Criminal tax evaders have an easier time coming clean with the Internal Revenue Service than those who didn’t intend to hide money from U.S. authorities, according to Nina Olson, the National Taxpayer Advocate.
While a Texas Senate candidate is accepting Bitcoin campaign donations, and Overstock.com customers can use the technology to buy engagement rings, Wall Street sees its future more as a payment system than a currency.
The U.S. Internal Revenue Service suspended its regulation of tax-return preparers after a federal court ruling said the agency lacked authority, removing a tax- compliance tool that was years in the making and raising concerns from the national taxpayer advocate.
Potential late action this year by Congress on expired tax provisions might mean significant delays and complications for taxpayers filing returns in early 2013, National Taxpayer Advocate Nina Olson wrote in a report released today.
Tobacco companies led by Altria Group Inc. and Reynolds American Inc. must get U.S. Food and Drug Administration approval to sell products introduced or changed in the past four years, a move that may let the agency keep more addictive items off the market.
Congress should rewrite the U.S. tax code to remove special-interest breaks and make them easier to obey, and detail how the government spends taxpayers’ money, the annual report by the IRS’s Taxpayer Advocate says.