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Khloe Kardashian faces tax lien after accountant fails to pay her outstanding balance -- TMZ is reporting that reality television star Khloe Kardashian owes California money. The state says that Kardashian failed to pay $18,490 in taxes in 2007. Reports are that the lien is still unpaid, despite the star’s claims that she settled the issue years ago.
Treasury department releases first results of the HIRE Act -- The U.S. Treasury Department has released the first results of the Hiring Incentives to Restore Employment Act, established by the Obama administration to encourage job growth. The HIRE Act offers tax cuts to small businesses that hire Americans that have been unemployed for eight weeks or more.
New report accuses IRS of failing to mail out lien notices in a timely manner -- A recent report from the Treasury Inspector General for the Tax Administration found that the Internal Revenue Service doesn’t always practice what they preach. The research concluded that the government service picks and chooses when it wants to abide by statutory requirements to send out lien notices to U.S. citizens in a timely manner.
West Virginia businesswoman found guilty of tax evasion after failing to pay $1 million -- The State Journal in West Virginia is reporting that a businesswoman from Logan County has been found guilty of tax evasion. Allison Lambert, 43, will serve one year and one day in jail for failing to pay nearly $1 million in taxes between 2004 and 2008, according to the U.S. District Court in Charleston.
Tax administration expects to see less revenue collected by the IRS this fiscal year -- According to WebCPA, the Treasury Inspector General for Tax Administration has found that the Internal Revenue Service is expected to collect less this year as a result of the slow economy. Gross collections dropped to $2.45 trilion in 2009 from $2.75 trillion the year before. The administration expects the trend to continue.
Former Cast-Crete employee found guilty of tax fraud embezzled $5.3 million -- According to the St. Petersburg Times, a former Cast-Crete employee has admitted to tax evasion and mail fraud charges. Franklin Derochemont, 58, has confessed to embezzling over $5.3 million from the company founded by the late Republican power broker, Ralph Hughes.
Republicans to blame Democrats for the national deficit to swing support for tax cuts -- The Wall Street Journal is reporting that the Republicans have a new strategy to push their party ahead in the midterm elections and get their way with the Bush tax cuts while they do it.
BP hoping for tax breaks on money spent on Gulf cleanup -- Reuters is reporting that BP, responsible for the oil spill in the Gulf of Mexico, is attempting to receive a tax break for the money they have poured into the cleanup efforts thus far. This past week, the company stated that the bill is up to $32 billion. They hope to reduce legal expenses for nondeductible penalties and fines.
Massachusetts man sentenced to jail time for tax evasion, has law license suspended -- The Worcester Telegram and Gazette is reporting that a man who had his license to practice law suspended has been sentenced to 33 months in prison for tax evasion. Christopher Uhl, 52, was found guilty on six counts of evasion for failing to pay $223,000 in employment taxes between 2000 and 2005. A federal judge has also ordered Uhl to pay $615,797 in restitution to the Internal Revenue Service.
Oregon man accused of leading tax evasion scheme sentenced to five years in prison -- The Chicago Tribune is reporting that an Oregon man who was leading a large tax evasion scheme has finally been sentenced. Joseph Saladino, of Boise, and three other men who worked for him were found guilty of evasion after filing fake returns totaling up to $9.5 million.
Illinois to hike individual income tax to make up for $13 billion deficit -- Bloomberg is reporting that Illinois will most likely raise its income tax up to 5 percent in January to address its large deficit. The state, which is already in dire financial straits, will increase individual and corporate taxes by 2 percent.
Actor Chris Tucker owes IRS $11 million in back taxes -- Celebrities have been making splashes in the headlines lately for tax evasion, and not all of them have learned their lesson just yet. Actor Chris Tucker is the most recent entertainer to top the long list of the Internal Revenue Service’s most wanted. FOX News is reporting that Tucker’s problems with the IRS have just reached $11 million in back taxes and the actor has yet to issue a statement.
