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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Billboard) Rick Ross is in deep trouble with the taxman. The “Hustlin’” rapper owes the Internal Revenue Service some $5.7 million in back taxes, though his team is confident the matter will be settled shortly. According to TMZ, which broke the story, Ross (aka William “Rick Ross” Roberts II) paid […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced special relief designed to support leave-based donation programs to aid victims of Hurricane Matthew. Under these programs, employees may forgo vacation, sick or personal leave in exchange for cash payments that their employer makes, before Jan. 1, 2018, to charitable organizations providing relief for Matthew victims. […]
The Internal Revenue Service is opening up its detailed tax data to researchers outside the federal government who can make use of the information in their studies. The IRS issued a call for proposals Tuesday for its Joint Statistical Research Program to allow the use of tax microdata by qualified researchers who don’t work for […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, identified 2,829 companies that filed returns for 2013 potentially […]
The Internal Revenue Service didn’t do enough to mitigate risks in some of its information technology contracts, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found the IRS didn’t ensure it mitigated risks for a sampling of IT contracts valued at $81.3 million. For the […]
The Internal Revenue Service needs to do more to ensure taxpayers aren’t using virtual currencies like bitcoin to avoid taxes, according to a new report. The report, from the Treasury Inspector General for Tax Administration, pointed out that digital currencies have grown in popularity in recent years as an alternative to traditional currency like the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Ouch Rubin on Tax: Taxpayers who fail to file FBARs can of course incur a 50% penalty on the balance of the unreported accounts. In one of the largest penalties in this blogger’s experience, a New York business […]
(Bloomberg) An emeritus professor of business administration in Rochester, New York, pleaded guilty to hiding $200 million in assets from the Internal Revenue Service by using offshore accounts at a bank that people familiar with the matter identified as Credit Suisse Group AG. Dan Horsky, 71, entered the plea Friday in federal court in Alexandria, […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Victims of October’s Hurricane Matthew in parts of Virginia may qualify for tax relief, the IRS said. Following the recent disaster declaration for individual assistance issued by FEMA, the IRS has said that affected taxpayers in the independent cities of Chesapeake, Newport News, Norfolk and Virginia Beach will receive tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued final regulations on controlled foreign corporations to provide rules about the treatment of U.S. property held by the CFC in connection with transactions involving partnerships. The final regulations provide rules for determining whether a CFC is considered to be deriving rents and royalties during […]
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