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(Bloomberg) As the U.S. took tougher steps Monday to limit the tax-cutting power of corporate inversions, analysts said the new rules may put a planned $160 billion merger between Pfizer Inc. and Allergan Plc in jeopardy. By Tuesday, Allergan shares were trading at $224.78 at 8:30 a.m. in New York, below their price of $271.57 […]
The IRS is offering taxpayer relief to victims of recent bad weather in three states. Victims of the severe storms and flooding that took place beginning in early March in parts of Louisiana may qualify. Individuals who reside or have a business in Bossier, Claiborne, Grant, Morehouse, Ouachita, Richland, and Webster Parishes may qualify for […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has filed a $391,056.55 tax lien against singer Iggy Azalea for unpaid taxes from 2014, the year she had the chart-topping hit “Fancy.” Iggy Azalea The rapper also had a hit album that same year, “The New Classic,” according to TMZ. The album features the song […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued guidance updating the limitations on depreciation deductions for new automobiles. Revenue Procedure 2016-23 provides guidance regarding the limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2016, amounts that must be included in income […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Contrary to popular belief Tax Girl: This weeks’ entry in “Taxes From A to Z” is “N is for Nominee,” as in third-party holders of property. TurboTax: Green is as green does: what to remind your clients about […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Scammers are trying new tactics to convince taxpayers to hand over their personal information, the Internal Revenue Service warned. In a new email scam targeting taxpayers, people are receiving emails that appear to come from the Taxpayer Advocacy Panel, a volunteer board that advises the IRS on issues affecting taxpayers. […]
(Bloomberg) Republican presidential candidate Donald Trump’s income tax returns for the years 2002 through 2008 are no longer under federal audit, though more recent filings remain under review, according to an unusual letter his campaign released Wednesday night. Donald Trump (Photo: Andrew Harrer/ Bloomberg) The campaign didn’t say whether it’s prepared to release any of […]
(Bloomberg) The roughly 8 million Americans who live abroad automatically get a couple additional months each year to file their taxes. Don’t expect them to be grateful. Filing to the Internal Revenue Service from overseas is more confusing, complicated and expensive than it is for Americans at home (and that’s saying something). Unlike almost every […]
The Internal Revenue Service released its 2015 IRS Data Book on Wednesday, providing a snapshot of agency activities for the fiscal year. The 2015 Data Book discusses IRS activities from Oct. 1, 2014, to Sept. 30, 2015 and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among […]
[IMGCAP(1)]The Internal Revenue Service has made progress in implementing information security controls, but a new report from the Government Accountability Office finds that weaknesses in the controls limited their effectiveness in protecting the confidentiality, integrity and availability of financial and sensitive taxpayer data. During fiscal year 2015, the IRS continued to devote attention to securing […]
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