IRS

Tax

IRS looking at $1.1 billion windfall if 2007 returns miss the filing deadline

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, according to the Internal Revenue Service. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.
Tax

IRS releases 2012 budget proposal summary

The agency says its funding request reflects a continued commitment to balance taxpayer service with fair enforcement of the tax laws. The IRS says it has identified more than $188 million in cost-savings in 2012, coming on top of similar efficiency savings in 2010 and 2011.
Tax

Win big during the Super Bowl? Uncle Sam wants a piece of your action

Nobody wants to be the bearer of bad news, but your clients who were lucky enough to bet on the Green Bay Packers – or otherwise win money on the big game – should know they are supposed to save a cut of those winnings for the Internal Revenue Service.
Tax

Ready, aim, start firing those tax returns off to the IRS

The IRS has opened the floodgates for filing of all 2010 individual income tax returns, effective Monday, February 14. Refunds are not expected to be delayed.
Tax

Second voluntary disclosure initiative opens for those hiding assets offshore

The IRS this week announced a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system.
AccountingWEB Life

IRS launches IRS2Go App for iPhone, Android

The Internal Revenue Service this week unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information.
Tax

Survey indicates general support for IRS services, intolerance for tax cheats

In an annual survey of taxpayer attitudes, 87 percent responded that cheating on taxes is "not at all" acceptable. While the vast majority said they were opposed to cheating, 8 percent said "a little here and there" is OK, while 4 percent said it is acceptable to cheat "as much as possible."
Tax

WikiLeaks may reveal names of tax evaders

Although WikiLeaks is reportedly reviewing secret information on approximately 2,000 offshore banking clients, it’s unlikely the material will be made public soon, according to reports.
AccountingWEB Life

Taxpayer Advocate report focuses on tax reform, collection issues, health care reform

This year's report identifies 21 problems, provides updates on four previously identified issues, makes recommendations for administrative and legislative change, and analyzes the 10 tax issues most frequently litigated in the federal courts.
Tax

IRS agent facing prison time for filing false returns

You may remember Albert Bront. He's the guy who greeted federal agents at his home by screaming, "I'm going to kill all of you!" The agents were there to execute a search warrant in 2009 based on an investigation of tax returns prepared and filed by Bront.
Tax

Celebrities find themselves targets of the law, IRS

Has another star of The Brady Bunch gone bad or was it a case of mistaken indentity? Christopher Knight, through no fault of his own, leads this installment of AccountingWEB's celebrity news.
A&A

IRS order to wait puts additional pressure on accounting firms

The Internal Revenue Service has announced that taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns, as well as those taxpayers who itemize deductions on Form 1040 Schedule A.
A&A

IRS provision exempts some non-signing tax preparers from competency exam

The Internal Revenue Service has issued regulations regarding non-signing preparers and PTIN registration. The regulations provide an exemption from competency exam requirements for some non-signing tax preparers.
Tax

Year in (1099 and W-2) review

With W-2 and 1099 reporting season in full swing (along with our nation's love of year-end lists) Greatland Corporation has released its inaugural selection of some of the year’s most news-making events as they pertain to 1099 and W-2 forms.
Tax

Celebrity stew: Stars up to their necks in IRS trouble

Rounding out 2010's cavalcade of celebrities mired in tax issues are actor Val Kilmer, songwriter Lamont Dozier, rapper Trick Daddy, and all-around weirdo Grace Jones.
Tax

Withholding tax tables available from IRS

The Internal Revenue Service has released the 2011 Percentage Method Tables for Income Tax that were developed as a result of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
A&A

IRS watchdog: Six months of work saved taxpayers nearly $3 billion

The watchdog over costs and efficiency at the Internal Revenue Service has saved taxpayers almost $3 billion over six months, according to a new report to Congress.
Tax

More famous people in hot water with the tax man

Another bunch of celebrities is in trouble with Uncle Sam over tax debt. Singer Kelly Rowland, Eddie Murphy's ex-wife, and actor Cary Elwes are the latest.
Tax

IRS, FBI seeking financial records of Florida Republican Party

The Republican Party of Florida has been served with a subpoena seeking financial records related to $500,000 in charges on American Express credit cards issued by the party.
Tax

IRS assists small employers claim new health care tax credit

The Internal Revenue Service recently released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.

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