Suspected Pak hackers target Indian revenues website

The suspected Pakistani hackers have allegedly taken down the official website of Indian Revenue Service (IRS). The website of Income-Tax (I-T) Department, a part of IRS, was down on early Saturday (6 February) and the site is still offline.

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IRS In Unprecedented Cooperation To Secure The Tax Identity Theft Victims

Tax identity theft to conduct further fraudulence in claiming fake tax returns. Many identity thefts related fraud claims have been detected in 2015. The fraud efforts have prompted IRS to reshape fraud prevention measures. Though the new measures are invisible to taxpayers, but they too feel the unprecedented cooperation from IRS.

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IRS Fines 8 Million Americans, 0.3 Million of Them From Low Income Group

IRS has fined some 8 million people and 1.4 million households are forecast to fall prey of fines due to ignorance on new healthcare law. Commonly criticized as the Obama Care Law, the new law instructs all Americans to go through insurance net. But mainly due to ignorance about mandatory submission of tax returns and moreover legally remain exempted from tax net, have fall victim to count fine for $210 each.

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People with unpaid IRS debt can have their Passports cancelled

A bill that prohibits people with unpaid IRS loans from travelling is expected to become law very soon. The Federal government has been going after travelling people who are reporting their taxes incorrectly for a very long time, but now, they plan to apprehend those with unpaid IRS loans.

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U.S. Ranks Third in the Global Tax Havens List

The United States is now third place in the list of top tax havens for foreign companies on the biannual Financial Secrecy Index by the Tax Justice Network, next to Switzerland and Hong Kong.

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Yahoo to spin off Alibaba stake even without tax-free guarantee

Yahoo Inc. is proceeding with the spinoff of its stake in Chinese e-commerce giant Alibaba even without guarantee that it won't be taxed. In a regulatory filing, Yahoo says its board has authorized the transaction despite lacking an approval from the Internal Revenue Service. On news of the decision, Yahoo's shares rose Monday by as much as 4% in extended trading.

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President Obama announced changes on FAFSA to help students complete

President Barack Obama announced on Tuesday some updates on the Free Application for Federal Student Aid process or FAFSA. This is a part of the president's aim to make college education more affordable for students and families.

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IRS Rejects Yahoo's Tax-Free Alibaba Spin-off Request, Sending Stocks Down 4%

IRS declined to bless Yahoo's planned tax-free Alibaba spin-off, sending its shares down about 4%. According to Business Insider, Yahoo owns 384 million shares of Chinese tech giant Alibaba, which is worth $23 billion. Yahoo plans to turn that into a separate company with its small-business unit in a tax-free transaction that allows it to give much of the value back to Yahoo shareholders. However, IRS declined to grant Yahoo's request. It doesn't mean the IRS rejected Yahoo's plan directly. IRS is simply telling Yahoo it can't be too confident about the approval of the deal.

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Irish Gambler John McManus seeks $5.22 Million tax refund from IRS citing international treaty

One of Ireland's richest persons, John P. McManus, seeks $5.2 million from the U.S. government after it was wrongfully withheld from his $17.4 million gambling winnings to cover taxes.

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What to do with excess contribution in your retirement account?

There are many ways you might have contributed too much to your IRA without knowing it. Maybe the full amount was contributed to both a traditional and a Roth IRA. Perhaps you set up a monthly contribution that automatically pays and forgot to put a stop to it before your contribution limit exceeded. Or, maybe you just screwed up.

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Yahoo shares plunge on report IRS considering spin-off rule changes

Shares in Yahoo Inc (YHOO.O) fell 7.6 percent on Tuesday, as the stock sold off dramatically in the last 20 minutes of the trading day on worries that a potential change in U.S. tax regulations would affect Yahoo's expected spinoff of its stake in Alibaba Group Holding Ltd (BABA.N).

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How to avoid red flags when you change tax prep

Taxes are one of the few constants in life, but what happens when you change the way you do your return? People move or get divorced, tax preparers pass away.

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Microsoft sues IRS for details of probe on internal transactions

Microsoft sued the Internal Revenue Service on Monday, seeking information about a law firm hired by U.S. tax authorities in a review of how the software company books sales between subsidiaries.

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AstraZeneca, Shire fall as U.S. tax move punctures deal hopes

Shares in drugmakers AstraZeneca (AZN.L) and Shire (SHP.L) both fell more than 5 percent on Tuesday after the U.S. Treasury took steps to curb "inversion" deals that allow companies to escape high U.S. taxes by reincorporating abroad.

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Academic says private equity fees not properly characterized for tax purposes

University of North Carolina Professor Gregg D. Polsky wrote in the February 3 edition of Tax Notes that payments given by companies to their private equity owners are not characterized properly for tax purposes, The New York Times The Dealbook reported.

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