IRS

Tax

Twin Cities IRS agent nabbed in alleged bribe attempt

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.
Tax

IRS lien brings back an old scandal for Clinton friends

They are not movie stars, but the names of Harry Thomason and his wife, Linda Bloodworth-Thomason, are well known in Hollywood, in Washington, D.C., and now on the rolls of delinquent taxpayers.
Tax

Nicolas Cage: Poster boy for delinquent taxes

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.
Tax

Three artists sing the tax-trouble blues

The Queen of Soul and the taxman are doing battle again – and Judy Collins and Toni Braxton are singing a similar tune.
Tax

Former Detroit Lion in trouble as “Farr” as eye can see

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.
Tax

Another round of actors in trouble with the tax man

What do Mary Ann, the Big Lebowski, Arnie Becker, and Cal Hockley have in common? The actors who played them are in tax-related trouble.
Tax

IRS sending compliance questionnaires to 401(k) plan sponsors

The Internal Revenue Service has launched a compliance initiative aimed at 401(k) plans. Plan sponsors have 90 days to complete and return the lengthy questionnaire.
Tax

IRS gives details on small business health care tax credit

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.
Tax

Statement from IRS commissioner regarding small charity filing deadline

Now that the May 17 filing deadline has passed, it appears many small tax-exempt organizations have not filed the required information return in time.
Tax

HIRE Act: Payroll tax exemption claim form for hiring new workers available

The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
Tax

Taxman to seller of luxury watches: Time’s up!

Christopher Wardle sells luxury timepieces costing more than $8,000 at his Bozeman Watch Company. But as far as the Internal Revenue Service is concerned…he’s run out of time.
Tax

Average Joe or star athlete: The housing slump played no favorites

Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Tax

Report: IRS must improve verification techniques to prevent ID theft

The Internal Revenue Service must do more to protect the identity of taxpayers calling its toll-free assistance lines, a recent report concluded.
Tax

NAEA gives testimony regarding preparer identification number regulations

The National Association of Enrolled Agents (NAEA) recently has presented testimony at the Internal Revenue Service Public Hearing on Proposed Regulations.
A&A

Many small nonprofits may lose tax-exempt status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
A&A

Costly changes to 1099 reporting in health care law

In 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.
Tax

Tax attorney, businessman receive prison sentences for tax fraud

The U.S. Department of Justice has announced that two men were sentenced to prison last week for their involvement in a complex tax fraud scheme devised to avoid paying federal income taxes.
Tax

Tax preparer shut down for falsely claiming first-time homebuyer credits

A federal court has permanently barred David Santiago and his business, Santiago Investment & Consulting Inc., from preparing federal tax returns for others, the Justice Department announced.
Tax

National Association of Enrolled Agents responds to proposed PTIN regulation

The National Association of Enrolled Agents has submitted to IRS leadership comments on the proposed regulations with respect to Preparer Tax Identification Numbers (PTINs).
Tax

Child stars learn that growing up can be taxing

It’s been a bad year for at least three child stars, even if they are still active in the entertainment industry. It seems fame might not be all it’s cracked up to be.

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