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Internal Revenue Service

Steps to Getting Early Tax Refund

Mon, 02/14/2011 - 16:51 by Gunjan Mehra

Though February is already here, you still have enough time to file for your income tax and claim an early return thereon, before the rush sets in.

IRS takes on Florida tribe en mass

Wed, 11/17/2010 - 07:14 by Prince damin

Miami -- The IRS is widening its investigation of Miccosukee finances in Florida in a sweep that potentially affects the entire tribe, court papers say.

The IRS has issued summonses to review all financial information from 2006 through 2009 involving Morgan Stanley, Citibank, Wachovia and American Express transactions, The Miami Herald reported Tuesday.

Federal Judge Alan Gold last week refused to retract his August decision that allowed federal authorities to investigate former tribal Chairman Billy Cypress. Tossing out his own ruling would have blocked the IRS from broadening the investigation, which now calls for "all documents pertaining to the Miccosukee Tribe in any capacity."

Toni Braxton declares bankruptcy again, may owe $50mn

Fri, 10/08/2010 - 10:23 by Natalie James

Toni Braxton is bankrupt again! The R&B singer has filed yet again for Chapter 7 bankruptcy in California, according to multiple tabloid reports.

Man gets $172 million tax bill

Thu, 08/26/2010 - 03:47 by Prince damin

New York -- The U.S. Internal Revenue Service sent a $172 million tax bill to a man who worked as a day trader in New York for less than a year.

Friends said Marcos Esparza Bofill, who has since returned to his native Spain, received a $172,101,056.48 bill for his unfiled 2006 tax return, the New York Post reported Wednesday.

"He was shocked. He's trying to figure out what's going on," one friend said. "In the end, he wasn't even making money (as a trader). He was definitely taking a loss. He arranged to get some money from a family member and wound up borrowing money again."

IRS banks on casino watchdogs

Fri, 08/06/2010 - 02:23 by Prince damin

Las Vegas -- The U.S. Internal Revenue Service is meeting with Las Vegas casino employees to ramp up reporting on suspicious activities, the agency said.

"A lot of people come to Vegas to live large … including a small group of people who engage in crime," said IRS special agent Paul Camacho, the Las Vegas Sun reported Thursday.

With the economy suffering from a prolonged downturn, "Mortgage fraud and Ponzi schemes have added a new dynamic," to the casinos' need to be vigilant, he said. "This isn't just the drug dealer, pimp or organized crime figure. It's the guy who stole money form the church or from grandma," he added.

Gov. Arnold Schwarzenegger denies owing $79000 in back taxes

Sat, 11/28/2009 - 23:58 by Natalie James

Los Angeles, November 28:Hollywood star-turned-California Governor Arnold Schwarzenegger owes more than $79,000 in back taxes, according to a popular gossip Website TMZ.com, citing a document filed in Los Angeles County where the governor and his family live.

Tax amnesty deadline looms

Wed, 10/14/2009 - 02:41 by surajdogra

Washington -- U.S. taxpayers who dodged the Internal Revenue Service with offshore bank accounts are rushing to meet an amnesty deadline, a government official said.

The official said 3,000 mostly wealthy taxpayers had informed authorities they had hidden assets offshore, compared to 100 in 2008, the Los Angeles Times reported Tuesday.

The cause of the run-up of confessions is the agreement between the UBS bank in Switzerland and U.S. officials for the bank to reveal the names of 4,000 U.S. account holders.

With the threat of exposure hanging over their heads, the IRS assembled an amnesty program to give taxpayers a chance to avoid prosecution.

The amnesty program has been a boon for some tax attorneys, besieged by a worried taxpayers.

N.O. home owned by Cage facing liens

Mon, 08/10/2009 - 02:58 by Salinder Kumar

New Orleans -- Federal tax liens on two properties Nicolas Cage owns in New Orleans should not impact the actor's efforts to sell them, an expert says.

Dorian Bennett of Dorian Bennett Sotheby's International Realty said the liens imposed by the Internal Revenue Service would likely not interfere with Cage's ongoing attempts to sell a home along with another New Orleans property, The (New Orleans) Times-Picayune reported Sunday.

"It doesn't do anything, quite frankly," said Bennett, whose company is listing both of Cage's New Orleans properties. "There are lots of people with lots of personal issues who are selling property."

"It's nothing more than just a legal issue and a monetary issue."

IRS agent pleads guilty to tax charge

Wed, 04/01/2009 - 08:48 by Shruti Sharma

Los Angeles -- An Internal Revenue Service official has pleaded guilty to filing a false tax return, U.S. officials said Tuesday.

Jim Liu of Diamond Bar, Calif., has pleaded guilty to filing a tax return in 2002 that claimed he suffered a loss on a real estate transaction when in fact he made a profit, a government statement said.

He faces up to three years in federal prison.

Liu is an IRS revenue agent and conducts audits of taxpayers.

The statement said Liu sold property in Pomona, Calif., for a profit of more than $48,000, but claimed he had suffered a loss of more than $4,200. The misstatement cost the federal government of $14,642.88.

Copyright 2009 by United Press International.

IRS filed $104m lien against Stanford

Thu, 02/26/2009 - 08:18 by Rakhi Kaptiyal

Washington -- Tax records show the Internal Revenue service filed a $104 million tax lien against Texas billionaire Allen Stanford, before recent fraud allegations arose.

The IRS filed the federal tax lien against Stanford and his wife Susan Stanford in August 2008, The Miami Herald reported Wednesday.

On Feb. 17, the U.S. Securities and Exchange Commission filed a civil case against Stanford, accusing him of perpetrating investment fraud worth $8 billion.

The complaint alleges Stanford sold high-yield certificates of deposit in the Stanford International Bank Ltd., but lied to customers about how the proceeds were invested, the newspaper said.

The bank is based in Antigua.

The tax case involves tax years of 2002-04, the newspaper said. The Stanfords have contested the claim.