IRS

Tax

IRS Alert: New Correspondence Audit Hotline Now Available

If the IRS is going to audit your client, it will most likely conduct a mail audit. In 2011, the IRS conducted 1.2 million mail audits, representing a 124 percent increase from ten years ago. In fact, the IRS conducts more than three out of four audits by mail.
Tax

Former Partner at BDO Seidman LLP Sentenced to Prison for Tax Crimes

Stephen A. Favato, a resident of Point Pleasant Beach, New Jersey, and a former partner in BDO Seidman LLP's Woodbridge, New Jersey, office, was sentenced to eighteen months in prison for tax crimes, the Justice Department and the IRS announced April 16.
Tax

Study Finds the Odds Favor IRS in Supreme Court Tax Cases

The odds are stacked against corporations whose disputes with the IRS go all the way to the Supreme Court, according to a new study by Joshua Blank, faculty director of the graduate tax program at NYU law school, and Nancy Staudt, a tax scholar at the University of Southern California, Gould School of Law.
Tax

New Case Spotlights 'Hobby Losses' of Filmmaker

Filmmaker Lee Storey, who produced and directed the documentary "Smile 'Til It Hurts: The Up with People Story," has emerged from a protracted battle with the IRS with a giant smile on her face.
A&A

TIGTA: IRS Can Take Action to Recognize/Investigate Fraud Indicators

By better ensuring that fraud indicators are recognized and properly investigated during field audits of individual tax returns, the IRS could increase revenue by an estimated $20 million a year, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).
Tax

Pennsylvania Tax Defier Sentenced to More Than Six Years in Prison

Troy Beam of Pennsylvania was sentenced April 10 to 74 months in prison by US District Judge Christopher C. Conner, the Justice Department, and the IRS. On May 4, 2011, Beam was convicted of tax evasion, obstructing and impeding the due administration of the IRS laws, and willful failure to file federal income tax returns.
Tax

DC Tax Return Preparer Indicted for Preparing False Tax Returns

A federal grand jury in the District of Columbia returned an indictment charging Enyinnaya Udo with twenty-five counts of aiding and assisting in the preparation of false income tax returns, the Justice Department and the IRS announced April 6.
Tax

Lionel Richie Sings a Different Tax Tune

Lionel Richie, the legendary singer who rose to fame with the Commodores and then carved out a highly successful solo career, has been slapped with a tax lien of $1.1 million by the IRS for unpaid income taxes attributable to the 2010 tax year.
Tax

Woman Used Stolen Identities and Debit Cards to Obtain Tax Refunds

On April 17, 2012, the Justice Department, US Attorney George L. Beck Jr., and the IRS announced that federal grand jury in Montgomery returned an indictment on March 28, 2012, charging Antoinette Djonret for using stolen identities to file false tax returns.
Tax

Skier Lindsey Vonn's Tax Problems Snowball

Renowned skier Lindsey Vonn wasn't able to clear one hurdle that all taxpayers face. According to a news report, Vonn owes more than $1.7 million in taxes from 2010, a staggering total.
Tax

Let the IRS Notices Begin

You’ve finished the bulk of tax preparation. Sit back and relax. But don’t get too comfortable, because you can also expect the IRS to start studying the accuracy of returns and taking action on misreporting, underpayments, and errors. The IRS sends most notices to taxpayers within eighteen months after they file.
Tax

California Dreamin': Taxes Gone Wild!

According to a new report, former Baywatch star and Playboy icon Pamela Anderson owes the state of California over a half million dollars in back taxes. Another prominent state tax scofflaw is Joe Francis, founder of the "Girls Gone Wild" videos, who is on the hook for more than three quarters of a million dollars.
A&A

Five Good Reasons to Obtain a Filing Extension

As you're nearing the tax return finish line, you probably have some clients who are stragglers or haven't "checked in" yet. Fortunately, you can still rely on the automatic tax filing extension to bail procrastinators out of a jam. Here's some valuable information to pass along to your clients.
A&A

IRS Notice 2012-22 Adjusts Energy Savings Percentage Guidelines

The Energy Policy Act of 2005 includes a tax deduction for investments in "energy efficient commercial building property" designed to significantly reduce the heating, cooling, water heating, and interior lighting cost of new or existing commercial buildings placed into service between 1/1/2006 and 12/31/2013.
Tax

Need an Extension to File Your Taxes? e-file!

If you have clients who want information about e-filing, you can pass this article along to them. We hope you'll find it helpful.
Tax

Tax Tip: Expand the Reach of Dependent Care Credit

This is the tenth and final article in our series of tax return tips for 2011 returns. It's not unusual for both parents of young children to work during the day while someone watches the kids. But the parents may be able to claim a dependent care credit to offset part of the cost.
Tax

TIGTA Report: IRS Computer Security Center Effective, Could Be Better

The CSIRC, which is responsible for monitoring the IRS network for cyber attacks and computer vulnerabilities, "is effectively performing most of its responsibilities for preventing, detecting, and responding to computer security incidents," according to a new report publicly released by TIGTA.
Tax

Two Tax Evasion Cases Loom over Lohan as Other Legal Issues Fade Away

According to documents filed at the Los Angeles County Recorder’s Office on February 13, 2012, Lindsay Lohan never paid her federal income taxes for 2010, totaling $140,203.30. The IRS made its assessment of Lohan’s latest failure to pay on September 19, 2011. This is in addition to the $93,701.57 she still owes for 2009.
Tax

Will the Courts Uphold IRS Efforts to License Tax Preparers?

The IRS is confident that its initiatives to increase regulation of tax preparers will be found legal, despite challenges from opponents. Last week, IRS Commissioner Doug Shulman, said the new requirements were being implemented carefully and would "help smoke out unscrupulous preparers."
Tax

Tax Tip: How Do You Spell Tax Relief? C-a-s-u-a-l-t-y Loss

This is the ninth article in our series of tax return tips for 2011 returns. Last year was a violent year across the country due of a flurry of natural disasters. If insurance proceeds didn't make your clients whole, they may be entitled to limited tax relief on their 2011 returns.

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