Tax Strategies

Taxpayers’ rights were violated when the Internal Revenue Service filed liens on their accounts while they were in bankruptcy, according to a new report by a government watchdog.

Rep. Gary Ackerman, D-N.Y., has written to Internal Revenue Service Commissioner Douglas Shulman asking him to provide tax relief to investors who were swindled by Bernard Madoff’s $50 billion Ponzi scheme.

Approximately 40 percent of online households plan to file their federal taxes via the Internet this year, up from less than 34 percent four years ago, according to a new report.

A federal court has permanently barred a Florida tax preparer who called himself “The Tax Doctor” from doing other people’s returns after he allegedly cost the Treasury at least $750,000 in bogus claims.

President Barack Obama presented his budget for fiscal 2010, including about $318 billion in tax increases mainly targeted at the wealthy.

The Internal Revenue Service is not doing enough to crack down on tax preparers who use illegal tax shelters and to keep track of complaints against them by clients, according to two new reports.

More than two-thirds of the 100-plus CPAs present at a New York State Society of CPAs breakfast indicated they had clients affected by the Bernard Madoff scheme. For investors who need funds soon, the IRS may be the best bet.

The Internal Revenue Service has issued information to help employers claim credit for the COBRA medical premiums they pay for former employees under provisions of the recently passed stimulus bill.

Swiss bank UBS has been sued by a group of wealthy U.S. account holders who want to keep their identities and accounts from being revealed to the Internal Revenue Service.

Children with investment income may have part or all of this income taxed at their parent’s tax rate rather than at the child’s rate, according to the IRS.