The IRS is requesting applications for membership to serve on the Advisory Committee on Tax Exempt and Government Entities (ACT). Written applications or nominations must be received on or before November 4, 2013.
Farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the IRS announced October 18.
Randolph Scott of Doylestown, Pennsylvania, an attorney whose practice included estate and probate matters, was charged by Indictment on October 3, 2013, with defrauding a client's estate of more than $1.7 million.
The IRS has been embroiled in plenty of turmoil lately, but presumably it has nothing to do with a witch's cauldron or a satanic spell. Nevertheless, an IRS official sitting on the hot seat in Congress was asked to defend herself against mock charges she was demonic.
As if there wasn't enough controversy already swirling around the Affordable Care Act, now the TIGTA reports that the IRS can't account for $67 million stashed in a slush fund intended to help enforce the law.
It must be a pain to be wealthy and famous. Most people who enter a state on business can slip in, do a deal, and go on home without drawing the unwanted attention of the IRS. But for Tom Hanks, it's not so easy.
The National Organization for Marriage filed a lawsuit against the IRS on October 3, claiming it has "irrefutable proof" the agency illegally released the pro-traditional marriage organization's 2008 confidential tax return to the Human Rights Campaign.
A massive case of organized tax and bank fraud culminated September 26 with the unsealing of four federal grand jury indictments accusing fifty-five people of participating in one or more illicit schemes, including the theft of more than 2,000 identities that were used to claim more than $20 million in bogus IRS tax refunds.
The IRS says it's improving procedures for reviewing tax-exempt applications. On September 24, the nation's tax collection agency released a new table showing the progress it has made in following recommendations outlined by the TIGTA.
Because of the federal government shutdown, the IRS will be unable to issue tax refunds until the stalemate in Congress is over, but the agency reiterated that all taxpayers should continue to meet their normal tax obligations.
The IRS has set the special per diem rates for substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014. The per diem rates went into effect October 1, 2013.
Despite the federal government shutdown that went into effect October 1, the deadline for many of the more than twelve million taxpayers who requested an automatic six-month extension from the IRS to file their 2012 tax returns and make payments will remain October 15.
Because of the widespread devastation to housing caused by storms and flooding in Colorado, the IRS will temporarily suspend certain limitations for qualified low-income housing projects that house people displaced by the storms and flooding.
A New York man admitted his role in one of the largest credit card fraud schemes ever charged by the Justice Department. He and a coconspirator caused more than $200 million in confirmed losses to businesses and financial institutions.
More than four years after Michael Jackson's death, the tug of war between his estate and the IRS seems to be heating up rather than nearing agreement. Some estate specialists wonder if the IRS is looking to tax assets they haven't generally taxed before.
Bloomberg BNA last week released its projected US inflation-adjusted tax rates for 2014, which include many new amounts pertaining to the American Taxpayer Relief Act of 2012 and the Affordable Care Act.