According to Rick Raven, deputy chief of IRS investigations, the cases that IRS's criminal investigations unit sends to the tax division have ended up in a 94 percent conviction rate, making it the highest rate of conviction in law enforcement. Offshore tax evasion is taking up a lot of the unit's time, Raven says.…
Read more
Even Rich Heirs Deserve A Fair Shake From The IRS –
The IRS wants to tax the Sonnabend estate on a Rauschenberg that can't legally be sold, on the grounds that law-abiding heirs can always sell on the black market. Huh? It appears that Sonnabend’s heirs sold off works by Jeff Koons, Roy Lichtenstein, Andy Warhol and Cy Twombly to pay estate taxes of $331 million to…
Read more
Winter 2012 Statistics of Income Bulletin Now Available
WASHINGTON — The Internal Revenue Service today announced availability of thewinter 2012 issue of the Statistics of Income Bulletin, which features preliminary data for 143 million individual income tax returns filed for tax year 2010. The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide…
Read more
IRS Working to Issue Final Rules on FATCA by End of Summer.
The government hopes to issue final regulations under the Foreign Account Tax Compliance Act by the end of the summer, Treasury Deputy Assistant Secretary for International Tax Affairs Manal Corwin said March 1. In addition, the government will be working to “operationalize” government-to-government information sharing agreements under FATCA, she said at the USA Branch of…
Read more
