IRS News

May

IRS seeks to resume case against Erie County Council's Beeman - GoErie.com

2012-05-19

IRS seeks to resume case against Erie County Council's BeemanGoErie.comBy ED PALATTELLA, Erie Times-News Even as Beeman has sought refuge from the IRS by filing for bankruptcy, the agency is pressing to sell his four Waterford-area properties to execute a $2.1 million judgment over unpaid income taxes.

May

Kraft gets IRS OK for tax-free status for split - BusinessWeek

2012-05-18

Kraft gets IRS OK for tax-free status for splitBusinessWeekKraft Foods Inc. said Friday that the US Internal Revenue Service indicated that it will approve the company's plan to spin off a new division in a tax-free split. Kraft said the IRS gave the company a letter confirming the tax-free status of the ...KRAFT FOODS RECEIVES FAVORABLE IRS RULING ON TAX-FREE NATURE OF PLANNED SPIN-OFFMarketWatch (press release)Kraft: IRS Confirms Tax-Free Status Of SpinoffFox BusinessKraft Foods Announces IRS Approval For Tax-Free Split (KFT)Galaxy Stocksall 42 news articles »

May

IRS helps in applications - Times Record News

2012-05-19

IRS helps in applicationsTimes Record News"The Internal Revenue Service is helping minimize the time spent on the completion of the Free Application for Federal Student Aid (FAFSA) form by automating access to federal tax returns with the IRS Data Retrieval Tool," said Clay Sanford, ...and more »

May

Nonprofit expenses questioned - Record-Searchlight

2012-05-19

Nonprofit expenses questionedRecord-Searchlight(SHNS photo courtesy Goodwill Industries / Manasota) Goodwill Industries operates more than 2600 retail stores, like this one in Sarasota, Fla., where leaders are rethinking how they report overhead costs to the Internal Revenue Service and the ...Groups nationwide report zero cost for fundraisingEvansville Courier & Pressall 2 news articles »

May

IRS spells out how long you should hold onto paperwork after tax filing season - NewsNet5.com

2012-05-18

NewsNet5.comIRS spells out how long you should hold onto paperwork after tax filing seasonNewsNet5.comThe Internal Revenue Service has some timely advice for those anxious to get a jump on their spring cleaning. First, according to the IRS, taxpayers should keep a copy of their tax returns and all return-related, substantiating documents.and more »

May

Follow your return through the IRS pipeline (part 2) - San Francisco Chronicle (blog)

2012-05-18

San Francisco Chronicle (blog)Follow your return through the IRS pipeline (part 2)San Francisco Chronicle (blog)Last time, your return was being flipped, spun extracted, sorted and stamped by the IRS's SCAMPS machine (a heavy duty mail sorter). Now it's ready for the next phase; a human being. From the mailroom your return is taken on a cart to a live human ...

May

Firms urge delay in IRS offshore tax dodger rules - Reuters

2012-05-15

ForbesFirms urge delay in IRS offshore tax dodger rulesReutersBy Patrick Temple-West | WASHINGTON May 15 (Reuters) - Financial institutions from around the world called for delay and changes to soften proposed US rules to combat offshore tax evasion at an Internal Revenue Service hearing on Tuesday.Global Bankers Air Concerns to IRS on Rules for AccountsBusinessWeekBeware Longer IRS Statute Of Limitations On Foreign AccountsForbesTax-Evasion Law Will Harm US Asset Managers, BlackRock SaysBloombergJD Supra (press release) -Bloomberg BNA -gulfnews.comall 40 news articles »

May

Cornell Joins Harvard as IRS Examines Ivy League Schools - Bloomberg

2012-05-17

BloombergCornell Joins Harvard as IRS Examines Ivy League SchoolsBloombergCornell University was audited as part of the Internal Revenue Service's probe of tax compliance at US colleges, which targeted more than 30 state schools and private nonprofit schools such as Harvard University. Joanne DeStefano, Cornell's chief ...and more »

