IRS

Company Reiterates Full-year Revenue Guidance

The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases they must report half of the resulting taxable income on their 2012 returns.

A Catholic elementary school in Erie, Pennsylvania, owes the Internal Revenue Service more than $300,000 for failing to remit federal withholding taxes when the school was facing financial difficulties.

A convicted Miami-Dade drug trafficker unemployed for the past decade discovered how to make a quick buck, cashing $12 million in fraudulent tax-refund checks over five months last year, authorities say.

The National Association of Enrolled Agents has issued the following statement on how the Affordable Care Act, aka ObamaCare, will affect small businesses:

Survey shows Americans blame IRS for tax ID theft, instead of themselves for lax precautions.

During the past decade, the IRS has gotten more business-like about the taxpayers they select to audit. Like all smart businesses, the IRS wants to turn a profit these days. Currently, tax returns are selected for audit based on the chance that the IRS will find enough errors or missing income to generate additional taxes – and perhaps penalty and interest.

According to a survey by the Texas Credit Union League (League), 65.6 percent of Texans who participated in a recent League survey said they plan to use their tax refund to pay off debt. Similarly, 45.9 percent of Texans plan to use their refund to jump start their savings.