IRS Releases List of Transactions of Interest (Notice 2009-55) The IRS has provided a list of transactions that have been identified by the Service as “transactions of interest.” The IRS will consider transactions similar to any of the transactions on the list to be transactions of interest for purposes of…
Oregon: Tax Amnesty Program Enacted Gov. Ted Kulongoski has signed legislation that authorizes the Oregon Department of Revenue (DOR) to initiate a tax amnesty program for taxpayers subject to the corporation excise (income) tax, the personal income tax, the inheritance tax, and the mass transit district tax on self-employment. The…
Top Seven Tips for Taxpayers Starting a New Business IRS Summertime Tax Tip 2009-02 Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this…
Construction Industry Tax Issues Accumulated Earnings Tax Closely held C corporations are more likely to accumulate earnings and profits beyond the reasonable needs of the business in order to avoid income taxes on its shareholders than are large C corporations. Each accumulated earnings case is unique. No pro forma guide…
IRS to seek more regulation of tax preparers The IRS reported that it is working on new rules that will require paid tax preparers to be licensed. This will improve tax compliance and reduce tax preparer fraud; IRS Commissioner Doug Shulman announced that on June 4, 2009. A whopping eighty…
IRS Disaster Tax Relief Added Leon, Levy and Wakulla counties, 5/12/09 Added Dixie and Gilchrist counties, 5/4/09 tax relief from the Internal Revenue Service. Following severe storms, flooding, tornados and straight-line winds on March 26, 2009, the President declared Calhoun, Dixie, Gilchrist, Hamilton, Holmes, Jackson, Lafayette, Leon, Levy, Liberty, Madison,…
UBS CLIENT PLEADS GUILTY TO FILING FALSE TAX RETURN HID ASSETS WORTH $3 MILLION IN SECRET SWISS BANK ACCOUNT Ft. Lauderdale Yacht Broker Second UBS Client Charged, First to Plead Guilty WASHINGTON – Robert Moran, of Lighthouse Point, Fla., pleaded guilty on criminal information charging him with filing a false…
U.S. JUDGE BARS TWO CONNECTICUT RESIDENTS FROM PREPARING FEDERAL TAX RETURNS FOR OTHERS Father and Daughter Prepared Tax Returns That Falsified and Inflated Deductions for Customers WASHINGTON – A federal district court in Connecticut has permanently barred Wethersfield residents Deowraj Buddhu and his daughter, Sunita Buddhu, from preparing federal tax…
TAX SHELTER PROMOTER PLEADS GUILTY TO CONSPIRING TO IMPEDE AND IMPAIR THE IRS WASHINGTON – Anthony G. Merlo, a former resident of Fort Worth, Texas, and the U.S. Virgin Islands, pleaded guilty to conspiracy to defraud the United States, the Justice Department and Internal Revenue Service (IRS) announced. Merlo appeared…
IRS is hiring hundreds of Internal Revenue Agents The IRS is hiring hundreds of Internal Revenue Agents – It’s a great time to join the agency! The IRS has begun a major hiring effort to fill hundreds of critical jobs nationwide. Most of these jobs are for internal revenue agent…