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 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.
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.
Taxpayers’ personal data is vulnerable to disclosure because the Internal Revenue Service is failing to track all the contractors that store and process the information, and the agency is not fixing previously identified security weaknesses fast enough.
Just before the start of this year’s French Open Tournament, news spread that Murphy Jensen, a doubles champion from the 1993 French Open, was neck deep in hot water with the Internal Revenue Service and two state tax agencies.
Iron bars might keep prisoners from physically picking our pockets. But that’s not enough to keep them – and others – from stealing millions in taxpayer money through fraudulent first-time homebuyer tax credits.
With a job as big as the Internal Revenue Service's, there has to be a pack of watchdogs – maybe several packs – to help the agency stay on track. That’s where Electronic Tax Administration Advisory Committee (ETAAC) comes in.
Aaron Zeff is the owner of Harv’s Metro Car Wash in Sacramento, California. Imagine his surprise when, one day last March, federal agents showed up at his business demanding payment of an amount owed from tax year 2006. Just how much did Zeff need to cough up? Four pennies.
The Internal Revenue Service recently announced that small firms may begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.
Poker has been good to Michael “The Grinder” Mizrachi. But his financial fortunes have hit the skids in recent months. Earlier this year, both his home and a rental property were lost to foreclosure. Then the Internal Revenue Service hit him with a tax lien for nearly $340,000.
A Twin Cities agent of the Internal Revenue Service, who had filed for bankruptcy approximately two weeks earlier, allegedly offered two businessmen a deal: I’ll cut your tax liability by more than 80 percent if you pay me $9,700.
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
The Internal Revenue Service recently issued guidance intended to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive.