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IRS Standard Mileage Rates Increase January 1

The IRS recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Crime Watch

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.

Shucks, Who Knew a Vegas Wedding Was Legit?

Imagine going to bed one night a single woman and waking up to find you're married . . . and have been for over twenty years. That's bad enough, but it gets worse.

Stake Your Claim to FICA Refunds on Severance

Do you remember those payroll tax payments your client made a few years ago on severance packages for workers it was forced to lay off or fire? It's much more than "water under the bridge."

Nobody Beatz the Tax Man

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.

Tax Credits and Fraud Create Challenges for IRS

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.

A Call to Arms: Tax Breaks for Hiring Vets

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.

IRS Issues 'Storm Warnings' to Taxpayers

The IRS has sounded alarms of a slightly different nature than the ones issued by meteorologists earlier this month: A nationwide call for taxpayers to avoid scams in the wake of Hurricane Sandy.

Combating Offshore Tax Evasion, Implementing FATCA

The Treasury is engaging with a broad coalition of foreign governments to effectively implement FATCA - it is a milestone in establishing an intergovernmental approach to combating tax evasion.

Crime Watch

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.

IRS Offers Trade-off to Help Hurricane Victims

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.
Election 2012

Obama Wins Reelection - But Congress Still Split

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.

Prepared Remarks of IRS Commissioner Douglas Shulman before the AICPA

In a few days' time - November 11 to be precise - my term as the forty-seventh Commissioner of the Internal Revenue Service officially comes to a close . . .

IRS Provides Additional Relief to Hurricane Sandy Victims

Following recent disaster declarations for individual assistance issued by the FEMA, the IRS announced November 2, 2012, that affected taxpayers in Connecticut, New Jersey, and New York will receive tax relief.

Tax Court: CPA Is Whistling in the Wind

The IRS recently told a CPA to "put his whistle away" because he wasn't entitled to a reward for turning in a fraudulent taxpayer. Now the Tax Court has upheld the IRS' decision in a new case of first impression.

Money Laundering Is Dirty Business

What do a California CPA and a former Italian prime minister have in common? Chances are they'll soon both be viewing life from behind iron bars for their crimes of money laundering and tax evasion.

AICPA Asks IRS for Broader Tax Relief

The American Institute of CPAs (AICPA) has asked the IRS to consider broader relief from filing deadlines for individuals and businesses affected by Hurricane Sandy.

IRS Gives More Time to Taxpayers and Preparers Affected by Sandy

The IRS announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until November 7, 2012, to file returns and accompanying payments normally due October 31.

Weathering Sandy: Advice, Assistance, Notifications from CPA Societies and Others

Post-Sandy, CPA societies, government offices, and other organizations are providing information and resources to assist those impacted by Hurricane Sandy. We will keep you updated as news comes in.

Frankenstorm: Post-Hurricane Accounting for Casualty Loss

After Hurricane Sandy and subsequent damage to the Northeast region, taxes are probably the last thing on your mind. However, with disasters comes property damage.


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