Athletic stars with big personalities and untarnished images can make far more by lending those images to major companies than they can by performing well at their chosen sports. But how is endorsement income taxed?
The "Tea Party scandal" at the IRS has claimed another victim: Lois Lerner, director of the IRS Exempt Organizations (EO) division, has been placed on administrative leave after refusing to resign. Ken Corbin was promptly named the EO acting director.
After the initial round of hearings held by three congressional committees this week, at least we know the IRS wrongfully targeted conservative "tea party" groups applying for tax-exempt status. But precious little else has been revealed.
Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Following Monday's disaster declaration for individual assistance issued by FEMA, the IRS announced May 21, 2013, that affected taxpayers in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties will receive special tax relief.
The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.