November 21, 2006 |
A taxpayer who made more than $1 million had a 1-in-16 chance of being audited by the IRS in the fiscal year just ended, up slightly from the year before. Commissioner Mark Everson said Monday that the Internal Revenue Service also paid more attention to the filings of small businesses that tend to underreport incomes and to the records of tax-exempt organizations. Overall, enforcement revenue for fiscal 2006 ended Sept. 30 was $48.7 billion, up 3% from $47.3 billion.
CALIFORNIA | LOCAL
November 18, 2006
So what exactly did a priest say to get a Pasadena church in trouble with the IRS? The federal agency has launched an investigation into the activities of All Saints Episcopal Church, asking whether a sermon by a former rector before the 2004 presidential campaign constituted campaigning. As tax-exempt organizations, churches are barred from campaigning for candidates. The sermon, delivered Oct. 31, 2004, by the Rev. George F.
September 1, 2006 |
The NAACP did not violate the conditions of its tax-exempt status when its chairman gave a speech that criticized President Bush, according to a newly released letter from the Internal Revenue Service to the civil rights group. The IRS notified the Baltimore-based National Assn. for the Advancement of Colored People in October 2004 that it was looking into a July 2004 speech by NAACP Chairman Julian Bond that was largely critical of Bush's policies.
August 30, 2006 |
ONCE UPON a time, the Internal Revenue Service proclaimed that its mission was "to collect the proper amount of tax revenue at the least cost, serve the public by continually improving the quality of our products and services and perform in a manner warranting the highest degree of public confidence in our integrity, efficiency and fairness." Today's mission statement says nothing about cost containment or efficiency.
August 26, 2006 |
Two U.S. Senate panels scheduled hearings on executive stock-option grants as Congress sharpened its focus on a scandal that has touched more than 100 companies. Deputy Atty. Gen. Paul McNulty, Internal Revenue Service Commissioner Mark Everson and a senior Securities and Exchange Commission official will testify before the Senate Finance Committee on Sept. 6, Sen. Charles E. Grassley (R-Iowa), the panel's chairman, said Friday. The Senate Banking Committee also intends to conduct a hearing.
August 8, 2006 |
The chairman of the House committee that oversees the Internal Revenue Service has urged the agency to reconsider its contracts with Computer Sciences Corp. because of the company's failure to update IRS fraud detection systems. Rep. Bill Thomas (R-Bakersfield) wrote a letter to Treasury Secretary Henry M. Paulson Jr. complaining that the IRS paid Computer Sciences $18.5 million over two years and still has no functioning system.
August 5, 2006 |
IHOP Corp. said the Internal Revenue Service would let it write down the value of assets more quickly, reducing the company's tax bill for this year. The agreement will result in a $14.7-million increase in cash flow in the third and fourth quarters, although it will have no effect on net income, the Glendale-based restaurant chain said. * Also Walt Disney World in Orlando, Fla., is raising the price of a one-day, one-park ticket by $4 to $67, the second price increase this year.
June 11, 2006 |
It may be time for big talkers to start pulling out their phone records. An obscure federal tax on long-distance telephone service, imposed in the late 1800s to fund the Spanish-American War, is finally being phased out because of court challenges. The result: Millions of customers are due refunds for taxes that they've paid in the last three years. "Everybody is going to have an interest in this," said Eric Smith, a spokesman for the Internal Revenue Service.
May 2, 2006 |
Stock regulators and the IRS are exploring the idea of requiring companies to publicly release more tax information, the head of the Securities and Exchange Commission said Monday. SEC Chairman Christopher Cox said he discussed the subject over lunch recently with Mark Everson, commissioner of the Internal Revenue Service. Cox stressed that the idea was not a formal proposal.
April 15, 2006 |
Maybe they should call it "Fee File." The Internal Revenue Service's much-ballyhooed online tax filing service -- dubbed "Free File" by its creators -- isn't always free, according to a congressional report issued Friday. The service, launched four years ago in the IRS' effort to get more people to file their taxes via the Internet, is touted by the agency as free of charge.