IRS

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.
Tax

Crime Watch: August 9, 2013

A former Washington State real estate developer and his long-time girlfriend were convicted August 4 on twenty-five counts of tax evasion and false statements related to their scheme to avoid paying taxes on more than $23 million in income.
Tax

IRS Told More Needs To Be Done to Fight Identity Theft "Epidemic"

A subcommittee of the House Oversight and Government Reform – the same committee that's investigating alleged wrongdoings regarding tax-exempt applications of Tea Party and other conservative groups – warned that the IRS has to improve its efforts to thwart identity theft issues.
Tax

House Passes Bill to Keep IRS from Enforcing Obamacare

Before leaving for its August recess, the US House of Representatives on August 2 passed a bill that would prohibit the IRS from implementing or enforcing the Affordable Care Act, also known as Obamacare.
Tax

Employers in Seventeen States May Face Higher FUTA Tax Rates

Because seventeen states and the Virgin Islands have had an outstanding federal unemployment insurance loan for at least two years, employers in those jurisdictions may not be able to claim the maximum amount of state unemployment tax credits on their 2013 FUTA tax return.
Tax

Worker Classification Conundrum: Employee or Independent Contractor?

If your clients have workers they consider to be independent contractors, you may want to drill down to ensure they are classifying them correctly and they're not actually employees in the eyes of the government.

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