IRS

Tax

IRS to Refund Tax Preparers for Canceled Certification Tests

The IRS announced on May 16 that it's issuing refunds to tax return preparers who registered for certification tests that were canceled due to a court-ordered injunction in late March. Fees collected from tax preparers who tested on or after January 18, the date the tests were enjoined, are also being refunded.
Tax

Obama Names Daniel Werfel Acting IRS Commissioner

The current controller of the US Office of Management and Budget has been appointed by President Obama as the new acting commissioner of the IRS, effective May 22. Daniel Werfel will take over the position vacated by Steven Miller, who resigned on May 15.
Tax

Crime Watch: May 16, 2013

A man who perpetrated a million-dollar investment fraud from California that defrauded New Jersey victims was sentenced May 14 to forty-six months in prison for crimes related to the scheme, US Attorney Paul J. Fishman announced.
Tax

IRS Acting Commissioner Steven Miller Resigns Over Scandal

Steven Miller, a twenty-five-year veteran of the IRS who has been the agency's acting commissioner since November 2012, resigned from his post on May 15, less than a week after the IRS admitted to and apologized for improperly scrutinizing the federal tax-exempt status of conservative groups.
Tax

IRS Grant Helps Organizations Provide Free Tax Help to Seniors

The IRS TCE program offers free tax help to individuals who are sixty or older. The IRS provides grants to eligible organizations, which use the funding to purchase equipment and to reimburse volunteers for out-of-pocket expenses.
Tax

Justice Department Investigating IRS' Targeting of Conservative Groups

Attorney General Eric Holder is scheduled to testify before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for improperly scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their applications.
Tax

GAO Identifies Weak Links in IRS' Internal Controls

It hasn't been a very good week for the IRS. First, a firestorm has erupted over its efforts to target conservative "tea party" groups applying for tax-exempt status. Now the Government Accountability Office (GAO) has released a new report saying that the IRS has to improve its internal controls.
Tax

Obama: IRS' Targeting of Conservative Groups 'Outrageous'

President Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups. The IRS apologized on May 10 for scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their names.
Tax

IRS Announces Plan to Share Tax Data with Brits and Aussies

The United States, Australia, and the United Kingdom have announced a collaborative effort to share tax information from a multitude of trusts and companies holding assets on behalf of residents from far-flung places.
Tax

Limits of Health Savings Accounts to Increase in 2014

For calendar year 2014, the annual limitation on deductions under §223(b)(2)(A) of the Internal Revenue Code for an individual with self-only coverage under a high-deductible health plan is $3,300, up from $3,250 in 2013.
Tax

Crime Watch: May 2, 2013

A federal court in Los Angeles has entered an order permanently barring John Trunzo from preparing federal income tax returns and other tax-related documents for others, the Justice Department announced April 30.
Tax

IRS Seeks Applications for the Internal Revenue Service Advisory Council

The IRS announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted through June 14, 2013.
Tax

IRS Summons Wells Fargo for Data on Offshore Accounts

A ruling in a San Francisco federal court on April 29 allows the IRS to seek information on US taxpayers who may have offshore bank accounts in the Caribbean. Judge Thelton E. Henderson authorized the IRS to serve a "John Doe" summons on financial services firm Wells Fargo & Co.
Tax

Crime Watch: April 29, 2013

Masood Chotani, a CPA from Los Angeles, was sentenced April 25 to two years in prison, followed by one year of supervised release, the Justice Department and the IRS announced. Chotani was also ordered to pay $60,705 in restitution to the IRS.
Tax

Study Identifies Popular Havens for Likely Tax Cheats

According to a recent report by the Taxpayer Advocate Service (TAS), an independent division within the IRS, some of the nation's largest cities may be hotspots for tax cheats.
Tax

IRS Issues Furlough Notices to More than 89,000 Employees

The IRS has identified five furlough days where the agency will shut down completely, leaving taxpayers without access to information and assistance from frontline workers.
Practice

Due Diligence Found Lacking in Recent Case

Exercising due diligence is a big deal to the IRS. CPA Tim W. Kaskey discovered that the hard way. He was disbarred for failing to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.
Tax

Lauryn Hill May Avoid Prison for Tax Evasion

Eight-time Grammy-winning singer Lauryn Hill was back in court April 22, presumably for sentencing in the tax evasion case against her. With three possible counts of tax fraud against her, she was facing a year in prison for each count.
Tax

IRS Warns of Tax Scams Following Boston Marathon Tragedy

Since the bombings at the Boston Marathon on April 15, millions of dollars have been donated by people and businesses from across the country to help the families of the three people killed in the attack and those who suffered severe injuries.
Tax

Crime Watch: April 19, 2013

Former IRS agent-turned-tax preparer Steven Martinez was sentenced April 15 to almost twenty-four years in prison for defrauding clients of more than $11 million and then plotting their murders to prevent them from testifying about the theft.

Pages


Already a member? log in here.