With the passage of the new Healthcare bill by Congress, the IRS will have much more power than before. Examples, include docked refunds for failing to buy insurance, fines up to $2% or $2,250 of your income (the greater of the two), increased audits, and 16,000 more agents.

Have unfiled taxes returns? Ask yourself this question: haven’t you waited long enough? Remember, the longer you go without filing your taxes and dealing with past returns the more problems you are making for yourself. If you have not filed your taxes for several years here are some general guidelines to follow. It is recommended that you work with a tax professional if possible.

Oakland’s Mayor, Ron Dellums, owes the IRS $239,000 dollars for taxes he failed to pay in 2005, 2006, and 2007 according to public records and confirmed by news reports. A public tax lien was placed on his residence. Here is yet another politician who like Charlie Rangel caught with tax problems.

Former NBA star Robert Traylor has about 13 days to set up a payment plan with the IRS for the $178,000 dollars that he owes or he could go to jail for 60 days, according to The Boston Herald. US District Judge Avern Cohn stated that if he doesn’t set up the payment plan (most [...]

IRS is claiming that bankrupt Nortel, which is undergoing the sale of its assets, owes about $3 billion in back taxes, penalties and interest.