Friendly reminder: it’s a week until the due date for extended corporation, trust and partnership returns. File late and it’s a penalty of $195 for each K-1 on the late return. That can add up in a hurry.
Because of the deadline, and because I spent too much time on a long-form piece that will go up later this morning about Iowa’s economic development follies, this roundup is abbreviated.
Delaware online, NJ man gets 8 years in tax fraud scheme:
Gary Crawford Jr., 42, of Bridgeton, also known as Gary Taxes, was also order to pay more than $1 million in restitution to the U.S. Treasury and faces three years supervision following his prison release.
The tax fraud scheme was discovered in 2009 when the Internal Revenue Service’s Fraud Detection Center flagged a large number of fraudulent electronically filed income tax returns for the year 2008 seeking First Time Home Buyer Credits, said Kimberlynn Reeves, spokeswoman for the U.S. Attorney’s Office in Delaware.
Refundable tax credit fraud? What a surprise.
Jana Luttenegger, Is This the End of Automatic Gratuities? (Davis Brown Tax Law Blog)
Trish McIntire, 43% – Not What Many People Think
Tax Justice Blog, Payroll Tax Loophole Used by John Edwards and Newt Gingrich Remains Unaddressed by Congress. But not by me!
Alan Cole, Bruce Bartlett on Imputed Rent (Tax Policy Blog)
TaxProf, The IRS Scandal, Day 123
The Critical Question: Is IRS Targeting Magic The Gathering ? (Peter Reilly)
Robert D. Flach, WHAT A CROCK
Setting the bar too low. The IRS Apprentice Video Is Still Better Than Anything Donald Trump Has Ever Done (Going Concern)