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Posts tagged "federal tax compliance"

Reality TV Star Pleads Guilty to Federal Tax Crimes

Mike "The Situation" Sorrentino, who formerly appeared on the reality TV series "The Jersey Shore," pleaded guilty to a charge of tax evasion for years in which he concealed a portion of his income to avoid paying the full amount of taxes owed. Sorrentino's brother, Marc, also pleaded guilty to a charge of aiding in the preparation of a fraudulent tax return for underreporting income and providing his tax return preparers with false information.

Californians Affected by Recent Natural Disasters May Qualify for Federal Tax Relief

The Internal Revenue Service (IRS) recently announced that taxpayers who reside or have a business in the California counties that were affected by the recent wildfires, flooding, mudflows, and debris flows may qualify for federal tax relief. Certain deadlines may be extended and penalties may be abated for taxpayers located in the covered disaster area. Taxpayers located outside the disaster area, but whose records necessary to meet a federal tax deadline are in the covered area, may also qualify for relief. For more information, click here.

IRS to Review IRC Sec. 199 Deductions by TV Broadcasters and Program Distributors

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Did You Withdraw Your IRS Offshore Voluntary Disclosure? You May Get Audited!

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS Announces 2018 Tax Rate Schedules and Retirement Plan Limitations

The Internal Revenue Service (IRS) released its annual inflation adjustments for many tax benefits applicable for tax year 2018 (returns filed in 2019). The standard deduction for taxpayers who are married filing jointly will increase slightly to $13,000; for single and separately filing married taxpayers, the standard deduction will also increase slightly, to $6,500. For tax year 2018, the foreign earned income exclusion is $104,100, up from $102,100 for tax year 2017. The annual exclusion for gifts increased to $15,000, an increase of $1,000 from the exclusion for tax year 2017.

California Shareholder in Prison for Filing False Returns

On October 6, 2017, Shiv D. Kumar, the sole shareholder of a California transportation company that serves disabled individuals, was sentenced to 30 months in prison for filing false corporate returns. The Department of Justice found that Kumar provided his accountant with false books and records, leading to the underreporting of the business' income to the IRS by over $2 million per year in 2009 and 2010.

Victims of the California Wildfires Must File with County for Property Tax Relief; May Qualify for State and Federal Tax Relief

California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner.  Those who lost property will need to file the appropriate county casualty abatement form for the 2016-2017 year.

IRS Office of Appeals Begins Virtual Conference Pilot Program

The Internal Revenue Service (IRS) is launching a pilot program to offer a web-based virtual conference option for taxpayers and their representatives in Appeals cases. The Office of Appeals hears over 100,000 cases each year for taxpayers who would like to resolve their tax disputes outside the Tax Court, and is hoping this new program will be a convenient, efficient, and flexible way to address the needs of taxpayers, particularly those who live far from an IRS Appeals office.

2017 Federal Filing Season Statistics

The Internal Revenue Service (IRS) released some initial statistics about the 2017 tax filing season. In the week ending April 21, 2017, the IRS received over 17 million tax returns, of which 13.6 million were e-filed. The last-minute surge brought the filing season total to 135.6 million, approximately the same as last year.

Corporations with Federal Tax Liabilities Barred from Contracting with Government Agencies

If your company contracts with the Department of Defense, General Services Administration, or the National Aeronautics and Space Administration (NASA), you have one more reason to be compliant with your federal tax obligations: Effective September 30, 2016, these agencies will no longer award contracts to corporations having delinquent Federal tax liabilities or a felony conviction under any law. This includes any assessed liabilities such as unpaid income tax, employment tax, payroll withholdings, and social security and Medicare taxes that are not contested or paid on time.

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