Tennessee gubernatorial candidate Haslam promises not to hike taxes -- According to the Associated Press, gubernatorial Republican candidate Bill Haslam has stated that he will not push for a statewide income tax if he is elected into office. Recently, his GOP rival, Zach Wamp, said that Haslam would implement a tax despite the fleeting economy in Tennessee.
Utah couple found guilty of evading $350,000 in payroll taxes -- The Daily Herald of Utah is reporting that a couple from the town of Lindon is facing felony charges stemming from tax evasion.
Construction contractor found guilty of tax evasion, sentenced to one year in jail -- A Barnegat Township construction contractor is facing charges of tax evasion, according to the Press of Atlantic City. Daniel Carlo, 46, failed to file his earnings to the Internal Revenue Service in 2005. A court has sentenced Carlo to a year and one day in prison for evading $250,000 in taxes.
Actor Rob Lowe is the latest celebrity to owe taxes to the IRS -- The Internal Revenue Service is not just cracking down on average citizens for tax evasion, but celebrities, too. The latest star to face heat from the IRS is actor Rob Lowe, notable for his role on the long-running show, The West Wing. The Channel 6 CW Network in San Diego is reporting that Lowe and his wife owe approximately $290,000 in back taxes.
Obama, Boehner square off on tax cuts at the latest Congressional meeting -- The New York Times is reporting that this past week, President Barack Obama butted heads with Republican House Minority Leader John Boehner at a Congressional meeting over the Bush tax cuts, which are set to expire at the end of 2010. Throughout the month, there has been heavy speculation over what the Democrats may decide to do, or not do, in respect to extending the tax breaks.
Senator Hatch voices opinion against allowing Bush tax cuts to expire -- Utah Republican Senator Orrin Hatch is the latest to voice his opinion against allowing the 2001 Bush tax cuts to expire at the end of the year. According to US Money Talk, Hatch believes that this would not only be a step backwards in the recovery process of the economy, but it would destroy potential job opportunities at a time when unemployment is notably high.
Chillicothe, Ohio, citizens will get their say on an income tax increase in November -- Chillicothe, Ohio, city council members have recently decided that if they are going to try instituting an income tax increase, they want the citizens to have a say in the decision. The Chillicothe Gazette is reporting that members will put the 0.4 percent increase on the November 2 ballot for residents of the town to weigh in. Currently, the tax stands at 1.6 percent.
HSBC is next on the list of banks being investigated for tax evasion -- In light of the recent Union Bank of Switzerland scandal, Law.com is reporting that the Internal Revenue Service has set its sights on another big bank that appears to be hiding similar secrets: the Hong Kong and Shanghai Banking Corporation. Commonly referred to as HSBC, the IRS believes that it may be helping clients evade taxes, just as UBS admitted to in 2009.
Texas businessman and ex-USB client agrees to help authorities nab tax evaders -- An ex-client of the Union Bank of Switzerland who admitted to tax evasion is hoping for a lighter sentence after agreeing to help authorities, according to the Associated Press.
Ex-USB client from New Jersey faces jail time for tax evasion -- Reuters is reporting that a former client of the Union Bank of Switzerland has been found guilty of tax evasion after a long investigation by the Internal Revenue Service.
California Lieutenant Governor settles tax lien with the IRS -- After recently facing intense scrutiny for failing to pay back taxes, California Lieutenant Governor Abel Maldonado has paid off a tax lien of over $111,000 to the Internal Revenue Service, according to Cal Coast News.
California man faces prison time for filing false tax liens -- The Las Vegas Federal Grand Jury has indicted a man from Orange County, California, on charges of filling retaliatory false liens. Thanh Viet Jeremy Cao, 28, took out 22 liens ranging from $25 million to $300 million against employees of the Securities and Exchange Commission, the U.S. Attorney's Office, the Department of Justice and the Secret Service in addition to the IRS. Four liens were against federal judges.
