If you haven't been following, the IRS vs UBS civil case was to be taken out of court with a tax settlement and the disclosure of UBS clients to the IRS. In February, UBS agreed to pay $780 million and disclose the names of 250 clients suspected of tax evasion. Most recently, UBS in cooperation with the Swiss government, ... Read More
Tax Blog
Rapper MC Hammer Gets Hammered with $671K in Back Taxes
Stanley Burrell, MC Hammer, has just been slapped with a tax lien against him for $671,182 in taxes owed to the state of California and the IRS. Even with his career getting a second chance recently with his new TV show and schedule tour, he still is having serious financial issues. The break down of the taxes both him and his ... Read More
Prevent Back Taxes and Report Gambling Winnings
If you win money by gambling, playing the the lottery, raffles, betting on horses, and the like you must report that to the IRS. This also means you must pay taxes using the market value of car, boat, or some asset you won. If you don't report it to the IRS, they could send you a bill for what they estimate you won. Typically ... Read More
Nicolas Cage Owes $6.25 Million in Back Taxes
The IRS has filed a tax lien against Nicolas Cage for $6.25 million dollars according to The Detroit News. An IRS tax lien is usually the first major action the IRS will take if you fail to pay taxes. The reason why you see the media reporting this is because a tax lien becomes public knowledge as it will show up in ... Read More
Chris Tucker Owes $3.6 Million in Back Taxes
According to The Detroit News, Chris Tucker owes $3,594,409 in back taxes to the state of California. The state has filed a tax lien against Tucker for the taxes he owes. According to the tax lien, Tucker has unpaid taxes dating back six years. Chris Tucker is a 37-year-old that has been in popular films such as Friday, ... Read More
Stephen Baldwin Owes $1.084 Million in Back Taxes
Stephen Baldwin, the youngest of the Baldwin brothers has filed for bankruptcy. In his bankruptcy petition he states that his home is valued at $1.1 million but still owes $1.19 million on the mortgages. Baldwin is said to owe $749,974 in back taxes to the IRS, has $139,288 of liability related to unpaid withholding ... Read More
Steve Austin Slapped with Tax Lien for Back Taxes
The Detroit News reported yesterday that former wrestler Steve Austin owes over $22,000 in back taxes to the state of California. With the economic downturn and with states and the federal government having budget shortfalls, non-compliant taxpayers are less likely to slip under the radar. LA County filed a tax lien against ... Read More
Federal Tax Levy: Steps to Resolution with the IRS
Every year, thousands of letters are sent out letting taxpayers know that the Internal Revenue Service means business. These letters (CP 90/CP 297), in consideration, are often referred to as an IRS Intent to Levy. A Federal Intent to Levy means that the IRS is going to try to recover or collect back taxes in a more coercive ... Read More
How to Handle Filing IRS Back Taxes
Do you owe the IRS back tax returns? Are you moving slowly in fixing this problem because you don’t know what you are doing? When it comes to filing IRS back taxes you may be surprised at just how easy it can be. This doesn’t mean you don’t have work in front of you, though. There is a lot you need to do in order to handle ... Read More
Amending a Tax Return: What to Know and How to Do It
If you have made a mistake in a previous tax return filing, you can "correct" the situation by amending a return. In other words, an amended return is for taxpayers who need to make a change or adjustment on a return they ALREADY filed. However, realize you cannot amend a tax return if it has been three years since you last ... Read More
