Texas residents who have adopted children in the last year may find themselves targeted by IRS audits if the tax agency treats such filers as it did in 2012. According to the Taxpayer Advocate Service, a branch of the Internal Revenue Service, the IRS flagged approximately 90 percent of taxpayers … [Read more...] about IRS audited over 70 percent of adoption claims
Over 100,000 federal employees delinquent on taxes
Recent IRS data shows that 107,658 federal employees were behind on their taxes in September 2011, a substantial 10 percent increase compared to the 98,291 federal workers listed as delinquent in 2010. Tax delinquency has risen for government employees as well. Roughly 3.6 percent of the federal … [Read more...] about Over 100,000 federal employees delinquent on taxes
How the IRS might be tracking you online
Legal experts and taxpayer advocates have raised concerns over the Internal Revenue Service's plan to begin using "robo-audits" to identify citizens who have failed to properly pay their federal income tax, saying the agency reached the decision to roll out the new practice without properly … [Read more...] about How the IRS might be tracking you online
IRS says mogul owes $1.1M in taxes for 1972 gift
A billionaire and media tycoon Sumner Redstone may be forced to pay over $1 million in back taxes over a gift he made to his children in 1972. According to the Internal Revenue Service, Redstone gave stock in his family's company, National Amusement, to his son and daughter without ever filing an … [Read more...] about IRS says mogul owes $1.1M in taxes for 1972 gift
New IRS rules affecting Texas businesses
A recent rule introduced by the Internal Revenue Service could cost Texas-based financial institutions as much as $25 billion, according the Texas Bankers Association. The rule requires any American banks to send account information about international deposits to the home countries of their account … [Read more...] about New IRS rules affecting Texas businesses
IRS accused of using social media to identify audit targets
According to a prominent international news outlet, the Internal Revenue Service is slated to begin using social networking services to find and track individuals suspected of cheating on their taxes. A taxpayer found to have submitted an inaccurate or fraudulent return can face heavy penalties from … [Read more...] about IRS accused of using social media to identify audit targets