Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
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.
Welcome to our first installment of "Bramwell's Lunch Beat." Each weekday around lunchtime, I'll provide you, the accounting and finance professional, with some bite-sized summaries and links to news articles that may be of interest.
It's been revealed that the supervisor in the Cincinnati office accused of wrongdoings by Lois Lerner, former head of the IRS Exempt Organizations (EO) division, took umbrage when the finger was pointed her way.
The IRS has made significant strides in expanding its virtual environment, but more attention is needed to ensure its virtual server configurations are secure, according to a report released by the TIGTA.
Chicago lawyer Gary J. Stern designed at least three tax-fraud schemes that helped hundreds of customers falsely claim over $16 million in improper tax credits and avoid paying income tax on at least $3.4 million.
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 IRS doesn't always try to catch the biggest fish in the pond. Case in point: It has announced it will devote more resources to auditing various pass-through entities instead of focusing on the traditional corporate targets.
Identity theft was the focus of two reports released by the TIGTA – the first concluding the IRS issued billions of dollars in potentially fraudulent refunds, and the second finding the IRS needs to improve customer service efforts for identity theft victims.
A new TIGTA report stipulated that until the IRS takes steps to fully implement all eleven security program areas covered by FISMA, "taxpayer data will remain vulnerable to inappropriate use, modification, or disclosure – possibly without being detected."