IRS

Tax

Crime Watch: March 15, 2013

A federal court has permanently barred Crystal Ireland of Detroit, who does business as Master Mind Preparation, from preparing federal tax returns that claim the earned income tax credit. According to the complaint, Ireland fabricated businesses and reported fake business income on her customers' tax returns in order to claim the maximum credit for them.
Tax

H&R Block Gaffe Affects 600,000 Tax Returns

So you think you've got headaches this tax return season? They're probably nothing compared to the migraines the folks at H&R Block are experiencing after the nation's largest tax preparation firm admitted to botching more than 600,000 returns.
Tax

Need More Time to Submit WOTC Forms? You Got It

More than two months after Congress authorized a retroactive extension of the Worker Opportunity Tax Credit, the IRS has finally issued transitional rules for claiming the credit for recent job hires.
Tax

Crime Watch: March 11, 2013

On March 8, the IRS announced that its Office of Professional Responsibility obtained the disbarment of enrolled agent Lorna M. Walker for stealing a client's tax payments and for preparing tax returns with false deductions for multiple clients.
Tax

IRS Makes 8.7 Percent Sequestration Reductions

On March 4, the IRS announced it has been forced to trim awards paid to whistleblowers, to reduce refundable credits for certain types of tax-exempt bonds, and to reduce the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers – all by 8.7 percent.
Tax

No Fallout at IRS from Sequester . . . Yet

Now that the federal government's "sequester" has taken hold, what will the effect be on federal income tax refunds? None, according to an internal memo from Acting IRS Commissioner Steven Miller.
Tax

IRS Now Accepting All 2012 Returns for Processing

The IRS announced March 4 it has finished updating all its forms and its tax-processing systems so that all individual and business taxpayers who may have been forced to postpone filing while awaiting revised forms are now able to file their 2012 federal income tax returns.
Tax

Crime Watch: March 4, 2013

Appearing before US District Judge Margaret M. Morrow, a Los Angeles woman was sentenced February 25 to three years in prison for her role in a scheme whereby she used the identities of others to defraud the federal bankruptcy and tax systems.
Tax

IRS Opens Window Longer for Sandy Victims

The IRS is throwing yet another life preserver to taxpayers who were victimized by Hurricane Sandy. Under a new Notice, these taxpayers now have until October 15, 2013, to deduct their disaster-area losses on a 2011 or 2012 return.
Tax

Colleges Gear Up for Volunteer Income Tax Assistance Season

College students, eager to get a taste of the accounting profession, are once again turning out to assist low-income taxpayers file their tax returns through the IRS Volunteer Income Tax Assistance (VITA) program.
Tax

IRS Issues 2013 Vehicle Depreciation Deduction Limits

On February 25, the IRS issued Rev. Proc. 2013-21, which reflects inflation adjustments to the depreciation limits and lease rates for cars, trucks, and vans first placed in service in calendar year 2013.
Tax

Crime Watch: February 26, 2013

The United States has asked a federal court in Memphis, Tennessee, to permanently bar Ahmed Grant and Lillian Madyun from preparing federal income tax returns for others. The estimated harm to the government is over $2 million for the 2010 tax year alone, and may be as high as $5 million.
Tax

IRS to 2010 Roth Converters: Pay the Piper!

The other shoe is about to drop for hundreds of thousands of taxpayers who converted from a traditional IRA to a Roth in 2010. And the IRS is likely to catch it. In fact, it has just posted a reminder to 2012 filers.
Tax

AICPA Asks IRS for Tax Leniency

It's not quite as dramatic as the attorney for a death row prisoner requesting a reprieve from the governor, but the American Institute of CPAs (AICPA) has sent a letter to the IRS asking for relief in the 2012 tax filing season.
Tax

Income Tax Turns 100 in 2013: Die, Monster, Die!

In case you missed the big celebration, federal income tax turned 100 this month. Woo-hoo? February 3, 1913, was the day the Sixteenth Amendment to the US Constitution was passed, ushering in the nemesis of nearly every American, the good ol' income tax.
Tax

IRS Reports Traffic Delay for Refund Inquiries

In an unusual posting, the IRS has alerted taxpayers and professional practitioners that the Where's My Refund? feature and other related applications may not be available due to the extra-high volume of inquiries.
Tax

IRS Warns of Delays with Schedule 8812 and Form 8867

The IRS is warning tax preparers of possible delays in processing tax returns or issuing refunds for two different forms, Schedule 8812 and Form 8867, because they either have been prepared incorrectly or are incomplete.
Tax

Little Sympathy for Tax Debtor Casey Anthony

Here's one delinquent taxpayer who may not find many sympathizers as she works her way through bankruptcy proceedings - Casey Anthony. Anthony stood trial for murder after her two-year-old daughter disappeared and was later found dead.
Tax

Crime Watch: February 12, 2013

Hedge fund manager and CPA administrator Jonathan Davey was convicted by a jury in Charlotte, North Carolina, on February 8 for a $40 million Ponzi scheme. Ten other defendants were also convicted in the case.
Tax

IRS Accepting Returns with Depreciation, Education Credits This Week

The IRS is now accepting tax returns for processing that contain Form 4562, Depreciation and Amortization, and as of February 14, it plans to start processing Form 8863, Education Credits.

Pages


Already a member? log in here.