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Entries Tagged as 'IRS'

Beware of IRS’ 2010 “Dirty Dozen” Tax Scams

March 16th, 2010 · Fraud Alert, IRS

Videos
Dirty Dozen: English
Message for Tax Preparers: English | ASL
Choosing a Tax Preparer: English | Spanish | ASL
For this and other videos: YouTube/IRSVideos

WASHINGTON — The Internal Revenue Service today issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing.

“Taxpayers should be wary of anyone peddling scams that seem too good to be true,” IRS Commissioner Doug Shulman said. “The IRS fights fraud by pursuing taxpayers who hide income abroad and by ensuring taxpayers get competent, ethical service from qualified professionals at home in the U.S.”

Tax schemes are illegal and can lead to imprisonment and fines for both scam artists and taxpayers. Taxpayers pulled into these schemes must repay unpaid taxes plus interest and penalties. The IRS pursues and shuts down promoters of these and numerous other scams.

The IRS urges taxpayers to avoid these common schemes:

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Emergency Aid to American Survivors of the Haiti Earthquake Act

January 25th, 2010 · IRS, Public Law, Taxes

Document are available for download in PDF format.

Authenticated by the United States Government Printing Office

  • 2010-01-25 111 S-2949-ES (Passed Senate)
  • 2010-01-26 111 S-2949-CPS (Considered and Passed by Senate)
  • 2010-01-26 111 S-2949-ENR (Passed by House & Senate)
  • 2010-01-27 Public Law 111-127

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    Administration to toughen accountability on contractors’ taxes despite Obama Nominee History

    January 21st, 2010 · Accountability, Deception, Democrats, Ethics, IRS, Non-Transparency, Obama Nominees, Obama's Scheme, Taxes, Treasury

    Administration to toughen accountability on contractors’ taxes

    By Ed O’Keefe Washington Post Staff Writer
    Thursday, January 21, 2010

    The Obama administration announced Wednesday that it plans to crack down on federal contractors who fail to pay their taxes.

    An executive order signed by President Obama directs the Treasury Department and the Office of Management and Budget to block delinquent contractors from receiving new work from federal agencies. The Internal Revenue Service will also review the accuracy of contractors’ tax returns to ensure truthful reporting.

    Obama called the steps “basic common sense,” but said they alone will not eliminate all instances of contractor abuse.

    “It is simply wrong for companies to take taxpayer dollars and not be taxpayers themselves,” Obama said. “We need to insist on the same sense of responsibility in Washington that so many of you strive to uphold in your own lives, in your own families, and in your own businesses.”

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    Companies Could See Tax Breaks Yanked

    January 5th, 2010 · Democrats, Greed, IRS, Taxes, Treasury

    Communities all over the country are taking back the property and other tax breaks they offered businesses to locate there, according to the watchdog group Good Jobs First.

    In DeKalb, Ill., when Target Corp. came up 66 jobs short of the agreement to waive taxes, the taxing bodies sent the company an unexpected $600,000 tax bill.

    In St. Louis County, Mo., officials warned Pfizer Inc. that if it follows through on its plan to cut 600 jobs, the county will rethink the $7 million in tax breaks it promised.

    While no one collects data on these “clawbacks,” it’s clear that the latest offers communities are making to woo businesses are being strongly worded. “There is much more (language) tied to jobs now because of economy,” says Lee Garrity, city manager in Winston-Salem, N.C.

    Source: Associated Press, Don Babwin (01/02/2010)

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    IRS Announces 2010 Air Transportation Tax Rates

    December 23rd, 2009 · IRS, Taxes

    WASHINGTON — The Internal Revenue Service today announced the 2010 inflation adjustments to the excise taxes on air transportation.

    Excise taxes apply to the domestic segments of taxable air transportation and to the use of international air facilities. The Fiscal Year 2010 Federal Aviation Administration Extension Act, Part II, signed into law on Dec. 16, 2009, extends these excise taxes to air transportation that begins or is paid for no later than March 31, 2010.

    These excise taxes are adjusted annually for inflation:

    • For 2010, the excise tax on the domestic segment of taxable air transportation is $3.70, up from $3.60 in 2009.
    • The excise tax for 2010 for international flights that begin or end in the United States is unchanged at $16.10.
    • The tax on use of international air facilities also applies at a reduced rate to departures of interstate flights that begin or end in Alaska or Hawaii. For 2010, the international air facilities tax on these flights is $8.10, up from $8.00 in 2009.

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    U.S. gave up billions in tax money in deal for Citigroup’s bailout repayment

    December 16th, 2009 · Banking Industry, Economy, Federal Spending, IRS, Money Lost, Obama's Scheme, Repayment, Selling Out the US, Tax Dollars, Taxes

    DEAL MADE TO RECOVER BAILOUT
    Firms exempted from rule when U.S. sells its stake

    By Binyamin Appelbaum Washington Post Staff Writer
    Wednesday, December 16, 2009

    The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis.

    The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.

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    New Tax Guide Features Recovery Tax Breaks; Helps People Save on their 2009 Taxes

    December 5th, 2009 · IRS, Stimulus, Taxes

    Watch Video: Year-End Tax Tips;  Record Keeping

    WASHINGTON — Taxpayers can get the most out of new recovery tax breaks and get a jump on preparing their 2009 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov.

    Publication 17, Your Federal Income Tax, features details on taking advantage of new tax-saving opportunities, such as the making work pay credit for most workers, American opportunity credit for parents and college students, energy credits for homeowners going green, first-time homebuyer credit, sales or excise tax deduction for new car buyers, and the expanded child tax credit and earned income tax credit for low- and moderate-income workers. This useful 308-page guide also provides more than 6,000 interactive links to help taxpayers quickly get answers to their questions.

    Publication 17 has been published annually by the IRS for more than 65 years and has been available on the IRS Web site since 1996. As in prior years, this publication is packed with basic tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, choosing the standard deduction versus itemizing deductions, and using IRAs to save for retirement.

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    IRS Announces 2010 Standard Mileage Rates

    December 3rd, 2009 · IRS

    WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

    Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

    • 50 cents per mile for business miles driven
    • 16.5 cents per mile driven for medical or moving purposes
    • 14 cents per mile driven in service of charitable organizations

    The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.

    The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

    A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

    Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

    Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.

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    House votes to extend tax on wealthy estates

    December 3rd, 2009 · House, IRS, Taxes

    By STEPHEN OHLEMACHER – The Associated Press
    Thursday, December 3, 2009; 2:44 PM

    WASHINGTON — The House voted Thursday to permanently extend a 45 percent inheritance tax on estates larger than $3.5 million, canceling a one-year repeal of the tax set to begin next month.

    A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill’s prospects.

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    First-Time Homebuyer Credit Extended

    November 24th, 2009 · Buyers, IRS, Taxes

    First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify 

    WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.

    The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

    The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

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