Jan 25, 2010
The US Internal Revenue Service (IRS) has issued a warning to non-profit organizations that they could be in danger of losing their tax-exempt status in 2010. On January 21st the IRS issued a news release reminding all US tax-exempt organizations that Pension Protection Act of 2006, which was enacted in 2007, requires them to file [...]
The US Internal Revenue Service (IRS) has issued a warning to non-profit organizations that they could be in danger of losing their tax-exempt status in 2010.
On January 21st the IRS issued a news release reminding all US tax-exempt organizations that Pension Protection Act of 2006, which was enacted in 2007, requires them to file their annual information forms annually, or face losing their status after three consecutive non-filings. This year will be the first in which the law will ... Read More
Oct 28, 2009
Dough Shulman, US Internal Revenue Service (IRS) Commissioner, has revealed that the department has initiated a new audit program aimed at catching high-wealth tax cheats. Speaking at a conference for the American Institute of Certified Public Accountants (AICPA) on the 26th of October, in Washington DC, Doug Shulman announced the creation of the Global High [...]
Dough Shulman, US Internal Revenue Service (IRS) Commissioner, has revealed that the department has initiated a new audit program aimed at catching high-wealth tax cheats.
Speaking at a conference for the American Institute of Certified Public Accountants (AICPA) on the 26th of October, in Washington DC, Doug Shulman announced the creation of the Global High Wealth Industry Group (GHWIG). According to the IRS Commissioner, the unit will conduct “a small number” of audits on individuals with assets “in the neighborhood of $30 ... Read More
Oct 15, 2009
According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment. In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for [...]
According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment.
In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for those harboring money overseas. The program which requires submissions to be made by 5pm on October 15th, has now received over 7,500 applications. According to IRS statements, ... Read More
Oct 9, 2009
According to latest reports published by Internal Revenue Service (IRS) the government’s tax revenue fell 25%, compare to the same period last year. The corporate taxpayers paid 56% less, while individual taxpayers payed 20% less. Taking in consideration such significant drops, the Congressional Budget Office estimates that only 14.3% of GDP this year will come [...]
According to latest reports published by Internal Revenue Service (IRS) the government’s tax revenue fell 25%, compare to the same period last year.
The corporate taxpayers paid 56% less, while individual taxpayers payed 20% less. Taking in consideration such significant drops, the Congressional Budget Office estimates that only 14.3% of GDP this year will come from the tax collection. Historically, USA enjoys approximately 18% of GDP from tax revenue.
According to experts, the predominant cause behind the tax revenue downfall is the present ... Read More
