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MedCap co-founder faces tax evasion charges
One of the founders of Medical Capital Holdings Inc., the issuer of tainted private placements that have devastated dozens of broker-dealers, faces five counts of failing to file a federal income tax return.
IRS audits of millionaires at all-time high of 12.5%
The U.S. Internal Revenue Service said it audited 12.48% of individual tax returns with income exceeding $1 million during 2011, an all-time high.
Ex-UBS client indicted for hiding accounts from IRS
A former UBS AG client was indicted by a federal grand jury on a charge that he defrauded the U.S. by hiding assets from the U.S. Internal Revenue Service.
Guess who wins under Republican candidates’ tax plans?
Tax proposals from the Republican presidential candidates favor one group
IRS gives B-Ds a chance to come clean on classifying employees
The IRS is giving broker-dealers a chance to come clean on classifying independent contractors, but firms that fess up will take on the increased cost of following the letter of the law.
IRS warns weaker enforcement, slow service would follow cuts
IRS warns of “noticeable degradation” of taxpayer services and enforcement if Congress follows through on a plan to cut about $500 million from the agency's budget for fiscal 2012.
Bill to cap cap gains rate may hit Senate turbulence
Sponsors of legislation that would limit on the federal levy on investment income at 15% are confident of strong support in the House. The Senate is another matter, however.
REITs could come into crosshairs of Obama tax hike
The REIT industry is guarding against a potential proposal from the Obama administration that would impose new taxes on partnerships and similar companies with more than $50 million in gross receipts that are currently exempt from corporate income tax.
IRS to build database of regulated tax preparers
Taxpayers will be able to examine the qualifications of paid tax-return preparers in a database being built by the IRS that may be available as soon as 2013.
Obama puts money where his mouth is on tax return
The president's policy goals are reflected in his personal money management, according to an expert who reviewed the tax returns the country's chief executive made public after paying his family's annual bill to the government he runs.
Think your tax-avoidance gambit is novel? Think again
IRS to wannabe tax-dodgers: 'Talk to the hand'
New Form 5500 implementation eats time and money
The unveiling of the revised Internal Revenue Service Form 5500 comes with both relief and trepidation.
IRS a hidden winner in Big Six deals: CPAs may have to cash out stock of new clients
Partners at the soon-to-merge Coopers & Lybrand and Price Waterhouse may be doing more this summer than combining their files. They also could be realigning their personal portfolios.
