IRS

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.
Tax

How about a Little Sex with That Tax Audit?

That's what one Oregon taxpayer said he was offered by an IRS auditor. But it wasn't exactly a request, according to forty-year-old Vincent Burroughs. The "offer" came with a threat of hefty IRS penalties if he said no.
Tax

IRS Intensifies National Crackdown on Identity Theft

Continuing a year-long enforcement push against refund fraud and identity theft, the IRS announced the results of a massive national sweep targeting identity theft suspects in thirty-two states and Puerto Rico, involving 215 cities.
Tax

Ten Things To Do as a Tax Return Preparer

Now that we've entered the 2012 tax filing season, the IRS has posted "Ten Tips to Help You Choose a Tax Preparer" on its website. This new online guidance gives taxpayers insights into choosing a qualified professional to prepare their returns.
Tax

Court Upholds Injunction; IRS Revives PTIN System

On February 1, the District Court for the District of Columbia, which had enjoined the IRS from enforcing its new regulatory schemes, modified its order to clarify that the IRS can continue to operate the system requiring PTINs.
Tax

Crime Watch: February 5, 2013

Six people were sentenced for a nationwide scheme that caused the filing of tax returns for at least 180 clients from thirty different states, requesting more than $160 million in fraudulent tax refunds.
Tax

IRS Adds Tumblr to Its Growing Lineup of Social Media Platforms

The IRS is reaching out to taxpayers with a growing array of social media platforms in order to deliver more timely information to filers and preparers. Its latest is Tumblr, which lets web browsers, smartphones, tablets, or desktops, access and share text, photos, videos, and podcasts.
Tax

Education Credit or Deduction? Read between the Lines

The American Taxpayer Relief Act has officially restored and extended several tax breaks relating to higher education. Should your clients claim a higher education tax credit or a tuition deduction for 2012? The answer? It depends.

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