Lawrence County, Ohio, to have first tax lien sale in its history -- The Ironton Tribune is reporting that a $660,000 tax lien will be put up for sale in Lawrence County, Ohio. This is the first time that that a lien has been for sale in the region. The Internal Revenue Service says that the money is from back taxes on various delinquent properties and assets.
Bernanke supports extending Bush tax cuts to boost economy -- Federal Reserve Board Chairman Ben Bernanke has stated that he believes extending the 2001 Bush tax cuts may provide the stimulus the economy needs to fully recover from the last recession. He also encourages less spending to offset the tax cuts if the Democrats choose to renew them.
California Lieutenant Governor Maldonado faces IRS tax lien -- According to ABC News, California Lieutenant Governor Abel Maldonado had a tax lien filed against him just two weeks after being sworn into office as the state’s second-highest-ranking public official.
Geithner wants tax cuts to expire for the sake of the economy -- The latest report from CNN on the expiring Bush tax cuts is now indicating that the Democrats are leaning toward letting them expire, despite reports last week that said otherwise. Federal Reserve Chairman Ben Bernanke originally expressed his desire to extend the cuts in an effort to keep the fragile economy intact, but Democrats feel the opposite.
Jackson Hewitt declares a 'Big Tax Check-Up Day' to help tax payers in 2011 -- In an effort to help tax payers in 2011, Jackson Hewitt has officially named July 29 "Big Tax Check-Up Day." On this date, the company will be offering a free "Five-point Tax Check-Up." Jackson Hewitt tax specialists will be giving advice on how to manage finances now in preparation for the 2011 tax season.
Estate taxes become a topic of discussion as Bush tax cuts expire -- With the Bush tax cuts set to expire in 2011, one tax in particular has the wealthy looking at death in a whole new light. Estate tax, which was eliminated in 2001 with the arrival of the Bush cuts, originally forced heirs to pay a 55 percent tax on the money they received from their deceased loved ones. When it was pulled out of legislation, many found relief, but the Union Leader is reporting that renewing the tax has become a topic of conversation.
Minneapolis Ponzi scheme ring leader has sentencing pushed back to August -- The sentencing of a Ponzi scheme leader in Minnesota has been delayed without explanation, according to the Minneapolis St. Paul Business Journal. Trevor Cook, who had pleaded guilty to tax evasion and mail fruad, agreed to aid federal investigators on the case. He was to be sentenced on July 26 but that date has been pushed back to August 24.
Democrats move closer to making a decision on Bush tax cuts -- As the deadline for the 2001 Bush tax cuts looms, The Hill is reporting that Democrats are getting closer to reaching a decision. The current legislation saves a family of four, making $85,000 a year, about $1,800 in taxes a year, according to MSNBC. If the Democrats let this tax cut expire on December 31, 2010, families can expect to pay much more to the government annually.
Radioactive waste management company slapped with tax lien by IRS -- According to the Knoxville News Sentinel, the Internal Revenue Service has filed a tax lien of approximately $947,000 against IMPACT Services, Inc. The Oak Ridge radioactive waste management company does business with energy contractors across the U.S. Sammy Jones, the chief operating officer, told the Sentinel that it’s all one big mix-up.
Black posts $2 million bail, but is prohibited from leaving the U.S. -- Conrad Black, the former newspaper mogul, has been released from a federal prison in Florida, according to the Associated Press. After posting bail for $2 million, Black was discharged. Originally sentenced for evading taxes, he is not permitted to leave the U.S. at this time. Bloomberg News says he will most likely spend his time with his wife.
Former tax specialist found guilty of tax evasion in Maryland -- According to a report from Web CPA, a former Internal Revenue Service tax specialist has pleaded guilty to three counts of tax evasion.
Senator finds $37 billion in tax revenue stashed overseas -- Reuters is reporting that Democratic Senator Carl Levin has discovered that the U.S. government loses $37 billion of tax revenue annually thanks to havens overseas.
