expressing appreciation for their service.
A&A

TIGTA: IRS Can Take Action to Recognize/Investigate Fraud Indicators

By better ensuring that fraud indicators are recognized and properly investigated during field audits of individual tax returns, the IRS could increase revenue by an estimated $20 million a year, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).
Tax

Pennsylvania Tax Defier Sentenced to More Than Six Years in Prison

Troy Beam of Pennsylvania was sentenced April 10 to 74 months in prison by US District Judge Christopher C. Conner, the Justice Department, and the IRS. On May 4, 2011, Beam was convicted of tax evasion, obstructing and impeding the due administration of the IRS laws, and willful failure to file federal income tax returns.
Tax

DC Tax Return Preparer Indicted for Preparing False Tax Returns

A federal grand jury in the District of Columbia returned an indictment charging Enyinnaya Udo with twenty-five counts of aiding and assisting in the preparation of false income tax returns, the Justice Department and the IRS announced April 6.
Tax

Lionel Richie Sings a Different Tax Tune

Lionel Richie, the legendary singer who rose to fame with the Commodores and then carved out a highly successful solo career, has been slapped with a tax lien of $1.1 million by the IRS for unpaid income taxes attributable to the 2010 tax year.
Tax

Skier Lindsey Vonn's Tax Problems Snowball

Renowned skier Lindsey Vonn wasn't able to clear one hurdle that all taxpayers face. According to a news report, Vonn owes more than $1.7 million in taxes from 2010, a staggering total.
Tax

Let the IRS Notices Begin

You’ve finished the bulk of tax preparation. Sit back and relax. But don’t get too comfortable, because you can also expect the IRS to start studying the accuracy of returns and taking action on misreporting, underpayments, and errors. The IRS sends most notices to taxpayers within eighteen months after they file.
Election 2012

Obama and Biden Release Tax Returns – Are They Fair?

The two top executives in the US government – President Obama and Vice President Biden – released their 2011 federal tax returns this past week. The Obama's return resulted in an effective tax rate slightly higher than 20 percent. For the Biden, the effective tax rate was more than 23 percent.
Tax

Federal and State Tax Returns Due on Tuesday, April 17

Individual taxpayers have an extra day to file income tax returns, extensions, and estimated tax payments this year due to the Washington D.C. holiday, Emancipation Day, which is Monday, April 16.
A&A

Five Good Reasons to Obtain a Filing Extension

As you're nearing the tax return finish line, you probably have some clients who are stragglers or haven't "checked in" yet. Fortunately, you can still rely on the automatic tax filing extension to bail procrastinators out of a jam. Here's some valuable information to pass along to your clients.
A&A

IRS Notice 2012-22 Adjusts Energy Savings Percentage Guidelines

The Energy Policy Act of 2005 includes a tax deduction for investments in "energy efficient commercial building property" designed to significantly reduce the heating, cooling, water heating, and interior lighting cost of new or existing commercial buildings placed into service between 1/1/2006 and 12/31/2013.
Tax

Need an Extension to File Your Taxes? e-file!

If you have clients who want information about e-filing, you can pass this article along to them. We hope you'll find it helpful.
Tax

What To Do if You Can't Pay Your Taxes

With the end of tax season just around the corner, millions may be cringing over income tax bills they simply can't afford to pay. Ignoring payment is not an option, but there are alternatives that taxpayers facing this situation should know about, according to CCH.
Tax

Tax Tip: Add on Medical Expenses for a Nondependent

This is the eighth article in our series of tax return tips for 2011 returns. It's often difficult for taxpayers to qualify for medical expense deductions - but not impossible. Although the annual threshold is daunting, clients often overlook or ignore deductible expenses that can help pad their total.
Tax

New York State Is Attempting to Tax Its Yoga Studios

Last year, after the Bureau of Proprietary School Supervision attempted to subject yoga studios to licensing regulations, the proposed "Yoga Bill" was signed into law by Governor Paterson on March 24, 2010. The bill exempts yoga and martial arts studios from state educational certification.
Tax

TIGTA Finds IRS Not Fully Compliant

According to the Treasury Inspector General for Tax Administration (TIGTA) report that was released March 22, the IRS is not fully compliant with a federal law that requires it to eliminate and report improper payments made to taxpayers.

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