The IRS made an announcement yesterday that it is more willing to work with taxpayers this year who have become unemployed or financially strapped. In other words, the IRS is relaxing rules on income tax settlement methods such as an Offer in Compromise, which is one way a taxpayer can pay less than they owe. Moreover, the IRS ... Read More
Tax News
Crow Creek Sioux Tribe Buys Back Land IRS Seized & Auctioned
It was reported today by USA Today that Crow Creek Sioux Tribe (CCST) in South Dakota has settled with the IRS and has obtained a loan to buy back 11.1 square miles of land the IRS seized and auctioned off last December when the CCST failed to pay about $3 million in employment taxes, penalties and interest. It was confirmed ... Read More
IRS Wants Quotes for Remington Model 870 Shotguns
Have you ever wondered how much power the IRS actually has? The fact that the IRS is requesting quotes to buy sixty 12 gauge pump action shot guns for their Criminal Investigation Division should tell you how much power they have. Do they really need shotguns to enforce taxes? I can understand police using guns to protect ... Read More
Sinbad Owes Over $8 Million in Back Taxes
Sinbad (David Adkins), known for being a stand-up comedian and actor, is having some serious financial problems. On December 11th Sinbad filed for chapter 7 bankruptcy and reported that he had between $11 million and $49 million in liabilities. Of those liabilities, it is reported that he owed $8.2 Million in Federal back ... Read More
Federal Employees Owe Over $3 Billion in IRS Back Taxes
Many businesses and individuals during this economic downturn are facing difficulties paying taxes in addition to keeping the lights on. Federal employees just like last year owe billions in taxes. WTOP.com reported that Federal Workers owe the IRS over $3 billion in back taxes that were not paid from 2008. What is interesting ... Read More
IRS Creates Global High Wealth Unit & Adds More Offices Worldwide
The IRS received a budget increase from President Obama and congress to help with tax compliance earlier this year. The IRS is using those funds wisely. Doug Shulman, the IRS Commissioner made a speech at a Conference recently announcing a few changes or increased efforts regarding offshore accounts including a new "Global High ... Read More
Symantec Wins Tax Case – Not Responsible for IRS Back Taxes
Symantec, the major computer security firm, won a case in US Tax Court against the IRS saving it around $545 million. The IRS stated that Symantec should be responsible for back taxes owed by Veritas Software after the acquisition in 2005, according to Marketwatch. Veritas, the IRS is claiming, had a transfer-pricing ... Read More
Making Work Pay Credit Will Most Likely Cause IRS Back Taxes
At the beginning of this month, the Treasury Inspector General released a report describing the negative effect that reduced withholding associated with the Making Work Pay Credit (MWPC) could cause. What the report mentioned is that 15+ million taxpayers could owe taxes when filing in 2009 and 2010 due to the fact that the ... Read More
UBS vs. IRS Update – Client Selection for UBS Case
As many know, the IRS released today the criteria or characteristics being used by UBS to report American clients evading taxes. In August, UBS agreed to hand over at least 4,450 names and this is following a large settlement of $780 million and the revelation of 250 names in February for providing offshore banking ... Read More
Wu-Tang Clan’s Method Man Arrested for Owing $33K in Back Taxes
Clifford Smith (aka Method Man) of the Wu-Tang Clan has been avoiding paying his taxes as far back as 2004. Today at 8 a.m., Method Man went to the Staten Island DA's office to turn himself in for felony charges he received for not paying $33,000 in IRS back taxes. Method Man is a Grammy-winning hip hop artist who won a Grammy ... Read More
Floyd Mayweather Agrees to Pay His Back Taxes, Over $5M
Floyd Mayweather was poised to make some big money with his come back to fight with Juan Manuel Marquez. Mayweather had owed the IRS back taxes for quite some time now and they were quite aware of the earnings potential for this fight. The minimum take home for Mayweather would have been $3.2 million, but if he were to win, this ... Read More
IRS Gives Tax Evaders Until October 15th to Fess Up
A couple days ago, the IRS extended their deadline for taxpayers with hidden offshore accounts to voluntarily come forward and report any account over $10k. This pushed back the deadline from September 23rd to October 15th, 2009. Remember, as a US taxpayer you need to file a tax return and report income whether working abroad, ... Read More