Rapper Lil Wayne faces $1.13 tax lien from Florida courts -- The Detroit News is reporting that rapper Lil Wayne has been nailed with a hefty $1.13 million tax lien, according to Florida court records. Dwayne Carter, the star’s real name, has been in trouble with the Internal Revenue Service before. The newspaper found that Carter had a $977,840 lien against him two years ago but the rapper paid it off in August 2008.
Chula Vista tax preparer found guilty of tax evasion must pay $1 million in restitution -- The San Diego Business Journal is reporting that a Chula Vista tax preparer has been handed a 41-month sentence in a federal prison for defrauding clients. David Canales, 53, pleaded guilty to income tax evasion and mail fraud. The Journal also reports that he will be forced to pay more than $1.02 million in restitution.
California woman convicted of tax evasion sentenced to 15 months in prison -- A woman from Salinas, California was sentenced to 15 months in a federal prison and ordered to pay $35,433 as restitution for tax evasion and helping others commit the same crime. According to The Californian, Lydia Hernandez operated a self-titled tax preparation business. From 2002 to 2005, she filed 39 income tax returns for 13 clients.
Blue Jackets look to relieve debt with income from Columbus casino -- The Columbus Blue Jackets, one of the most debt-ridden teams in the National Hockey League, lose $12 million each season in operations. USA Today is reporting that there may be a viable solution in Columbus’ recent decision to invite a casino to the city.
Pennsylvania man found guilty of tax evasion, mail fraud -- After stashing away almost $300,000, a Pennsylvania man is heading to jail for tax evasion. According to WNEP News, Frank Peperno, 41, was sentenced to three-and-a-half years in a federal prison. In April, he pleaded guilty to mail fraud and tax evasion charges and was arrested after an investigation lead by the U.S. Secret Service.
State tax revenues increase for the first time since 2008 -- Businessweek is reporting that state tax revenues are finally showing an increase for the first time since 2008. According to the latest report from the Nelson A. Rockefeller Institute of Government, states saw a 2.5 percent rise in the first quarter of 2010. Thirty-three states showed a decline in tax revenue, but 40 had previously lost money in the fourth quarter of 2009.
James accused of signing with the Heat to avoid taxes -- Over five years in Miami, the Wall Street Journal reports that basketball star LeBron James is expected to make $100 million playing for the Heat. James claims that he left Cleveland for basketball reasons, but the absence of income tax in Florida has been brought to light by the media.
Actor Wesley Snipes loses appeal, faces up to three years in jail -- After losing one last appeal to avoid prison sentence, New York Magazine reports that Wesley Snipes is likely heading to jail. In February 2008, the actor was found guilty of three misdemeanor tax evasion charges. Snipes failed to report his earnings and assets to the Internal Revenue Service in 1999, 2000 and 2001, according to BBC News.
Hawaii tax preparers will be forced to report to the IRS starting in 2011 -- A new report from Pacific Business News says that paid federal income tax preparers in Hawaii will now be forced to pass an exam and receive a license to practice. The Internal Revenue Service will also require each tax preparer to register with them so they can compile a data base of the people legally authorized to process returns for clients.
Individual tax revenue increases for the first time in six quarters -- According to the U.S. Census Bureau, tax revenue rose to a total of $299.1 billion in the first quarter of 2010. This is the second straight quarter that statistics have shown an increase, marking promising growth.
Vegas psychologists sent to federal prison for evading taxes -- According to the U.S. Department of Justice, two Las Vegas psychologists who faced tax evasion charges two years ago have been sent to federal prison. The Las Vegas Sun is reporting that David Opollo Ross, 40, and his wife, Lei Lavarias Ross, 38, will be serving a total of 63 months starting August 23. They have five charges of tax evasion against them for failing to report earnings to the Internal Revenue Service between 1998 and 2002.
IRS investigation found that Black avoided taxes for five years -- After an investigation by the Internal Revenue Service, former newspaper mogul Conrad Black has been incarcerated at a federal prison in Florida for evading taxes. According to FinancialPost.com, the IRS determined that Black owes almost $71 million in back taxes for not filing returns between 1998 and 2003.
