IRS

A&A

IRS form helps small businesses claim new health care tax credit

The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year.
A&A

IRS explains 2011 changes to flexible spending arrangements

The Internal Revenue Service has issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements (FSAs), to pay for over-the-counter medicines and drugs.
Tax

IRS expected to drop UBS lawsuit

Officials with the Internal Revenue Service last week said that the agency would drop its civil lawsuit against UBS following assurances from the Swiss government that it was in the process of delivering information on thousands of American clients suspected of using UBS accounts to evade U.S. taxes.
Tax

'Who’s the IRS?' Spanish former day trader about to find out

When Marcos Esparza Bofill got a tax bill from the Internal Revenue Service for more than $172 million, he asked a friend, “Who’s the IRS?” He’d spent more than a year working as a day trader in New York. Yet, he never heard about a little ritual we call: paying income tax.
A&A

IRS looking for feedback on Roth 401(k) regulation

The Internal Revenue Service is seeking comments on an existing regulation that provides guidance on Roth 401(k) arrangements.
Tax

One IRS attacker goes to prison, others under investigation

Frustration with the Internal Revenue Service is nothing new. But in recent months, acts of violence and inappropriate treatment of agents are escalating.
Tax

Supermodel Naomi Campbell making headlines again

Supermodel Naomi Campbell cannot keep her name out of the headlines – mostly for reasons that are far from enviable. The latest news is that she owes the Internal Revenue Service more than $63,000.
A&A

Resolution seeks tax equity for same-sex married couples in California

California lawmakers earlier this month got one step closer to what Assemblyman Mike Feuer (D-Los Angeles) calls tax equity for same-sex married couples. Assembly Joint Resolution 29 (AJR 29) passed both houses in a vote of 52-9.
Workplace Fitness

IRS releases Form 720 for tanning excise tax

The Internal Revenue Service recently released Form 720 for the excise tax on indoor tanning services imposed by the Patient Protection and Affordable Care Act. The 10 percent excise tax became effective July 1.
Tax

Justice Department shuts down tax return preparer, seeks to shutter another

A federal district judge in Atlanta has permanently barred Saloum A. Njie and his company, MIAAS Associates LLC, from preparing federal tax returns for others.
Tax

Congress asks the IRS to make changes to planned tax preparer regulations

In a letter addressed to Treasury Secretary Timothy Geithner, 31 members of Congress from both parties expressed their concern with two aspects of the Internal Revenue Service's proposal to regulate paid tax preparers.
Tax

Three arrested in IRS shooting incident

Three alleged criminals found this out the hard way when two of them ended up shot after trying to rob a woman unloading her car in the parking area of her San Francisco home.
Tax

Khloe Kardashian, Wyclef Jean, Lena Olin share tax authorities' spotlight

Khloe Kardashian is a star in Hollywood, but with tax authorities…not so much. On July 28th the California Franchise Tax Board filed a tax lien against Kardashian in the amount of nearly $18,500 relating to income from 2007.
Tax

Tax preparers called upon to help reduce the tax gap

Tax preparers could be doing more to help reduce the tax gap if they had encouragement from the IRS, according to the Treasury Inspector General for Tax Administration (TIGTA).
Tax

Armed and dangerous: Sharp-shooting IRS agent guns down would-be robber

A female Internal Revenue Service special agent shot and wounded one of two suspects who attempted to rob her while she was on duty in the Bayview District of San Francisco during the early morning August 5.
Tax

Chris Tucker, Rob Lowe do battle with taxman

Right about now, 'Rush Hour' star Chris Tucker might be feeling a bit of a squeeze in the form of a federal tax bill for nearly $12 million. And, chances are, he’s still reeling from last year’s pinch from Arnold Schwarzenegger, which seems small in comparison.
Tax

Three famous tax cheaters take issue with the authorities

AccountingWEB appears to be developing a rogues gallery of taxation ne'er-do-wells as the same celebrities continue to make headlines. Wesley Snipes, Conrad Black, Lil Wayne, and Suge Knight are, once again, in the news.
A&A

IRS offers one-time special filing relief program for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the IRS announced.

Small business tax issues

Small business owners are the backbone of our economy; they have always faced unique challenges. The small business tax environment is further exacerbated by our declining economy, high unemployment levels, and new health care regulations.
Tax

After the convictions: Wesley Snipes, Richard Hatch, Method Man

In 2009, rapper Method Man, whose real name is Clifford Smith, was arrested on felony tax evasion charges, accused of not filing tax returns for 2004 through 2007. His defense was pretty self-incriminating.

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