NBA agent LaPoe Smith Jr. of San Antonio is fighting one legal battle after another, though to some extent, the battles are connected. Smith has represented NBA stars that include Antoine Walker, Bo Outlaw, and Penny Hardaway as well as pro athletes from other sports.
It looks like the last-minute run-up to the April 15 tax deadline has been particularly frantic for accountants, taxpayers, and the IRS this year. According to TIGTA, as of March 9, the IRS had received more than 65 million tax returns, down from the nearly 72 million returns filed during the same period in 2012.
The IRS continues to work on improvements relating to tax reporting of assets held in foreign banking accounts. Now it has released a new draft of Form 8957 that it expects will lead to increased compliance.
The United States has filed a civil injunction lawsuit seeking to shut down Mo' Money Taxes of Memphis, Tennessee. The complaint alleges that the estimated tax loss from fraudulent tax return preparation at Mo' Money Taxes in 2011 exceeds $9 million.
The IRS plans to spend 18 percent less time auditing businesses with assets of $10 million or more in its current fiscal year compared to two years ago, according to a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC).
The National Treasury Employees Union (NTEU), the union that represents the IRS workforce, said IRS budget cutting is hurting taxpayers, in particular, senior citizens, small business owners, and the victims of identity theft.
According to news reports filtering out of Washington, the IRS will begin employing new technology this year that can track a taxpayer's online activities ranging from Facebook and Twitter posts to credit card and PayPal transactions.
Now the sequester is getting really serious! The IRS may shut down its offices completely for a few days surrounding several upcoming holidays in order to accommodate the federal government's budgetary needs.
Just a few months ago in December, actor Stephen Baldwin was arrested on charges of failure to pay state income tax in New York relating to income from 2008, 2009, and 2010. The tax debt, with interest and penalties, came to around $350,000.
The IRS is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a report from the Treasury Inspector General for Tax Administration (TIGTA).
A federal jury in Montgomery, Alabama, found James Timothy Turner, also known as Tim Turner, guilty of multiple tax crimes. He faces a potential maximum prison term of 164 years, a maximum potential fine of $2,350,000, and mandatory restitution.
Critics are calling for the IRS to clarify certain rules relating to the new 3.8 percent Medicare surtax on net investment income (NII) that kicks in this year. Proposed regulations were issued in December, but advocates of business owners and estates have asked the IRS to shed more light on several murky areas.
With less than two weeks left in the current tax filing season, the IRS has issued six tax tips for the self-employed, a category that includes independent contractors and those who own their own businesses.
As a former defensive player, Bill Romanowski should've seen this latest round of trouble coming, but he didn't. Having been a linebacker for several teams over his career, he's seen his share of controversy.
As part of its growing efforts to stanch identity theft crime, the IRS announced the nationwide expansion of its program designed to help state and local law enforcement agencies obtain tax return data needed for their local efforts in investigating and prosecuting thieves.
Singer Dionne Warwick's back taxes are paid up now, said her publicist. The taxes are paid, but because some of those taxes went unpaid for almost two decades, she still owes $10.2 million in penalties and interest. Ouch!