News

If you've been notified by the IRS either over the phone or by mail that you owe them, that's all the warning you get.

An H&R manager in Southern California has been arrested for using the identities of his former tax preparation clients. Damon Dubose was working as a manager for H&R Block and allegedly obtained personal information from past clients. He prepared fake tax returns in their names to get refunds and credits and then used the H&R Block Emerald Cards to withdraw the funds from ATMS.  

Berkshire Hathaway chairman Warren Buffett hinted in is annual letter to shareholders that the company's nearly 18,000 page tax return may merit the attention of the Guiness Book of World Records.

The Alternate Minimum Tax (AMT) was created to ensure anyone who benefits from certain tax breaks pays at least a minimum amount of tax.

The Internal Revenue Service's criminal investigation division has cracked down on a Southern California tax preparer accused of stealing his clients refunds. 

Almost everything you own and use for personal or investment purposes is a capital asset. Capital assets include a home, vehicle, stocks and bonds. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

JK Harris, one of the nation's largest tax firms, has closed down and claimed bankruptcy, leaving over 5,000 active clients in need of help.

Reporting your stock, bond, mutual funds or other asset sales will be more of a headache this year. The IRS has modified the old Schedule D, Form 1040 and added a new Form 8979, "Sales and Other Dispositions of Capital Assets."

Thousands of people have responded to TaxMasters' television ads promising help with the IRS.  The ad tells you to "just call the toll-free number for a free consultation with a tax consultant".

According to a recently released report from the Internal Revenue Service, more than 279,000 federal employees, including members of the miliary, owed approximately $3.42 billion in unpaid taxes!