IRS Drops Tax Case Against UBS and Swiss Government

Internal Revenue Service officials are withdrawing their summons in the UBS and Swiss government tax cheaters case, saying they feel confident they've received a full accounting of the information they sought from the Swiss bank. The move was largely expected, after the IRS announced in August it had reached a settlement with the Swiss government and UBS (UBS).

Since that settlement, the IRS received a total of 18,000 voluntary disclosures from tax evaders, who were previously hiding out under Swiss banking laws that shielded their account information from the prying eyes of Uncle Sam. In those cases, the average amount collected weighed in at more than $200,000 per case, including back taxes, interest and penalties, the IRS says.

Sponsored Links
The IRS said its Swiss banking and UBS case was a part of its larger effort to address tax evaders on an international scope. The agency has renamed its large corporate unit the Large Business and International Division.

Myths About Quarterly Taxes for the 1099 Tax Form

For those Americans who pay quarterly taxes—or those who don't but who think they should—understanding the rules governing estimated taxes is vital.

Read More

Brought to you by TurboTax.com

How Long Do Federal and State Tax Returns Need to Be Kept?

If the IRS or state government questions your tax deductions or business losses, you may need a copy of your return.

Read More

Brought to you by TurboTax.com

Who Pays the Transient Occupancy Tax?

"Transient occupancy tax" is paid on temporary lodging at hotels, motels, inns, hostels and similar places. Although the name "transient occupancy tax" is specific to California, similar lodging taxes are in effect across the United States. You pay these taxes when you rent a room, bed or other space. It's the lodging operator's job to collect the tax and pay it to the government.

Read More

Brought to you by TurboTax.com

When to Use Schedule EIC: Earned Income Credit

The earned income tax credit, or EITC, is available to taxpayers with low to moderate income. It was created in 1975 to help offset the heavy burden of Social Security taxes and act as an incentive for low-income taxpayers to continue working.

Read More

Brought to you by TurboTax.com
Read Full Story