Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.
It wasn't our fraud! That was a big part of the overall defense presented by two men accused of helping Texas financier R. Allen Stanford cover his tracks when he bilked trusting investors out of $7 billion.
Earlier in the year, the Tax Court allowed a taxpayer to use a formula clause to determine the value of a business interest for gift tax purposes (TC Memo 2012-88). But the IRS refuses to knuckle under to the court.
Today's tax crime cases include that of a woman who's headed to prison for close to two years for filing at least seventy-six fraudulent income tax returns, falsely claiming refunds of approximately $533,434.
Today's tax crime news includes a case against a Virginia tax fraud promoter whose customers allegedly filed more than $67 million in false refund claims, and a New York tax preparer charged in a scheme involving $7 million in fraudulent deductions.
A new wife, a new baby on the way, a multimillion-dollar house in escrow, and reports of back tax bills totaling more than $2.6 million. That's how rapper/producer Swizz Beatz has made news as the year draws close to the end.
According to a new report from the TIGTA, the IRS processed most tax returns on a timely basis during the last tax season, but challenges included problems with tax credits and more fraud attempts than the previous year.
Employers can claim a Work Opportunity Tax Credit by hiring veterans who start work before January 1, 2013, but they must file Form 8850 within twenty-eight days after the qualified veteran begins work.
Today’s Crime Watch includes coverage of a Barbados national sentenced to 114 months in prison and ordered to pay restitution of just under $1.7 million for devising and executing a stolen identity federal income tax refund fraud scheme.
The power still may be out for hundreds of thousands of residents in areas devastated by Hurricane Sandy, but at least the IRS is giving business people around the country another opportunity to help victims out.
With Congress still split along partisan lines following the election, it's uncertain whether the President will be able to marshal the bipartisan spirit needed to address two of the most pressing economic issues.