IRS

Tax

IRS Can't Find $67 Million in Obamacare Funds

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.
Tax

Tom Hanks Flees NYC before the Tax Bug Bites

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.
Tax

National Organization for Marriage Files Suit against IRS

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.
Tax

Crime Watch: October 4, 2013

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.
Tax

IRS Issues 'Progress Report' on Tax-Exempt Improvements

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.
Tax

IRS: Tax Refunds Suspended until Shutdown Is Over

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.
Tax

IRS Sets Per Diem Rates for 2013-2014 Travel Expenses

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.
Tax

Shutdown Won't Halt October 15 Filing Extension Deadline

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.
Tax

Low-Income Housing Limits To Be Waived for Colorado Disaster Victims

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.
Tax

Crime Watch: September 26, 2013

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.
Tax

Update: A New Way to Tax the Michael Jackson Estate?

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.
Tax

Will Lois Lerner Get a Gold Watch?

And another one bites the dust. The IRS announced that Lois Lerner, the embattled head of the IRS Exempt Organizations division, has officially retired. The retirement is effective immediately.
Tax

Bloomberg BNA Projects 2014 Inflation-Adjusted Tax Rates

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.
Tax

Beanie Babies at the Center of Tax Scandal?

Who would've ever thought Beanie Babies would emerge as part of a tax evasion scheme? Only in America. But on September 19, the billionaire creator of Beanie Babies, Ty Warner, was hit with charges of tax evasion.
Tax

IRS Hounded Conservative Groups After Tax-Exempt Approvals

The "Tea Party scandal," which has been quietly simmering for several weeks, may boil over once again. A leading Republican lawmaker says the IRS continued to target conservative groups after they'd been granted tax-exempt status.
Tax

IRS to Crack Down on Tax Return Preparers

The TIGTA says the IRS has to do a better job of policing paid tax return preparers. And the IRS – which has been under fire on numerous other fronts – agrees with this assessment.
Tax

Crime Watch: September 19, 2013

Beth Ann Pettyjohn of Englewood, Colorado, was sentenced to serve twenty-eight months in federal prison for failure to pay over employment tax. The judge also ordered her to pay $4,669,532.05 in restitution to the IRS as well as a $25,000 fine.
Tax

IRS Providing Tax Relief to Colorado Flood Victims

The IRS announced it is providing tax relief to individual and business taxpayers in four Colorado counties impacted by the recent severe storms that have caused flooding, landslides, and mudslides in that state.
Tax

TIGTA Report: IRS Tax Gap Estimate Needs Improvement

A new report released by the Treasury Inspector General for Tax Administration (TIGTA) on September 16 recommended that the IRS needs to make improvements to the tax gap estimate.
Tax

Crime Watch: September 13, 2013

A couple from Iowa and a Las Vegas accountant were charged September 11 with conspiring to defraud the IRS of more than $700,000 by allegedly using nominee corporations and bank accounts to hide their income and other assets.

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