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
Tax Blog
Types of Tax Experts and When to Use Each One
With so many types of tax professionals some people have a hard time understanding when each one can help them out. Although all tax professionals offer benefits, some are better for particular situations. It is imperative that you hire the proper person for the task that you are trying to accomplish. Below are four types of ... 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
3 Common Tax Relief Methods if You Can’t Pay Your Taxes
When you can't pay your taxes on time or in full you have various options available to you. This year, more than ever, taxpayers are receiving tax bills that they are unable to pay. The IRS is well aware that there are situations that arise that will make it difficult for everyone to comply with their tax obligations. For this ... 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
Pamela Anderson Caught with Back Taxes
Beautiful Pamela Anderson is the latest major celebrity to run into troubles with the IRS. Pamela Anderson, yes, the well known actress, producer, writer and Playmate had another tax lien filed against her for delinquent taxes. The IRS tax lien was reported on October 19th in Los Angeles. According to The Detroit News, Anderson ... Read More
Terminator Hit with $79k IRS Tax Lien
Arnold Schwarzenegger, had an IRS tax lien filed against him totaling about $79,000. The lien was filed against the California Governor May 11th in Los Angeles County. Supposedly, the Governor owes about $39k from 2004 and $40k from 2005. The lien documentation was posted online by TMZ yesterday. A governor's spokesman said ... Read More
Use Tax Experts Instead of a Liability Settlement Firm for Tax Problems
With liability becoming a large problem not only for individuals, and businesses there has been a proliferation of liability management and liability settlement companies promising to reduce your liabilities by saving you thousands in interest and penalties. Moreover, many are even claiming to be tax experts or IRS tax ... Read More
Michael Phelps Owes $23K in Back Taxes
Olympic gold medal winner Michael Phelps owes the State of California $23 thousand in back taxes for the years 2005 and 2006. The State of California filed a tax lien on Phelps in order to secure payment of these taxes. When a tax lien is filed it becomes public information that the person who the lien was filed against owes ... Read More