Renowned Texas Realtors Nicky and Eleanor Sheets found guilty of tax evasion -- Top Texas Realtors Nicky and Eleanor Mowery Sheets are facing jail time and hefty fines after pleading guilty to a number of charges for evading taxes. Between 1993 to 2007, the power couple made $9 million in real estate commissions according to HousingWatch.com.
Tax credits will relieve business owners, reduce unemployment rate -- While Congress worries about the budget deficit, the White House and liberal economists fear a halt in the growth of the economy, according to the Wall Street Journal. If the 9.5 percent unemployment rate continues to rise, the Obama administration has little hope for the Democratic party when the midterm elections roll around. Because of this, they are taking advantage of programs already in existence to boost jobs.
Investigation of tampered petitions under way in Washington state -- According to the Seattle Post-Intelligencer, the Secretary of State’s office is investigating a potential fraud situation in Washington. A signature gatherer for Initiative 1098 - a tax reform initiative that would result in hefty taxes for the wealthy if passed - allegedly forged 350 signatures on 20 petitions.
Hawaii sees a dip in tax revenue at the end of the fiscal year -- The Associated Press is reporting that Hawaii has seen a dip in tax revenue over the past fiscal year. This has lead analysts to grow skeptical of the state’s recovering economy.
Steinbrenner's death saves heirs $500 million in estate taxes -- Although estimates vary, New York Yankees owner George Steinbrenner was said to have been worth around $1.6 billion at the time of his death, according to Forbes magazine. The timing of his death may have been a blessing in disguise for his heirs who will not have to pay an estate tax. Because it occurred before the re-institution of the 55 percent estate tax in 2011, the Wall Street Journal reports that Steinbrenner’s family will luck out of paying $500 million.
Assistant DA Johnson faces tax-evasion charges -- The U.S. Attorney’s Office recently filed tax-evasion charges against Joseph Floyd Johnson, a 15th Judicial assistant district attorney. Johnson, who has worked for the Lafayette Parish District Attorney's Office since 1995, allegedly failed to file income tax returns between 2003 and 2008, according to the Associated Press.
Disaster preparation means taking stock of possessions -- With summer storm season well underway, many homeowners should take steps to prepare themselves against the threat of natural disasters.
U.S. budget deficit shrunk in June due to tax revenue -- The government has recently stated that the budget deficit is smaller than it was at this time last year thanks to revenue brought in from taxes. It fell to $68.4 billion from $94.3 billion in 2009, according to the latest report from the U.S. Treasury Department.
Utah man under fire after illegally running a tax-free church -- The Justice Department recently asked a federal court to bar a Utah man who had created a religious-based fraudulent tax scheme. Kevin Hartshorn had a civil injunction suit filed against him with the U.S. Court for the District of Utah after drawing attention with his tax-evading organization.
Hoyer announces support for extension of tax cuts -- House Majority Leader Steny Hoyer has recently stated that Democratic leaders have yet to come up with a solution to the tax cuts that are set to expire at the end of this year. Put into effect between 2001 and 2003, the tax cuts have relieved middle-class income tax-payers. While a decision has yet to be made, Hoyer supports extending the cuts..
Summer a good time to take a look at income taxes -- Many people might only think about taxes come April, but the summer can be the perfect time to get a head start on valuable credits and tax breaks.
Arkansas state senator wants to eliminate income tax -- A Southern lawmaker plans to push for the reduction in the Arkansas' income tax.
IRS changes how businesses report payments -- The Internal Revenue Service is reviewing how best to carry out a law that changes the way small businesses report certain payments.
Parents can redeem child care credit -- For many working parents, the summertime means leaving their children with a child care center or summer camp during the day. These expenses can add up, but the Internal Revenue Service offers a tax credit that could alleviate that financial burden.
Georgia GOP candidates want to get rid of income tax -- Two Republican candidates for Georgia's gubernatorial race have proposed eliminating the state income tax.
