IRS

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.
Tax

Treasury Issues Proposed Rules for Information Reporting by Employers and Insurers under Affordable Care Act

On September 5, the US Department of the Treasury and the IRS issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Affordable Care Act.
Tax

IRS: Interest Rates Stay the Same for Fourth Quarter of 2013

Interest rates will remain the same for the calendar quarter beginning on October 1, 2013, the IRS announced September 5.
Tax

IRS Spent $10,000 Spoofing 'The Apprentice' in Training Video

A video the IRS released to the House Ways and Means Committee on September 6 that parodied Donald Trump and his show "The Apprentice" was made using taxpayer dollars at a total cost of approximately $10,000.
Tax

New Tip-Reporting Rule Looms Large

A little-noticed tax change could have a major tax impact on business clients who own and operate restaurants or other establishments that commonly add automatic gratuities to the bills of large parties.
Tax

Crime Watch: September 6, 2013

David Haigler, who pleaded guilty in US District Court for the Middle District of Alabama September 5, 2013, to one count of theft of public funds and to one count of passing US Treasury checks with forged endorsements, faces twenty years in prison.
Tax

Prison Doors Slam on Fat Joe for Tax Evasion

On August 26, as scheduled, forty-two-year-old rapper "Fat Joe" reported to a Federal Detention Center in Miami. He'll spend four months there, followed by a year of supervised release.
Tax

IRS: Sole Proprietorship Returns Up 1.8 Percent in 2011

Approximately 23.4 million individual income tax returns for tax year 2011 reported nonfarm sole proprietorship activity, an increase of 1.8 percent from 2010, according to a new report from the IRS.
Tax

John Dalrymple Named Deputy Commissioner for Services and Enforcement

IRS Acting Commissioner Danny Werfel announced August 30, 2013, former long-time IRS executive John M. Dalrymple has been named Deputy Commissioner for Services and Enforcement.
Tax

FATCA: United States and Switzerland Issue Joint Statement Re Tax Evasion Investigations

Switzerland has encouraged its banks to cooperate with new program that will require significant financial penalties and information sharing from banks that aided secret account holders.
Tax

All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

The US Department of the Treasury and the IRS on August 30, 2013, ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.
Tax

IRS to Michael Jackson Heirs: We Want More Money!

More than four years after he died, Michael Jackson's heirs are still waiting for their shares of his substantial estate. If the IRS has its way, they'll continue to wait a lot longer.
Tax

IRS Reminder: Highway Use Tax Return Due September 3

The IRS is reminding truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Tuesday, September 3, 2013.
Tax

US Citizenship No Longer Worth Red Tape and High Taxes for Some

A surprising number of Americans living abroad are giving up and saying "uncle" to Uncle Sam. In quarter two of 2013, more Americans – 1,130 – renounced their citizenship than in all of 2012. That's in addition to 679 in the first quarter.
Tax

Online FATCA Registration System Now Offered by the IRS

The IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).
Tax

Lois Lerner Accused of Using Personal E-mail for Official Business

Lois Lerner can't catch a break. Now House Republicans are asking her to provide official documents she purportedly sent to her personal e-mail account.
Tax

IRS Seeks to Ease Rules for Innocent Spouses

The IRS is moving forward in its efforts to provide more leeway under the "innocent spouse" rules. On August 12, the IRS proposed a permanent extension of the rule allowing taxpayers up to ten years to apply for equitable relief.
Tax

New IRS Letter to Small Businesses Draws Flak from Congress

The IRS is facing more pressure from Congress this week. Some lawmakers are criticizing a slew of letters sent by the agency to thousands of small business owners.
Tax

IRS Will Keep Its Doors Open on August 30

On August 7, the IRS issued a press release saying it will remain open for business on August 30, the last of five furlough days previously announced by the nation's tax collection agency.

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