Income tax

Tax

Refunds Showing Up Later This Year

Liberty Tax Services' CEO Rufe Vanderpool reports that there are no abnormal delays in client federal income tax refunds at this time, but individual taxpayers continue to report delays. Carmen Gorgone of H&R Block in Reno says, "Refunds are most definitely delayed. About twenty-one days."
Tax

Former State Representative Pleads Guilty to Wire Fraud and Tax Evasion

On March 16, Richard David Miranda, a former Arizona state representative, plead guilty in the US District Court for the District of Arizona to a two-count information charging him with defrauding a charity of more than $140,000 and evading income tax related to those unlawfully obtained funds.
Tax

Tax Tip: Dish Out Tax Rewards to Charitable Volunteers

Do you have clients who work hard for nonprofit organizations? Although taxpayers can't deduct the value of their "blood, sweat, and tears," they can still write off certain expenses that aren't reimbursed as charitable contributions.
Tax

If You Could Pick: Who Would Be the Most Intriguing Tax Client?

If you could choose to prepare taxes for anyone in the world, whose tax return would you like to prepare? Pennsylvania Institute of CPAs asked 50 CPAs and got some fascinating answers.
Tax

Tax Tip: Lock in Mortgage Interest Deductions for Points

This is the second article in our series of tax return tips for 2011 returns. Although mortgage interest rates are at historic lows, it may be possible to obtain an even more favorable rate by agreeing to pay one or more "points" to the lender. What are the tax implications?
Tax

Tax Tip: Choose the 'Biggest and Best' State Tax Deduction

Are your clients better off deducting income tax or sales tax on a 2011 return? It depends on the situation. An itemizer on a 2011 return can deduct annual state and local income taxes or, as an alternative, sales tax paid during the year. But it's either one or the other.
Tax

Tax Tip: How to Secure an 'Extra' Dependency Exemption

Why should clients use your tax return preparation services instead of finding a tax software program online? Even in this era of do-it-yourself technology, you can provide valuable insights that individual taxpayers simply can't get from standard software.
Tax

KPMG Addresses Tax Issues Associated with Working in the Cloud

Do you have a client considering a move to the Cloud? If so, you and your client should be addressing certain tax issues before the move is made.
Tax

IRS Announces "Fresh Start" Initiative to Help Struggling Taxpayers

The IRS announced a major expansion of its "Fresh Start" initiative to help struggling taxpayers. It is taking steps to provide new penalty relief to the unemployed and making installment agreements available to more people.
Tax

CPA Accused of Tax Fraud Is Now Suspect in Plot to Murder Witnesses

A San Diego-area CPA, heading to trial on an $11 million tax fraud scheme, has been arrested for allegedly plotting to hire an acquaintance to murder two people planning to testify for the prosecution.
Tax

IRS Sends Warning about New Education Tax Credit Scam

A new scam is targeted at those with so little income that they normally don't need to file a tax return. The scam involves trying to persuade victims to file a false tax return to claim a refund or stimulus payment based on the American Opportunity Tax Credit, even if the victim isn't eligible.
Tax

Stars Bring Home a Shiny Oscar, Serious Swag, and a Big Tax Bill

Everyone knows that it’s an honor just to be nominated for an Oscar, but for those who didn’t go home with a glittery statuette, they can be comforted by an African safari, plastic surgery or two nights at a luxury resort. And, of course, a tax bill.
Tax

IRS Discourages Tax Return Drop-offs at Taxpayer Assistance Centers

The IRS has indicated that Taxpayer Assistance Centers plan to discourage tax preparers from bulk drop-offs of tax returns for processing and mailing.
Election 2012

Obama's Corporate Tax Plan Begins to Take Shape

Last week, President Obama unveiled the framework for an extensive corporate tax package. It didn't take long for his rivals to poke holes in the plan. In fact, the Republican front-runner for the presidency, Mitt Romney, chose the very same day on the campaign trail to present his own economic program.
Technology

Technical Computer Issues at IRS Delay Tax Refunds

Early bird tax filers are finding it's taking longer than usual to receive their federal income tax refunds this year. For 2011 returns filed during the first full week of February, it's taking from fifteen to twenty-one days, or even longer in some cases, to receive a refund.
Tax

Maryland Tax Defier Sentenced to Sixty-Five Months in Prison

Andrew Isaac Chance of Maryland was sentenced to sixty-five months in prison for filing false claims for tax refunds and for filing a false retaliatory lien against a federal prosecutor. The sentencing was announced today by the Justice Department, IRS Criminal Investigation, and TIGTA.
Tax

IRS Discloses Favorite Tax Scams of 2012

The Internal Revenue Service has issued its annual Dirty Dozen ranking of popular tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.
Tax

Facebook Founder Mark Zuckerberg Might Face $2 Billion Tax Bill

Facebook founder Mark Zuckerberg may face a tax bill of $2 billion by taking his company public. Why so high? Tax experts say it's because of his plan to exercise stock options. According to CNNMoney, he owns 414 million shares of Facebook but also holds options to buy another 120 million shares at 6 cents apiece.
Tax

IRS Needs Better Oversight of Repayment by Tax Cheats

According to a new Treasury Inspector General for Tax Administration (TIGTA) report - Procedures Are Needed to Improve the Accounting and Monitoring of Restitution Payments to Prevent Erroneous Refunds - the IRS should beef up its internal controls to make sure that those convicted of tax crimes pay up.
Practice

IRS Unveils New Version of Smartphone App

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app is available on the Apple and Android platforms.

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