Minnesota gubernatorial candidates disclose income -- Two candidates for Minnesota's gubernatorial race have laid their income tax returns on the table in an effort to show transparency.
Hedge fund managers could be taxed twice in New York -- Legislators in New York are considering a proposal that would further tax out-of-state hedge fund managers.
Washington income tax initiative will be put to vote -- The father of one of the world's richest men wants Washington state's wealthiest residents to cough up more of their income.
Tax credits, grants available for medical research -- Smaller firms may benefit from healthcare program.
IRS help now available for Gulf Coast residents -- Information day will be held to deal with tax implications of oil spill.
Collins: Referendum needed to resolve Memphis school dispute -- A Tennessee lawmaker has proposed a referendum that could hike taxes in Memphis.
Tax credit could benefit low- to moderate-income workers -- Some taxpayers could be eligible for a credit that would allow them to keep more of what they earn.
Attorney charged with federal tax evasion -- A Las Vegas lawyer has been accused of the same crimes that landed his brother in federal prison.
VT Senator: hike estate taxes on wealthy -- A proposal to bring back federal taxes on people who inherit millions of dollars has hit the Senate floor.
Wis. superintendent calls for school aid reform -- The head of Wisconsin's schools wants to divert a property tax credit to pay for school aid.
Former Detroit mayor indicted on fraud and tax counts -- The disgraced ex-mayor of Detriot has been indicted on 19 federal charges related to fraud and tax evasion.
Property tax dispute will soon be resolved, says judge -- A New York judge will soon rule on a property tax dispute between the owners of a building near Niagara Falls.
NJ Gov. wants lower property tax cap -- Governor Chris Christie of New Jersey is pushing for an amendment to the state's constitution that will put a cap on property taxes.
Rhode Island adopts simpler tax system -- The Ocean State has overhauled its income tax system, a move designed to simplify a complicated system and cut back on the top tax rate.
Grassey: New whistleblower rules will discourage informants -- The Internal Revenue Service has changed the way it rewards whistleblowers.
Home offices can be deducted on tax return -- In the past, the Internal Revenue Service held stringent standards for workers who wanted to deduct a home office on their income tax return. But times have changed, and looser restrictions offer those who work at home a chance to reduce their tax liability.
IRS cracks down on worker classification practices -- Human resources executives can be a company's first line of defense against tightening employer regulations, said one expert.
Pennsylvania youth group hamstrung by tax lien -- A youth arts group is reportedly caught in a tax lien dispute with the city of Camden, Pennsylvania.
Swiss close to tax evasion treaty -- A treaty that would unveil thousands of suspected U.S. tax evaders moved another step towards finalization Tuesday.
Ex-pats turned off by tax law -- American citizens who live abroad are facing tougher financial scrutiny thanks to a recently passed tax law.
New county website will provide free public access to delinquent tax records -- A new online tax database in Luzerne County, Pennsylvania will provide residents free access to delinquent taxpayer information and provide a portal for paying overdue property taxes, according to county newspaper Times Leader.
Court rules IRS can impose two-year deadline for those filing 'innocent spouse relief' -- The Seventh Circuit Court of Appeals reversed a decision made by a tax court that prevented the Internal Revenue Service from imposing a deadline on individual's filing an innocent spouse relief claim. The new ruling allows the agency to impose a two-year deadline on those seeking tax relief under the innocent spouse provision, tax and accounting website WebCPA reports.
IRS Commissioner Shulman unveils 'joint audit' plans to reduce tax evasion -- In a recent speech before the Organization for Economic Co-operation and Development, Internal Revenue Service Commissioner Doug Shulman unveiled the agency's current project regarding "joint audits" between U.S. and international tax authorities to crack down on tax evasion and fraud committed by U.S. citizens and corporations.
Preparing for an IRS audit stemming from worker classification -- In an effort to close the growing tax gap, the Internal Revenue Service plans to conduct audits over a period of three years of nearly 6,000 small - to mid-sized businesses to gauge employers' compliance with worker classification, according to INC Magazine.
