The Permanent Subcommittee on Investigations (the “PSI”) of the Committee on Homeland Security & Governmental Affairs of the U.S. Senate will hold a hearing on Wednesday, February 26, 2014, entitled “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts.”
As the nation recovers from the latest series of winter storms, let the rise of temperatures serve as a reminder of the incoming season – tax filing season.
Real property owners delinquent in the payment of real estate taxes are finding relief though decisions of New Jersey bankruptcy court judges who continue to find ways to impede efforts effect real property forfeitures in New Jersey.
In November 2013, Governor Cuomo released the Final Report of the New York State Tax Reform and Fairness Commission regarding tax reform.
This week the Department of Justice issued a series of press releases announcing settlements in several cases under the False Claims Act. The settlement of these cases, originally brought under the qui tam, or whistleblower, provisions of the False Claims Act, resulted in recoveries of over $200 million for the U.S. Taxpayers.
Nassau County was dealt a decisive blow to its financial prospects on February 18 when the State’s highest court held that it had exceeded its constitutional authority in attempting to shirk its obligation to pay tax refunds — estimated at some $450 million — by shifting the duty to individual taxing districts.
News came out last week that chiropractor Stephen Jacobs of Lowell, MA is in hot water with the feds. Dr. Jacobs allegedly paid an IRS auditor $5,000 in cash to ignore two deductions he improperly took on this 2011 income tax form.
As a general rule, in accordance with IRC § 61, the value of any prize or award a taxpayer receives is subject to taxation. IRC §§ 74 and 117 provide limited exceptions to this general rule.