Tax

I always believed that New York had a deserved reputation of aggressively going after individuals regarding whether they have New York residency with regard to collection of its income and estate taxes.

The American Institute of CPAs and the National Association of the State Boards of Accountancy have reached compromises that could potentially affect both the peer review process and issue of substantial equivalency/mobility.With regard to the 18-year-old peer review process, the institute -- working with state boards and NASBA -- unveiled a new model for transparency, which contains an “opt out” provision by firms for voluntary state board disclosure of peer review results.

Beginning in January, Link2Gov will be able to process credit card payments related to federal business tax Forms 941 and 940 for an expanded number of filing years -- 1997 through present balance due.

Let me preface my weekly missive with the admission that I’m a Wesley Snipes groupie.

Surfing champion Sunny Garcia was sentenced to three months in federal prison for failing to pay taxes on more than $417,000 in prize money.

The Treasury Department and the Internal Revenue Service issued proposed regulations addressing the tax treatment of an exchange of property for an annuity contract.

The chairman of the Joint Economic Committee is asking the Internal Revenue Service to refrain from taxing online gamers.

The New Jersey Supreme Court ruled that companies operating in the state may not use out-of-state subsidiaries to hold their intellectual property and subsequently shield profits from the state’s corporate income tax.The judgment, which applies only to New Jersey, means that companies will no longer be able to use a shelter strategy to transfer property such as trademarks or patents to subsidiaries in low- or no-tax states. Companies have generally paid the subsidiary for the use of brands or other proprietary property and then deducted those payments from their state income taxes. The income collected by the subsidiary is than taxed at a lower rate, or not at all.

White men can’t jump, and movie actor Wesley Snipes apparently can’t fill out his tax returns properly, according to a recently unsealed indictment from the Internal Revenue Service.The eight-count indictment charges Snipes and two Florida men with conspiracy to defraud the IRS and presenting a fraudulent claim for payment. Snipes is facing six counts of failing to file income tax returns between 1999 and 2004.

Individuals who owe delinquent federal income taxes will now be able to apply online for a payment agreement, the Internal Revenue Service announced.