AccountingWEB.com - Tax

Cruising for tax deductions? Try deducting your next Caribbean cruise

Thu, 19 Nov 2009 03:10:31 +0000

By William Brighenti, CPA

IRS will try to sell e-filing to tax professionals

Tue, 17 Nov 2009 16:38:12 +0000

Tax professionals can hear first hand from their colleagues and e-mail questions to the Internal Revenue Service about the benefits of IRS e-file during a free November 18 Webinar, “E-file: Building the Case, A Panel Discussion with Tax Professionals.”

The hour-long program, hosted by the IRS, will air three times on Nov. 18. Tax professionals must register by November 17 for one of three session times: 10 a.m., 1 p.m. or 4 p.m. EST.

Michigan attorney and client sentenced for tax crimes

Tue, 17 Nov 2009 16:25:13 +0000

John A. Campbell, a resident of Portage, MI, has been sentenced to 60 months in prison by the U.S. District Court in the Western District of Michigan for conspiring to defraud the United States, the Justice Department and Internal Revenue Service (IRS). In April 2008, Campbell, who is a former partner in and resident director of the Kalamazoo, MI, office of the law firm of Miller, Canfield, Paddock & Stone P.L.C., pleaded guilty to one count of conspiring to defraud the United States.

The potential negative impact of the Make Work Pay Credit

Tue, 17 Nov 2009 16:07:57 +0000

Last spring, Congress passed the American Recovery and Reinvestment Act of 2009 with provisions designed to stimulate the economy, including the Make Work Pay Credit (MWPC). The idea was to put more money into the pockets of individuals by way of their paychecks. But because of the unusual way the credit is administered, the Treasury Inspector General for Tax Administration (TIGTA) warned that instead of benefitting, some taxpayers will find themselves owing federal taxes and possibility penalties. That concern triggered a TIGTA review.

The taxman comes rapping for rappers Method Man, Nas, and DMX

Fri, 13 Nov 2009 03:28:11 +0000

Clifford Smith, better known as the rapper Method Man or simply Meth, is battling the New York State Department of Taxation over back taxes of $52,503. He says there is no problem, but the state recently took his 2008 Lincoln Navigator in payment of the taxes. Even so, he tells reporters, he is not broke. The problem is not a lack of money... it's his love of marijuana.