May 5, 2013
Inflation adjustment raises IRS-allowed Health Savings Plan account limits
The IRS has released the 2014 inflation-adjusted amounts for health savings accounts (HSAs) in Rev. Proc. 2013-25.
May 3, 2013
IRS missing more offshore taxes than it’s collecting
In a recently released report to Congress, the U.S. Government Accountability Office (GAO) says that while the IRS has collected billions of dollars from offshore tax evasion, it may be missing even more.
May 2, 2013
IRS Digging into Taxpayer Holdings in Caribbean Banks
A federal court in San Francisco has granted an order authorizing the U.S. Internal Revenue Service (IRS) to serve a summons seeking information about US taxpayers who may hold offshore accounts with FirstCaribbean International Bank (FCIB), a subsidiary of Canadian Imperial Bank of Commerce.
April 25, 2013
IRS report on tax-exempt colleges cites ‘significant compliance issues’
The Internal Revenue Service today released its final report summarizing audit results from the IRS’ colleges and universities study, which began in 2008. This final report describes the agency’s multi-year project on a major segment of tax-exempt organizations.
April 23, 2013
IRS Improving at Collecting Taxes, but Oversight Agency Says Changes are Needed to Ensure Balance and Effectiveness
The most recent estimate of the Tax Gap is $385 billion, and the the Internal Revenue Service needs to do more to collect those funds, according to a new report. The Tax Gap is the amount of taxes the agency estimates is owed, but is not reported or paid by U.S. taxpayers each year.
April 23, 2013
TIGTA Finds Improvements Needed to Performance Measures for IRS Collection Program
The Treasury Inspector General for Tax Administration released a new report that showed several favorable trends among the IRS’s performance measures for its Collection Program. The performance measures help IRS managers make decision about how to fund and allocate resources to collect the estimated $360 billion from taxpayers who owe but have not paid taxes...…
April 18, 2013
Miss the April 15 tax deadline? Here’s what to do
O.K., it's now after April 15. If you haven't filed your income tax returns or an extension, it's time for damage control.
April 17, 2013
Report: IRS not doing well at recognizing and investigating signs of tax fraud
Because the IRS does not always recognize and properly investigate possible tax fraud, it may be missing opportunities to further promote voluntary compliance and enhance revenue.
April 17, 2013
IRS Gives 3-Month Income Tax Filing and Payment Extension to Boston-Area Taxpayers as Result of Marathon Bombing
WASHINGTON — In response to the Boston Marathon terrorist act, the Internal Revenue Service has announced a three-month tax filing and payment extension to Boston area taxpayers. This relief applies to all individual taxpayers who live in Suffolk County, Mass., including the city of Boston. It also includes victims, their families, first responders, others impacted...…
April 16, 2013
Tax preparer, a former IRS agent, gets 24 years for defrauding clients and attempted murder
A former IRS agent who opened a tax preparation business was sentenced Friday to nearly 24 years in prison for defrauding clients out of more than $11 million and then attempting to hire a hit man to kill four of them.
April 15, 2013
Former orthodontist representing himself in $36M tax fraud case
While succeeded in obtaining a federal judge's permission to plead his own case, the court rejected a lengthy habeas corpus motion in which Dr. Unger disavowed the court's jurisdiction and used numerous Biblical references to support his effort to seek release pending trial.
April 14, 2013
Taxes are pretty tough for pro athletes
It's no secret that professional athletes can earn big paychecks. But in most cities and states they visit, they leave little pieces of them behind.