Irs, Taxes | featured news

Playing upon a different court, Los Angeles Lakers basketball forward Lamar Odom has sued the Internal Revenue Service, which said he couldn’t take tax deductions for $12,000 in sports fines and another $178,000 spent getting himself in shape.

Suppose that wife does not work in 2010, or that she works but has enough income tax withheld and remitted to taxing authorities to cover income tax on here income. Husband, on the other hand, has $400,000 of self-employment income in 2010. Having paid no estimated taxes, husband now owes $160,000 in Federal and State taxes on his income.

Don't look for tax forms and instructions in your mailbox next year. The Internal Revenue Service has decided to stop mailing them because so many people now file electronically.

More than 200,000 small nonprofits across the nation are days away from losing their tax-exempt status because they haven't filed a new form with the Internal Revenue Service.

Many Americans will see a bigger check from the IRS this year, thanks to a boost in tax benefits.

Nicolas Cage is determined to get his financial house in order and to pay the IRS all that he owes in back taxes.

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply.

Wealthy U.S.

Negotiators initial settlement that averts legal showdown over U.S. government's landmark challenge to Swiss bank secrecy, lawyer says.

The Internal Revenue Service has begun sending refund checks to investors who paid taxes on money they thought they had made before the multibillion-dollar fraud was revealed.