Internal Revenue Service (IRS)
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IRS eases retirement loan procedures for Sandy victims
People affected by Hurricane Sandy, or their close relatives, can tap qualified retirement plans without having to follow certain procedures for hardship withdrawals, the Internal Revenue Service said.
Social Security's coming crisis quantified: $20.5 trillion
The $20.5 trillion fiscal gap separating Social Security's liabilities and assets -- its unfunded liability -- is enormous; it is 1.4 times U.S. gross domestic product and 34 times annual Social Security taxes.
Recession reduced wealthy's income while raising tax rate
A CBO report has found that the before-tax income of top earners fell by 36.3% between 2007 to 2009 while their tax rate rose
Couple who donated home for firefighters feeling burned by IRS
A Virginia couple who donated their house to local firefighters for a training exercise can't deduct the property's value from their federal income taxes, a divided U.S. Tax Court has ruled
Freeing some seniors from required IRA distributions is worth the cost: J. Mark Iwry
Worth the cost? Proposal would exempt from required IRA distributions seniors with less than $75,000 in retirement assets
CPAs seek estate tax certainty from Congress
CPAs say uncertainty impedes proper estate planning, places undue burden on taxpayers
U.S. Senate's Baucus sees opportunity to reshape tax code
'Out of control' tax code needs to be updated for this century: Senator Max Baucus
Don't suffer an IRA tax faceplant
Mistakes with retirement account taxes are common with IRS rules so complex
Death and taxes collide as fatal crashes mount on IRS filing day
Deaths from traffic accidents around April 15, traditionally the last day to file individual income taxes in the U.S., rose 6% on average on each of the last 30 years of tax filing days compared with a day during the week prior and a week later.
Republican tax break pruning complicates extensions outlook
Debate continues over more than $30 billion in so-called tax extenders, such as the research and development tax credit and the ability for financial services companies to defer taxation on income earned outside the U.S.
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?
The detailed tax plans from Republican presidential candidates would provide tax cuts for the highest earners with those from Rick Perry and Jon Huntsman offering the biggest benefits. Mitt Romney's proposal, which suggests fewer changes, would benefit middle-and lower-income families more than his
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 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.
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February 27, 2014