IRS

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.
Tax

More of Lindsay Lohan's "Believe It or Not" Tax Life

Not even George Lucas could put together a story as unbelievable as Lindsay Lohan's real life. The drama, the self-destructive antics, and the financial devastation go on and on and on with no end in sight.
Tax

Crime Watch: January 31, 2013

Florida tax return preparer Torrey Burden allegedly fabricated and inflated deductions and credits to fraudulently reduce customers' tax liabilities. The IRS projects that the tax loss from the returns prepared by Burden could exceed $1 million.
Tax

Mission Impossible: Are Medical Expenses Deductible?

It's difficult, if not downright impossible, for some taxpayers to claim medical expense deductions on their federal income tax returns. And no wonder: With a daunting threshold of 7.5 percent of AGI to clear, your clients might not even be inclined to try.
Tax

IRS Wants Tax Preparer Licensing Injunction Suspended

The IRS hasn't given up its fight to regulate independent tax preparers. It has asked a federal court to suspend the federal court injunction issued last week that blocked the IRS effort until a new motion can be filed.
Tax

Plaxico Burress Needs Professional Help

NFL wide receiver Plaxico Burress needs a good financial advisor . . . or a team of them. He seems to be his own worst enemy, with a long track record of self-inflicted wounds – financial, physical, and behavioral – followed by a career-crashing stint in prison.
Tax

Treasury and IRS Issue Final FATCA Regulations

The US Department of the Treasury and the IRS jointly issued comprehensive final regulations under the Foreign Account Tax Compliance Act (FATCA) for reporting and withholding taxes on US taxpayers with financial accounts held abroad.
Tax

IRS Highlights Refund Tracker for Electronic Tax Return Filers

With the federal tax-filing season ready to begin January 30, the IRS wants electronic tax filers (e-filers) to know of its improved Where's My Refund? tracking program.
Tax

Crime Watch: January 24, 2013

A tax return preparer in Florida allegedly falsified tax returns that cost the US Treasury more than $17 million. After examining over 250 tax returns, the IRS found that over 90 percent understated the taxpayer's liability.
Tax

IRS Simplifies Option for Claiming Home Office Deduction

The IRS announced on January 15, 2013, a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
Tax

Uncle Sam Takes "Real Housewife" to Task

Sheree Whitfield, the ex-wife of former Atlanta Falcons tackle Bob Whitfield and a former star on reality TV show "Real Housewives of Atlanta," is in trouble with the IRS for failure to pay taxes in 2009 and 2010.
Tax

Jon Gosselin - From Stardom to Average Guy to Tax Deadbeat

When Jon Gosselin walked away from his wife in 2009, he also walked away from the income derived from their reality TV show, "Jon & Kate Plus 8." He hasn't paid any taxes since splitting with Kate; the result is a tax lien of $39,000.
Tax

Tax Lien Hits Music Legend Stevie Wonder

Nobody is immune from the long arm of the California Franchise Tax Board, not even one of the key entertainers at President Obama's inaugural ball. The good news is Stevie Wonder can handle it. The tax lien is for a mere $40.

Pages