IRS

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.
Tax

IRS Provides Penalty Relief to Farmers and Fishermen

The IRS announced it will issue guidance to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.
Tax

Court Rules IRS Can't License Tax Return Preparers

A federal court struck down the IRS's licensing effort that would have required thousands of independent tax preparers to pass a competency exam and abide by a litany of new rules.
Tax

AICPA Asks Congress to Amend Hurricane Sandy Tax Relief Act

The American Institute of CPAs (AICPA) is asking Congress to amend its Hurricane Sandy tax relief legislation by extending the replacement period for which taxpayers can claim a property loss.
Tax

AICPA Offers Heads Up on New Medicare Taxes

The American Institute of CPAs (AICPA) hosted a conference call January 17 to discuss compliance and planning issues surrounding the new 3.8 percent Medicare surtax that kicks in this year.
Tax

Last Shot at IRA Gifts to Charity for '12

The IRS is reminding senior citizens of an eleventh-hour reprieve granted by the American Taxpayer Relief Act. Older individuals can still pull off a tax-free, IRA-to-charity transfer of funds, but only if they act by January 31.
Tax

O.J. Simpson Hit with Tax Debt and Foreclosure

In prison for a total of thirty-three years, and he's still drawing fire from multiple sources. O.J. Simpson is being targeted by the IRS, and it's not the first time. The tax agency just filed a second lien on him for 2011 income.
Tax

Crime Watch: January 16, 2013

Masood Chotani, a CPA and tax return preparer, was indicted by a federal grand jury on charges of engaging in a scheme to file false tax returns with the IRS using the names and Social Security numbers of deceased individuals.
Tax

TIGTA to IRS: Get Tough on Noncash Charitable Contributions

TIGTA estimates that more than 273,000 taxpayers claimed about $3.8 billion in potentially erroneous noncash charitable contributions in tax year 2010, which resulted in an estimated $1.1 billion reduction in tax.
Tax

E-Filing Continues to Grow, Exceeds 80 Percent Goal

Saying that paper tax returns are "steadily becoming a thing of the past," the IRS Oversight Board reports that e-filing of individual tax returns has surpassed an 80 percent goal.
Tax

Nation's Top Tax Advocate Calls for Tax Reform

National Taxpayer Advocate Nina E. Olson cited the need for comprehensive tax reform as the top priority in her annual report to Congress. The report identifies problems facing taxpayers and advises Congress to take significant steps to simplify matters.
Tax

IRS: Annual Inflation Adjustments for 2013

The IRS announced January 11, 2013, annual inflation adjustments for tax year 2013, including the tax rate schedules and other tax changes from the recently passed American Taxpayer Relief Act of 2012.
Tax

Movie Deal Meets Wire Fraud: IRS to the Rescue?

The movie was supposed to involve Hollywood giants like Kevin Costner, Ron Howard, and James Brooks. It was supposed to be based on the book "A Matter of Time" and make the book's author, Don Kirchner, a fortune.
Tax

Don't Be Shocked by E-Filing Glitches

The IRS is concerned that e-filing by tax return preparers could be short-circuited by hackers. As a result, it has updated the FAQs on its website outlining the steps to take if your EFIN is compromised.
Tax

Crime Watch: January 9, 2013

A Florida woman – who owned or controlled undeclared foreign financial accounts in excess of $42 million in 2007 and who caused a tax loss to the government of approximately $667,716 – has been ordered to pay a $21 million civil penalty.
Tax

IRS Plans January 30 Tax Season Opening for 1040 Filers

Following the January tax law changes made by Congress under the American Taxpayer Relief Act, the IRS has announced it plans to open the 2013 filing season and begin processing individual income tax returns January 30.
Tax

As 2012 Ends, Celebrities Pay Tax Debts, Sort Of

The Lindsay Lohan story never ends. To recap, 2012 started for her with two IRS liens. For 2009, she owed about $94,000 and for 2010, another $140,000. Next came a series of reports about bad behavior and financial irresponsibility.
Tax

UBIT: When a Nonprofit Is Profitable

When people think of a nonprofit organization they often automatically assume it is tax exempt, but that is not always the case. Certain exempt nonprofits are liable for tax if they have unrelated business taxable income.
Tax

Retirement Plans Can Make Loans, Hardship Distributions to Sandy Victims

The IRS announced on November 16, 2012, that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families.
Tax

IRS Provides Updated Withholding Guidance for 2013

The IRS today released updated income tax withholding tables for 2013 reflecting this week's changes by Congress. The new rates in effect for 2013 supersede the tables issued on December 31, 2012.

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