Agency seeks to find -- and tax -- money hidden in offshore accounts.
This news article comes from Martin Vaughan at partner site The Wall Street Journal:
The U.S. Internal Revenue Service for the moment has one person charged with investigating tax crimes stationed in Hong Kong, a jurisdiction that has played a prominent role in recent U.S. tax evasion cases.
That may be about to change. The IRS is in the process of hiring and training hundreds of agents world-wide to pursue U.S. tax dodgers who have hidden cash overseas. Tax attorneys and advisers in Hong Kong say they have been told the IRS plans to add several enforcement positions at the U.S. consulate here, though it isn't clear how soon.
IRS officials in Washington and Beijing, where the IRS senior attache for Asia is stationed, didn't immediately respond to inquiries about staffing levels.
Other agencies also provide free assistance with tax returns.
Having trouble filling out your return? You can go straight to the Internal Revenue Service this Saturday for help.
More than 180 IRS offices will be open on March 27 from 9 a.m. to 2 p.m., local time, to help taxpayers.
"We are holding these special open houses to give taxpayers who are struggling in these difficult economic times more opportunity to work directly with IRS employees to resolve their tax issues," said IRS Commissioner Doug Shulman.
New law provides up to $7,621.60 in incentives for each unemployed person hired.
Congress wants you to get a job, and has provided new tax incentives to put you to work.
Maybe you blinked and missed the new tax law – and I’m not talking about the Health Care Bill.
Last week, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act.
The fraudster is one of the state's top 250 debtors. California's list includes Dionne Warwick and Burt Reynolds.
By Elizabeth Strott, MSN Money
Disgraced financier Bernie Madoff's reputation just got worse, if that is even possible.
The convicted Ponzi schemer is No. 68 on New York's list of the top 250 tax deadbeats, owing the Empire State $984,280 in back taxes. The state has to get in line with the hundreds of others who were defrauded by Madoff and wait until bankruptcy proceedings are wrapped up.
The individual topping the list is the former owner of Scores strip clubs, Irving Bilzinsky. His tax bill is a whopping $15.3 million, going back to July 2007. Bilzinsky filed for bankruptcy in 1998.
The IRS is beefing up its criminal-investigation unit -- a gentle reminder as the tax deadline approaches.
By Joe Mont, TheStreet
Lest you think you might be able to get away with it, the Internal Revenue Service's criminal-investigation unit has more than 4,100 employees worldwide who might suggest otherwise.
More than 1.4 million Americans were audited last year, the most in more than a decade. And with an additional $8.2 billion budgeted for tax-enforcement efforts, a 10% increase, the odds of getting away with something sneaky are going to get even slimmer.
There were 2,229 prison sentences handed down for tax-related offenses last year. The following are some of the scams, and how delinquents were caught.
California car wash owner negotiating over debt that grow to $202.31 with penalties. He thought he had paid on time.
Aaron Zeff had no idea he was a tax delinquent until two IRS agents showed up this month at his Sacramento car wash.
The amount the IRS says Zeff didn't pay back in 2006: 4 cents.
So the IRS sent two people to collect four pennies?
Business write-offs were extended through 2010, and foreign accounts will face more scrutiny.
The $18 billion job creation package, the Hiring Incentives to Restore Employment (HIRE) Act, officially known as H.R. 2847, was signed into law March 18. The measure was approved by the Senate, 68-29, and by the House, 217-201.
The bill's primary provisions encourage businesses to hire and keep workers. But there are a couple tax provisions of note.
Federal woes are just the beginning. States and cities also will have to raise taxes to stay afloat.
There are animals that can sense an oncoming earthquake. They instinctively run for safety.
I’m beginning to relate.
The vibrations keep getting stronger. No matter where I look, every map identifies my location as “see epicenter.”
This isn’t going to be a natural disaster. It’s an economic breakdown that was birthed by buffoons playing politics. But I’m more interested in the repercussions than blame.
And the number one repercussion is going to be a tsunami of new taxes.
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