May

Cornell Joins Harvard as IRS Examines Ivy League Schools - BusinessWeek

2012-05-17

Cornell Joins Harvard as IRS Examines Ivy League SchoolsBusinessWeekBy Michael McDonald on May 17, 2012 Cornell University was audited as part of the Internal Revenue Service's probe of tax compliance at US colleges, which targeted more than 30 state schools and private nonprofit schools such as Harvard University.and more »

May

BNY Mellon, IRS spar over $900 million tax benefit - NEWS.GNOM.ES

2012-05-17

BNY Mellon, IRS spar over $900 million tax benefitNEWS.GNOM.ESES) – Bank of New York Mellon Corp faced off against the US government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called “tax abuse.” The case is the first to go to trial since the IRS accused ...and more »

May

IRS offers advice to those who missed tax deadline

2012-05-19

The IRS has some advice for taxpayers who missed the tax filing deadline this week.

May

IRS Told To Improve FATCA Plans

2012-05-18

The United States Government Accountability Office (GAO) has disclosed that, as the implementation of the Foreign Account Tax Compliance Act (FATCA) should provide the Internal Revenue Service (IRS) with a substantial amount of new information, Congress has asked for a review of how it plans to manage that information.

May

Beware Longer IRS Statute Of Limitations On Foreign Accounts

2012-05-14

If you thought the huge flap over the 6 year IRS statute was over when the Supreme Court decided Home Concrete, think again. See HUGE Taxpayer Win: Supreme Court Tells IRS 3 Years To Audit Is PLENTY! First, remember that omissions of 25% or more of your gross income still trigger the 6 years statute. Also, recall that the statute in criminal tax cases is generally 6 years. And the civil statute ...

May

Sen. Grassley To IRS: Whistleblower Office Is A Disgrace

2012-05-10

You've probably read about IRS whistleblowers cashing in for reporting suspected tax fraud. It may seem to be a new development, but IRS whistleblowing incentives started in 1867! Still, big changes in 2006 raised the stakes materially, adding new Section 7623(b). Under it, awards to whistleblowers are no longer discretionary. Now, the whistleblower "shall" receive ...

May

IRS system helps with college financial aid application process

2012-05-18

DALLAS –College-bound students and their parents typically want to make every dollar and every minute of the college experience count including money spent on tuition and time spent on the college financial aid application process.

May

IRS on Time's Breastfeeding Issue?

2012-05-13

Time magazine's breastfeeding issue has polarized more than a few people between the twin breasts of natural nurturing and enough?s enough. It's "are you mother enough?" was nicely timed for Mother's Day, and prompted some??Tiger Mom??debates.????While it will be off the coffee table soon, it pumped up many women and some men to talk about ...

May

Start Over With The IRS

2012-05-14

If youre struggling to pay back taxes, try a fresh start with the IRS. They really can help.

May

Cornell Joins Harvard as IRS Probe Looks at Ivy League Schools

2012-05-17

Joanne DeStefano, Cornell’s chief financial officer, told a congressional committee yesterday in Washington that the IRS completed its probe in March, according to a copy of her testimony.

May

IRS files $109,283 tax lien against Suncoast Seabird Sanctuary

2012-05-18

By Curtis Krueger, Times Staff Writer Friday, May 18, 2012 INDIAN SHORES — The IRS has filed a lien against the Suncoast Seabird Sanctuary for $109,283 in unpaid payroll taxes, but the director says the organization is working to pay off the money. The federal tax lien was filed April 6 with the Pinellas County Clerk's Office. "We got behind," because donations to the nonprofit seabird center ...

May

KRAFT FOODS RECEIVES FAVORABLE IRS RULING ON TAX-FREE NATURE OF PLANNED SPIN-OFF

2012-05-18

NORTHFIELD, Ill., May 18, 2012 /PRNewswire/ -- Kraft Foods Inc. (NYSE:KFT) announced today that the U.S. Internal Revenue Service (IRS) has provided a favorable private letter ruling confirming the tax-free ...

May