The Internal Revenue Service has decided not to appeal a district court case which ruled that the agency doesn’t have the authority to regulate return preparers’ contingent fee arrangements for refund claims.
Jersey Shore’s Michael “The Situation” Sorrentino and his brother Marc are due in court to face an indictment alleging they failed to pay taxes on $8.9 million in income that Michael received from promotional activities, according to U.S. Attorney Paul J. Fishman.
CPAs typically collect and store information about their clients which may open them up to liability if any of the information is compromised, according to Rickard Jorgensen, president of Jorgensen & Company.
Six years ago this week, investment bank Lehman Brothers filed for bankruptcy, observed Attorney General Eric Holder at New York University Law School during a speech Wednesday. This marked “the culmination of a period of deregulation, excessive risk-taking, questionable lending practices, and defective underwriting that heralded the worst financial crisis since the Great Depression,” he said.
As we approach the November elections, the end of the year and the beginning of a new tax season, we’re not much clearer on the fate of the provisions that expired at the end of 2013, aka the extenders, that haven’t yet been renewed.