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.
April 12, 2006 |
The Justice Department is accusing an El Segundo tax accountant of claiming a deduction for his oceangoing clients that isn't exactly seaworthy. Martin A. Kapp specializes in handling tax returns for workers in the transportation industry, such as airline pilots and railroad engineers. But it's his self-devised method for claiming meal deductions for merchant sailors and tugboat captains that prompted the government to sue him in U.S. District Court in Los Angeles.
March 17, 2006 |
Bank of America Corp. said Thursday that it violated U.S. tax law in 1998 and 1999 in letting employees transfer money to its pension plan from its 401(k) retirement plan. The Internal Revenue Service issued a December 2005 memorandum indicating that amendments the company made in 1998 to its 401(k) plan to permit the voluntary transfers violated an "anti-cutback" rule in the Internal Revenue Code, the bank said. A spokeswoman said the bank was trying to work out a resolution with the IRS.
February 20, 2006 |
Businesses and individuals continue to pay hundreds of millions of dollars in taxes each year on some long-distance telephone calls even though three federal courts say the levy is invalid. Companies have convinced the appeals courts that the 3% excise tax on local, long-distance and wireless calls does not apply to some current long-distance billing plans. The tax dates to 1898, when telephones were a luxury and lawmakers needed money to help pay for the Spanish-American War.
February 15, 2006 |
The IRS said unpaid taxes amounted to $345 billion in 2001, traced mostly to individuals underreporting their income. The statistic refines an estimate released last year that found that taxpayers failed to pay $312 billion to $353 billion in 2001. The study showed taxpayers more likely to report their income when an employer, banker or other party must separately submit the information to the Internal Revenue Service.
October 28, 2005 |
The Internal Revenue Service is giving taxpayers who used dubious tax dodges a limited-time offer to fess up, pay up and avoid onerous penalties. The program covers 21 transactions, or more than half of all known tax shelters. It requires taxpayers to pay 100% of tax liabilities and interest.