Thursday, July 26, 2007
Group of Tax-Exempt Firms Owe Over $1B in Taxes
According to a new Government Accountability Office (GAO) report, nearly 55,000 tax-exempt organizations owed over $1 billion in unpaid federal taxes at the end of September 2006. However, the report said the $1 billion figure is likely understated because "some exempt organizations have understated tax liabilities or did not file tax returns." The GAO investigated 25 exempt organizations and found abuses and possible criminal activity, including failures to remit payroll taxes withheld from employees. Some of these companies’ leaders diverted money to their own bank accounts, which they spent on million-dollar homes and luxury vehicles. You can read the full report at the Washington Post Blog.
Labels:
accounting,
business,
finance,
government,
internal revenue service,
irs,
money,
tax,
tax exempt,
taxes
Blog Archive
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2007
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July
(18)
- IRS to Begin Increasing Amount of Audits
- Group of Tax-Exempt Firms Owe Over $1B in Taxes
- New Audi R8 Spider Sketch
- 5 Mistakes That Can Tax Your 401(k)
- New IRS Electronic PIN Signature Requirement
- National Taxpayer Advocate Releases Report on Tax ...
- U.S. Honda Open of Surfing Begins
- New Ferrari F430 Scuderia Announced
- Roni Deutch Tax Center Offering Incentive To Veterans
- Largest Tax Fraud Case Ever Thrown Out
- IRS Claims Electronic Excise Tax Filing Is Coming
- Courts Decided, Mental Anguish Awards Are Taxable
- Congress to IRS, Conduct More Audits!
- California Lawmaker Pushes For Sex Tax
- New Tax Foundation Newsletter
- Bugatti Veyron at the 2007 Prescott Hill Climb
- Revised Innocent Spouse Form
- Most States Not Raising Gas Taxes
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July
(18)