IRS

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IRS Gave Out $12B in Improper Refunds Last Year

Earned Income Tax Credit is the culprit

(Newser) - The Earned Income Tax Credit is that rare IRS feature popular with politicians, economists, and especially with the low-income families it helps, notes the Hill . No wonder: Turns out, the IRS is overly generous with the credit. An audit shows that it distributed between $11.6 billion and $13.6...

Top Cities Where IRS Expects Tax Cheats

Small-business owners among top targets: study

(Newser) - A study is shedding new light on just who should most fear a federal tax audit. Small-business owners—who often deal in cash—are eyed more warily than others, says the report by the National Taxpayer Advocate, an independent office within the IRS. And location matters. According to secret data...

IRS Might Be Peeking at Emails Without Warrants

ACLU calls for a clear explanation of policy

(Newser) - It's probably not wise to talk about all your deep, dark tax-dodging secrets via email, but if you do, know that the IRS might be poking into them without a warrant. So says the ACLU, which complains that it can't get a straight answer from the agency about...

IRS: Yeah, Our $60K Star Trek Parody Was a Bad Idea

Agency spent big bucks on 'training' film for employees

(Newser) - "There is no mistaking that this video did not reflect the best stewardship of resources." So says the IRS in regard to a five-minute Star Trek parody made by employees in 2010 that cost about $60,000, reports AP . Congress got wind of it, and the agency offered...

IRS Grabs Lohan's Bank Accounts

It's time to pay up, Lindsay

(Newser) - Apparently Charlie Sheen's $100,000 was not enough: The IRS has seized Lindsay Lohan's bank accounts so that it can collect all the back taxes she owes it, TMZ reports. She owes at least $233,904 for 2009 and 2010, plus more for 2011, according to the gossip...

Despite Fed Protests, Court OKs Solyndra Bankruptcy

Government may appeal decision

(Newser) - Failed solar company Solyndra got court approval for its bankruptcy plan today—despite objections from the US government. The government had accused the plan of providing $341 million in improper tax breaks for investors , but a judge said the government didn't prove that the main goal of Solyndra's...

Solyndra Tries to Cheat the IRS
 Solyndra Tries to Cheat the IRS 
OPINION
Oct 16, 2012 1:59 PM CDT

Solyndra Tries to Cheat the IRS

Meanwhile, company sues Chinese companies for driving it to bankruptcy

(Newser) - The IRS is asking a bankruptcy court to torpedo Solyndra's plan for a Chapter 11 reorganization, saying that its "principal purpose is tax avoidance," the Wall Street Journal reports in an editorial today, explaining what it calls the "Solyndra memorial tax break." Solyndra's only...

IRS Gives Bank Whistleblower $104 Million

Bradley Birkenfeld tattled on UBS

(Newser) - Bradley Birkenfeld just became the most popular guy in his halfway house. The IRS has given the former UBS banker the staggering sum of $104 million under its whistleblower program, reports Bloomberg . Birkenfeld spelled out how the bank helped rich Americans dodge taxes by stashing their money in Swiss accounts,...

Sorry, Olympic Medalists Don't Deserve Tax Break

Last thing our tax code needs is yet another loophole: Conor Friedersdorf

(Newser) - Marco Rubio claims he wants to simplify the tax code—so why in the world is he calling for Olympians not to be taxed on their winnings? Such a plan "is a perfect example of why the tax code is a complicated and burdensome mess," writes Conor Friedersdorf...

Medal Winners Must Face Tax Man

 Medal Winners 
 Must Face 
 Tax Man 
olympics
Aug 1, 2012 5:06 PM CDT

Medal Winners Must Face Tax Man

Marco Rubio wants to stop that immediately

(Newser) - US Olympians who medal in London get to share some of their glory with the IRS. The group Americans for Tax Reform (a Grover Norquist production) breaks it down this way:
  • Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the
...

IRS Probing Rove's Crossroads GPS

Tax-exempt groups are supposed to benefit community

(Newser) - The IRS has launched an investigation to determine if Karl Rove's GOP-boosting Crossroads GPS and similar organizations are violating their tax-exempt status by spending too much money promoting a party agenda and candidates. Organizations are granted tax-exempt status only if they promote a benefit to the community. The IRS...

Hill: I Dodged Taxes While Guarding My Family

Long Tumblr post explains singer's withdrawal from pop culture

(Newser) - Lauryn Hill admits she paid no taxes for a few years, but says she was busy protecting herself and her family from popular culture, the New York Post reports. In a long Tumblr post , the singer said yesterday that she withdrew from society and cast aside pop culture's "...

IRS: Lauryn Hill Dodged Taxes

Singer didn't file 3 straight years, faces serious charges

(Newser) - Lauryn Hill owns four companies and apparently has scads of money rolling in from song royalties, which means doing her taxes probably isn't a breeze. The IRS now says she employed the shaky accounting strategy of not filing at all from 2005 through 2007, reports Reuters . Given that she...

ID Theft Brings 'Tsunami of Fraud' to IRS

Phony returns are on the rise

(Newser) - The New York Times today provides some eye-popping numbers on the relatively new crime of identity-theft tax fraud . The IRS stopped 700,000 fake returns in 2010, at least 1.3 million last year, and twice that many so far this year with only 30% of returns reviewed. But the...

Facebook Co-Founder Gives Up US Citizenship

Eduardo Saverin aims to save on taxes

(Newser) - One of the billionaire co-founders of Facebook has renounced his US citizenship in a bid to slash his tax bill ahead of the gigantic IPO. Eduardo Saverin, 30, owns about 4% of the social network—a chunk that could be worth as much as $3.84 billion, reports Bloomberg . “...

More Americans Drop Citizenship Over Taxes

IRS rules onerous, expatriates say

(Newser) - It's April again: time to add up receipts, find little-known tax breaks , and, in some cases, renounce US citizenship altogether. In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports. One rule forces all Americans to file forms...

Tax Cheating, Easy? Experts Tell You How

Accountants and tax lawyers share tips for beating Uncle Sam

(Newser) - So the New York Times is offering tips for tax cheaters. Guess we know which newspaper will be audited next—but for now, let's take advantage of the paper's survey of 20 tax lawyers, accountants, and policy wonks:
  • The easiest way to cheat is ... running your own company—
...

Feds Raid California Medical Pot University

...armed with sledge hammer, power saws

(Newser) - A small army of feds yesterday raided California's only "medical marijuana university" in Oakland. Two of a mob of protesters who descended on the school—many of them smoking dope—were busted by cops as federal agents swarmed Oaksterdam , a college dedicated to training people how to grow...

Romney Helped Marriott Dodge Taxes

'Son of BOSS' scheme implemented during his audit board tenure

(Newser) - Another ghost from Mitt Romney's business past may be coming back to haunt him. Romney has long maintained close ties with Marriott International, and he led its audit board for several years, Bloomberg points out. During that time, Marriott instituted a tax maneuver it nicknamed "Son of BOSS,...

Identity Theft Probe Halted $1.4B in False IRS Refunds

105 busted in sweep

(Newser) - The Internal Revenue Service is cracking down on fraudsters as tax return seasons begins. The agency has stepped up efforts to prevent identity theft, and caught 260,000 bad returns last year, up from 50,000 in 2010, and prevented a total of $1.4 billion in bad refunds being...

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