In a new case decided by the US Supreme Court, the remnants of a tax shelter partially constructed by wily Texas billionaire Billy Joe McCombs – known informally as "Red" – collapsed like a house of cards.
Some are wondering if federal agencies are seizing private assets on flimsy evidence to beef up their budgets. In 1985, about $27 million assets were seized. That's no small amount, but leap forward to 2012, when the amount skyrocketed to $4 billion.
In response to a lawsuit initiated by Tax Analysts, a nonprofit publisher of tax information and expert analysis, the IRS has released almost 3,000 pages of training materials used by its EO division, most of them dating from 2012.
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.
On August 14, Joe and Teresa Giudice appeared in US District Court to enter pleas of not guilty through their attorneys. They didn't speak at all, but a reporter in the courtroom said that at one point, Teresa mopped sweat off her husband's brow.
The Maryland Court of Appeals on July 9 voted five to two against changing the state's 166-year-old contributory negligence doctrine, which prevents people from collecting damages in a lawsuit if they contributed to their injuries in any way.
The Supreme Court's landmark decision striking down the Defense of Marriage Act (DOMA) will have far-reaching implications on many fronts. In particular, you may be scrambling to figure out the resulting tax impact under federal and state laws.
Who knew what about the "Tea Party scandal" and when? Congress continued to dig deeper into the matter last week as it interviewed staffers from the Cincinnati office of the IRS where "rogue" agents allegedly initiated the actions.
The IRS is expected to face even more heat this week when the TIGTA releases a new report claiming that the nation's tax collection agency spent about $50 million in holding at least 220 conferences for IRS staffers between 2010 and 2012.
The IRS scandal involving applications for tax-exempt status by Tea Party groups refuses to go away. Now the ACLJ has filed a lawsuit on behalf of twenty-five Tea Party and other conservative organizations against the IRS and several of its top officials.
Apple CEO Tim Cook appeared before the Senate Permanent Subcommittee on Investigations to defend his company's tax practices, including a 2 percent corporation tax rate deal it struck with the Irish government on two of its subsidiaries.
After the initial round of hearings held by three congressional committees this week, at least we know the IRS wrongfully targeted conservative "tea party" groups applying for tax-exempt status. But precious little else has been revealed.
Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22.
Los Angeles jewelry store owner Bryan Shaw faces a maximum of five years in prison after he pleaded guilty May 20 for his role in an insider trading case involving a former senior audit partner at KPMG LLP.
The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.