IRS

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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...

Gingrich May Have Ducked Medicare Tax

He could owe tens of thousands, tax lawyers say

(Newser) - Newt Gingrich's tax returns might qualify him for an audit, tax attorneys tell USA Today, saying that the presidential contender may have dodged paying tens of thousands in Medicare tax. Gingrich's campaign contends that "the salary and distribution were handled properly and legally." The matter stems...

IRS to Lohan: We Want Our $93K

Lindsay apparently failed to pay taxes in 2009

(Newser) - Among the things overlooked on Lindsay Lohan's to-do list in 2009: rehab and paying taxes. TMZ reports that the IRS has obtained a $93,000 lien against the actress because she never got around to filing her federal return. If she doesn't pay up, the agency can seize...

In 2011, IRS Audited 12% of Millionaires

Also of note: Tax day has changed

(Newser) - Cheer up 99%; at least you're not getting audited. The IRS turned up the heat on the wealthy in 2011, auditing 12% of people earning a million dollars or more, according to figures released yesterday. That's up from 8% of millionaires in 2010 and 6% in 2009. By...

Ron Paul's Anti-Government Sentiment Could Affect Democrats and Republicans: Nicholas Lemann

 The Danger 
 of Ron Paul 
opinion
Jan 2, 2012 3:43 PM CST

The Danger of Ron Paul

Candidate's anti-government sentiment could have a long wick: Lemann

(Newser) - The popularity of Ron Paul's anti-government zeal should give Democrats and Republicans alike a reason to pause, Nicholas Lemann writes in the New Yorker . First, consider how radical a Paul presidency would be: IRS and income tax abolished; no foreign wars; no foreign aid; five federal departments gone ... and...

Billionaires' Tax Tricks Hide Huge Gains

Millions go unreported thanks to 'unrealized appreciation'

(Newser) - If President Obama wants a "Buffett Rule" to keep billionaires paying their fair share of taxes, he’ll have to look at the "800-pound gorilla" in the room, tax experts say. That gorilla, explains one expert, is "unrealized appreciation"—cash that America’s wealthiest take in...

IRS Cites 1982 Tax Code, Charges Pot Shop $2.5M

Ties to illegal drugs mean Harborside Health Center can't deduct the rent

(Newser) - Bummer news for an Oakland marijuana dispensary that calls itself the world's largest: IRS auditors say it owes $2.5 million in back taxes for 2007 and 2008, a figure so high it may force Harborside Health Center to close its doors, reports the San Francisco Chronicle . Here's...

12K Take IRS' Amnesty Deal for Offshore Loot

Agency pulls in $2.7 billion

(Newser) - Tax evaders are rushing to the IRS, cash in hand, thanks to a partial amnesty program aimed at recovering money in offshore bank accounts. In all 12,000 tax cheats came forward, the agency announced yesterday, bringing in a total of $2.7 billion. “The results we’re seeing...

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