Tobacco makers were able to avoid paying billions of dollars in federal excise taxes by reclassifying their “roll-your-own” tobacco products as pipe tobacco, and small cigars as large cigars, according to a new government report and witnesses at a Senate hearing Tuesday.
Reeling from a series of budget cuts in recent years, the Internal Revenue Service has slashed the customer service functions at its walk-in offices, but did not evaluate the potential impact of reducing or eliminating key services at 386 Taxpayer Assistance Centers prior to implementing changes at those locations, according to a new government report.
Approximately 83,000 employees and contractors who work for the Department of Defense, and are eligible for a security clearance, owe more than $730 million in unpaid federal taxes, according to a new government report.
The Internal Revenue Service and the Treasury Department have released final regulations on the Premium Tax Credit for health insurance, including rules that allow victims of domestic violence to claim the credit.
Mark Cuban, the outspoken billionaire entrepreneur who owns the Dallas Mavericks and stars on the reality TV show “Shark Tank,” has weighed in on the increasingly controversial issue of corporate inversions with a series of tweets.
The House has passed legislation that would require taxpayers to provide a Social Security number to claim the Child Tax Credit in an effort to discourage fraud, as well as adjust the amount of the credit for inflation.
The Internal Revenue Service released draft versions Thursday of several forms for employers and individuals to comply with the Affordable Care Act, along with draft versions of more common forms such as the 1040 and 1040EZ for next filing season.