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Tax

NBA's Lamar Odom cries foul, challenges IRS

Los Angeles Lakers forward Lamar Odom is accustomed to facing formidable opponents on the basketball court. But these days, he’s taking on the Internal Revenue Service in a different court setting over what he sees as a personal foul.
Tax

Legal showdown between Roni Deutch, Jerry Brown heats up

Heading into the next tax season, California Attorney General and Governor-elect Jerry Brown is still dogging “Tax Lady” Roni Deutch with fraud charges.
Tax

Expanded Recovery Act tax credits help homeowners winterize homes

The Internal Revenue Service is reminding consumers that they can weatherize their homes and be rewarded for their efforts. Homeowners making energy-saving improvements this fall can cut winter heating bills and lower their 2010 tax bill, too, according to the IRS.
Tax

Four celebrities face battles with the IRS

Even the thin, beautiful, and talented have to pay their fair share of taxes. Beverly Johnson, Janice Dickinson, Jaime Pressly, and Toni Braxton have run-ins with the IRS.
Tax

TIGTA questions handling of foreclosures

Recent legislation aimed at easing foreclosure proceedings, along with a rise in loan modification activity, has not done enough to address the need for intervention, according to the Treasury Inspector General for Tax Administration (TIGTA).
Tax

IRS announces 2011 pension plan limitations

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011.
A&A

Exclusive: IRS commissioner announces interim relief from tax preparer testing requirement

Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
Tax

FTC rule prohibits debt-relief companies from collecting up-front fees

Starting today, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt.
A&A

Highlights of the 2010 IRPAC Report

This month, the Information Reporting Program Advisory Committee (IRPAC) released its report for 2010 outlining recommendations to the IRS regarding several key issues that have recently become law, or are soon to take effect.
Tax

Deadline approaching for elimination of paper coupon deposits

Companies currently making their federal payroll tax deposits by taking them directly to an authorized bank will no longer be able to use paper coupon as of January 1, 2011.
Tax

Paid tax return preparers must obtain PTIN by January 1, 2011

Paid tax return preparers, including attorneys, CPAs, and enrolled agents, must apply for a Preparer Tax Identification Number (PTIN) from the IRS before signing and filing any federal tax returns in 2011. Paid preparers who already have a PTIN must renew it.
Tax

Federal judge shutters American Tax Relief

You’ve probably seen the ads for American Tax Relief. They claim to provide help to beleaguered taxpayers by dramatically reducing tax debt, including penalties and interest. But chances are good you will not be seeing those ads again anytime soon.
Tax

Star athlete, celebrity wife surprised by tax lien

Even nice guys end up in tax trouble sometimes. Former Detroit Lions quarterback Rodney Peete and his actress wife, Holly Robinson Peete, did not see it coming…the Internal Revenue Service lien for more than $156,000 that hit them last summer.
Tax

Sharpton, his civil rights organization facing tax issues

Troubles continue to mount for the Reverend Al Sharpton, both personally and for his civil rights organization. The Internal Revenue Service has filed a tax lien against Sharpton in the amount of $538, 652.
Tax

Online registration system for paid tax return preparers now available

The Internal Revenue Service has issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer Tax Identification Number (PTIN). A new online application system to obtain a PTIN is now available.
Tax

IRS gives in to outcry, makes changes to reporting of uncertain tax positions

The Internal Revenue Service recently has released its final version of Schedule UTP, Uncertain Tax Positions Statement. Missing are major reporting requirements contained in the agency's original proposal.
A&A

Prepaid debit cards: Even the IRS wants to use them

Consumers nervous about debt now are using debit cards more than credit cards, and that trend may continue as people become more aware of the costs of credit cards.
Tax

Pastors challenge restricted speech on Pulpit Freedom Sunday

In what is becoming an annual event, pastors across the country recently challenged the Internal Revenue Service's ban on political advocacy in churches for the third year in a row.
Tax

Stealing your way to prosperity one bogus tax refund at a time

After learning that a Florida man is accused of getting $2.7 million in bogus tax refunds, you might think stealing from the IRS is like taking candy from a baby. Actually, many of the identities that Bryan A. Copeland allegedly used to file fake tax returns did belong to children.
A&A

New IRS tax preparer regulations: What they mean for you

In June of 2009, the IRS began a review of tax preparers to investigate whether greater oversight was needed for those who collect compensation for preparing tax returns. The IRS released a report in December of 2009 giving recommendations on further oversight for tax preparers. How will the new regulations affect you?

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