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AAA-CPA co-sponsors 30th National Institute on Criminal Tax Fraud and Tax Controversy Institute
AAA-CPA
Dec. 11-13, Las Vegas
Please click here for the full brochure.
Worldwide identity thieves steal millions in tax refunds
USA Today
The Internal Revenue Service sent 655 tax refunds to a single address in Kaunas, Lithuania, failing to recognize that the refunds were likely part of an identity theft scheme. Another 343 tax refunds went to a single address in Shanghai.
Thousands more potentially fraudulent refunds — totaling millions of dollars — went to places in Bulgaria, Ireland and Canada in 2011.
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4th largest tax prep business in the country shut down by feds
Forbes
Instant Tax Service, the fourth-largest tax preparation business in the United States, has been ordered by a federal court judge to shut down its operations.
U.S. District Judge Timothy S. Black found that ITS had a culture of "fraud and deception."
Higher tax rates give top US earners year-end headaches
Bloomberg
The higher tax rates passed by Congress this year have some top U.S. earners seeking last-minute strategies to lower their tax bite as year-end calculations turn up unpleasant surprises.
"There are many, many high-income taxpayers now who are finding themselves facing tax rates in excess of 50 percent," said Suzanne Shier, a tax strategist and director of wealth planning at Chicago-based Northern Trust Corp.
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Baucus plans release of code revision drafts
Bloomberg
Senate Finance Committee Chairman Max Baucus said he intends to release his first draft for a comprehensive tax-code revision soon.
The Montana Democrat declined to say which parts of the tax code he will focus on. He said in an interview with Bloomberg BNA that he will consult with other finance panel members before releasing details.
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Nonprofit hospitals swap breaks for mergers under law
Bloomberg
Some nonprofit hospitals are finding it easier to give up their tax exemption and merge with a for-profit company than to meet the charitable-care rules of the new health law.
State regulators from Ohio to Rhode Island say they're getting more requests from hospitals to weigh in on potential deals and expect another increase as more companies see the impact of the Affordable Care Act, Bloomberg BNA reported.
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IRS announces 2014 tax brackets, standard deduction amounts and more
Forbes
The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items.
These are the applicable numbers for the tax year 2014.
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Republican senator: US budget talks hit snag
Reuters
The panel of U.S. lawmakers seeking to craft a bipartisan budget deal is deadlocked over tax revenue early in its deliberations, a Senate member said, reinforcing fears that a Dec. 13 deadline could pass with no agreement.
Sen. Lindsey Graham, R-S.C., told Reuters the negotiations were "stuck, not irreconcilably, but stuck."
Study: Tax change could bring $1 trillion back to US
The Wall Street Journal
Overhauling U.S. tax rules on overseas earnings could bring about $1 trillion back to the U.S. immediately and boost the economy, according to a new study sponsored by a business group seeking the change.
The report by former Clinton administration economist Laura Tyson and two co-authors was sponsored by a group of U.S. firms, the Alliance for Competitive Taxation, which is pushing for the U.S. to adopt the kind of tax system already in use in most other developed countries.
Lawmakers want to outlaw tax deductions for government settlements
Los Angeles Times
Two senators introduced legislation to outlaw tax deductions by companies for penalties paid as part of government settlements, responding to concerns that JPMorgan Chase & Co. could end up with a huge write-off if it settles civil investigations with the Department of Justice over mortgage bonds.
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