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Internal Revenue Service employees pushed too hard to impose levies on elderly people’s Social Security benefits, leading to economic hardship for some low-income people with tax debts, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, acknowledged that most IRS revenue officers abided by the law […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is seeing a big increase this summer in automated phone calls from con artists pretending to work for the IRS calling innocent taxpayers demanding overdue taxes. John Koskinen The criminals leave urgent callback requests on voice mail telling taxpayers to call back to settle their “tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Mortgage interest deduction limit applies on per taxpayer basis Print Email Reprints A year ago, a divided Ninth Circuit reversed the Tax Court in Voss v. Commissioner, allowing two unmarried co-owners of real property to each claim a home mortgage interest deduction. Now, the IRS has acquiesced in the decision, giving a bonus […]
(Bloomberg) A Swiss banker used a toothpaste tube a decade ago to smuggle diamonds into the U.S. Prosecutors now say an Israeli bank employee devised a new way to help a U.S. client hide assets from the Internal Revenue Service: She carried account statements into the country on a USB flash drive concealed in her […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Singer and rapper Iggy Azalea is reportedly facing a second tax lien from the Internal Revenue Service for $269,980.20 in unpaid federal income taxes from 2015. Iggy Azalea The second tax lien, according to TMZ, follows on the heels of an earlier tax lien for $391,056.55 that the IRS filed […]
(Bloomberg) Facebook Inc.’s future cash flows and results could suffer a major blow if it loses a battle over new U.S. tax liabilities related to the transfer of its global operations to Ireland in 2010. The Internal Revenue Service delivered a notice of deficiency to the social media giant Wednesday for $3 billion to $5 […]
Many taxpayers have multiple Individual Retirement Accounts and 401(k) accounts, and as the baby boom generation enters its retirement years, more clients than ever are going to need advice from a tax professional about how to handle the complicated rules for required minimum distributions from the accounts once they finally retire. This three-part special study […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS Statistics of Income program has released data on taxpayers who hold IRAs, private foundations, tax-exempts and other categories. The Tax Year 2013 IRA tables detail the total fair market value for IRAs, the number of taxpayers receiving distributions, and total contributions to the various types of IRAs. The […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Big questions The Income Tax School: IRS Commissioner Koskinen probably rivals Richard Nixon when it comes to impeachment rumors. What is the commissioner’s future? Dinesen Tax Times: The IRS position on one-person LLCs, EINs and W-9s raises questions. […]
(Bloomberg) Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing. U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and are looking at whether […]
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