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US Treasury

• No horsing around, IRS tells ex-NFL star
  

  Image via Wikipedia

  The Internal Revenue Service says ex-football star linebacker Bill Romanowski owes more than $6 million, primarily for claiming losses from a thoroughbred horse-breeding investment whose promoters have admitted was a fraudulent tax shelter.
  Romanowski, 44, and his wife, Julie,  filed a lawsuit last month in U.S. Tax Court disputing an [...]

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• Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
  

  Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
  The proposed regulations (REG 153340-09) would eliminate the rules for making federal tax deposits by paper coupon because the [...]

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• IRS Seeks Volunteers for Taxpayer Advocacy Panel
  

  The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service.
  “The feedback and suggestions that the TAP provides us from the taxpayer’s point of view are important to sound [...]

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• UBS says IRS has 20 Swiss banks in its sights
  

  Embattled UBS AG has warned that Switzerland’s financial industry is at risk unless lawmakers approve a tax treaty with the U.S., and that other Swiss banks may be next to face pressure from American regulators.
  In a letter to parliamentarians, the banking company said the U.S. Internal Revenue Service has collected information [...]

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• IRS Announces Qualified Disaster Treatment for Chile
  

  Washington The Internal Revenue Service today issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, [...]

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• IRS Wins 48-Month Suspension of a Lawyer for Failing to File His Own Tax Return and Late Filing
  

  Massachusetts Tax Attorney Kevin Kilduff was barred from practicing before the Internal Revenue Service for 48 months for failing to file one federal tax return and for filing another five returns late.
  “Professionals who demonstrate a lack of respect for our tax system by failing to meet their own tax filing obligations should [...]

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• Sterling doctor pleads guilty in Swiss account investigation
  

  A Sterling physician has pleaded guilty to conspiracy and making a false statement in connection with a Justice Department investigation into a hidden Swiss bank account.
  Andrew B. Silva faces a maximum sentence of 10 years in prison and a $500,000 fine. He is free on bail, pending sentencing May 7.
  The Justice Department accuses Silva of [...]

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• IRS Approves Second Round of Issuance by Indian Tribal Governments of Economic Development Bonds
  

  The U.S. Department of the Treasury and the Internal Revenue Service today announced the allocation of a second round of authority to Indian tribal governments to issue Tribal Economic Development Bonds under the American Recovery and Reinvestment Act of 2009 (ARRA).
  The IRS awarded 76 tribal governments a combined $1.005 billion of bond issuance authority, also [...]

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• IRS Marks EITC Awareness Day; Highlights Expanded Tax Credit
  

  An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year, the Internal Revenue Service said today.
  The IRS and the Treasury Department marked EITC Awareness Day as their partners nationwide worked to highlight the availability of this [...]

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• IRS Workers With Convictions
  

  Tax agency deals with rogue employees engaging in everything from celebrity snooping to extortion.

  Going Rogue: 12 From The IRS Accused Of Crimes

  This is the time of year–the run-up to the tax-filing deadline on April 15–in which the Internal Revenue Service and federal prosecutors churn out press release after press release touting [...]

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