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Internal Revenue Service

REAL ESTATE
October 21, 2007 | From the Chicago Tribune
The Internal Revenue Service has created a section on its website to explain the tax consequences for people who have lost their homes to foreclosure. Some homeowners work out arrangements with their lenders to forgive some of the debt. But what the lender forgiveth, the IRS taketh away. The site offers this simplified example: Say you borrowed $10,000 and defaulted on the loan after paying back $2,000.
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BUSINESS
October 13, 2007 | Jim Abrams, The Associated Press
What if the government tried to give American taxpayers some of their money back but the taxpayers didn't seem to want it? That's what happened this year as taxpayers collected only about half the $8 billion the Internal Revenue Service expected to pay them in its phone tax refund, the most far-reaching refund in the agency's history. The telephone excise tax was created in 1898 to fund the Spanish-American War.
BUSINESS
October 2, 2007 | From the Associated Press
Tribune Co. said Monday that it had received a refund of about $344 million in income taxes and interest paid under a 2005 U.S. Tax Court ruling in a case it settled with the government. A tentative settlement was reached last spring during an appeal of the 2005 decision, which had disallowed the tax-free reorganization of Matthew Bender & Co., a former subsidiary of Times Mirror Co.
BUSINESS
September 12, 2007 | From Bloomberg News
The Internal Revenue Service forgoes billions of dollars because the tax-collection agency doesn't try to reconcile income statements containing incorrect identification numbers with tax accounts. The IRS received about 3.8 million income statements worth about $150 billion that had incorrect information in 2004, the Treasury inspector general for tax administration, or Tigta, said in an audit report released Tuesday.
BUSINESS
July 25, 2007 | From the Associated Press
Low- and middle-income people are paying millions of dollars in fees to file their tax returns because of an Internal Revenue Service decision to end a free telephone filing service, an inspector general said Tuesday. "Once again the IRS has made a taxpayer service decision based on questionable data," said J. Russell George, Treasury inspector general for tax administration.
BUSINESS
June 30, 2007 | Kathy M. Kristof, Times Staff Writer
The Internal Revenue Service's free tax-filing program, which has had its share of controversy, got some more Friday as auditors said much of the program's industry-supplied software couldn't handle simple returns. "Taxpayers have every reason to question whether they'd be better off with a pencil and an abacus than using the current free-file program," said Sen. Charles E. Grassley (R-Iowa). "That has to change."
BUSINESS
June 3, 2007 | From Times Wire Services
The Internal Revenue Service warned computer users not to fall for phony e-mails that scare people into believing they are under tax investigation -- then giving scammers access to their computer hard drives. The tax agency said the e-mail claiming to be from IRS Criminal Investigation falsely states that the person is under a criminal probe for submitting a false tax return to the California Franchise Tax Board.
BUSINESS
June 2, 2007 | Thomas S. Mulligan, Times Staff Writer
Tribune Co., corporate parent of the Los Angeles Times, said Friday that it had reached a tentative settlement of a long-standing dispute with the Internal Revenue Service under which the company will get back about $350 million in federal and state taxes and interest that it paid out after an adverse U.S. Tax Court decision in 2005.
CALIFORNIA | LOCAL
March 25, 2007 | Paul Pringle, Times Staff Writer
Ted Von der Ahe walks past clusters of shopping carts to reach the well-scrubbed building where he works with food, the commodity that made the Vons grocery heir rich. But these shopping carts are heaped with the ragged belongings of the homeless, and the food is free. Von der Ahe dishes it up as a part-time volunteer for the Los Angeles Catholic Worker soup kitchen on skid row.
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