Filing deadline looms for American expatriates -- The Internal Revenue Service has instituted new rules for U.S. citizens living or working abroad. As the June 15 filing deadline nears, Americans should ensure they comply with the new tax laws to avoid facing penalties or legal action.
IRS and Labor Department considering closing retirement-related tax loophole -- The Internal Revenue Service has expressed its dismay at a current federal tax law loophole that allows individuals to use their retirement accounts for start-up business funds without incurring standard withdrawal penalties, Bloomberg reports.
IRS plans to audit 'Build America Bond' for compliance -- The Internal Revenue Service may audit nearly 50 percent of Build America Bond municipal borrowers to ensure compliance with the agency's tax laws, Dow Jones reports.
IRS Commissioner highlights increased use of technology to ensure tax law compliance -- In a speech made before the American Payroll Association and the American Accounts Payable Association, Internal Revenue Service Commissioner Doug Shulman emphasized the new role technology would play in tax law compliance and information reporting.
New Justice Department ruling may allow IRS to seize Thrift Savings Plan accounts of federal employees -- The Department of Justice recently enacted a ruling that may allow the Internal Revenue Service to garnish funds from the Thrift Savings Plan accounts of federal employees who owe delinquent taxes, according to the Federal Times. Tax law already allows the IRS to seize private sector 401(k) accounts and garnish the wages of federal employees.
IRS increases efforts to seek out tax evaders -- Tax evasion is one of the most serious crimes a person can commit under the current tax laws. In an effort to crack down on tax evasion, the Internal Revenue Service has intensified its scope of punishment to possibly include international bankers who facilitate the crime, according to Mark Horwitz Law Offices.
Unpaid tax liens can affect financial future -- The current economy and housing crisis are making tax liens increasingly common, driving many Americans further into debt. According to an interview with Experian director of consumer education Rod Griffin, consumers should also be aware of the long-term effects a tax lien can have on their overall financial health, the Atlanta Journal-Constitution reports.
Disclaiming a gift or inheritance for tax purposes -- In rare cases, Americans may fall victim to tax laws surrounding unforeseen circumstances, Bankrate.com reports, using a recent example of a man writing in for advice. A 43-year-old taxpayer recently wrote into the website explaining that the Internal Revenue Service notified him regarding unreported interest earned on a life insurance policy he knew nothing about, the website reports.
IRS says interest rates will not change -- The Internal Revenue Service has announced that third-quarter interest rates effective on July 1, 2010 will remain the same.
IRS Commissioner issues statement to tax-exempt organizations -- Internal Revenue Service Commissioner Doug Shulman released a statement Wednesday pledging to help small charities and organizations that failed to meet the May 17 tax filing deadline.
Time is running out for Floridians facing tax liens -- The Florida Tax Collector's office is gearing up for its annual auction that will sell delinquent property tax certificates to the highest bidder. Online bidding has already begun and will continue until the June 1 auction date, the Ledger reports.
Congress is close to extending tax breaks that expired last year -- Nearly 50 tax cuts expired last year that would have saved businesses and homeowners money. However, Congress is currently working on a deal that would extend the tax credits to eligible individuals and companies, according to the Associated Press. The legislation would be combined with a bill to extend unemployment benefits to laid-off workers for an additional 99 weeks, the AP reports.
More businesses face tax settlement issues with IRS -- The frail economy is making it increasingly difficult for many businesses, both large and small, to meet their payroll tax responsibilities. As a result, the Internal Revenue Service is focusing its attention on smaller businesses for delinquent payroll taxes.
IRS reviews colleges and universities for tax law compliance -- The Internal Revenue Service is currently conducting a review of colleges and universities with a primary focus on executive compensation and tax payments for unrelated business income, Inside Higher Ed's Doug Lederman wrote for USA Today.
Americans who have lost their homes to foreclosure may suffer unexpected tax burden -- As the number of Americans facing foreclosure continues to climb, they may find themselves saddled with an additional tax burden.

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