On this short holiday week, the tax news we featured mainly centered on celebrity tax stories. Here is a recap of what we featured:
Tax Problems-Michael Jackson Estate Gets Assessed by IRS – It appears that the estate of the late Michael Jackson and the IRS are engaged in a dispute over how much the estate of the “King of Pop” is really worth. An NBC News Business article
Posts Tagged ‘IRS back taxes’
There are ways to value the worth of tangible items like real estate or cars for estate tax purposes. However, placing a dollar amount on the image of a celebrity is a more complicated and disparaging process as the estate of the late Michael Jackson is finding out. An NBC News Business article titled: “What’s Michael Jackson’s image worth? A $434 million question for the IRS“ reports on the giant
I came across a Forbes article this week that should be good news for those folks claiming or who have already claimed the Innocent Spouse Defense. The article by Tax Girl Kelly Phillips Erb titled: IRS Proposes to Permanently Ease Restrictions for Innocent Spouse Relief, reports that the IRS proposes to do the following:
Extend the amount of time taxpayers can apply for equitable relief through an innocent spouse application. Under
More proof that the IRS is focusing its collection efforts on wealthy taxpayers comes from the Minnesota Star Tribune. The paper reported that the estate of billionaire Carl Pohlad is being challenged by IRS -specifically for the low valuation of the Minnesota Twins baseball team. The article titled: “Pohlads Go One-on-One with the IRS” said the agency claims that Pohlad’s heirs owe the IRS more than $207 million for the
Long gone are the days of hiding money in offshore tax havens – the global recession has forced some European countries to clamor for tax revenue any way they can. A Reuters article titled: “Italian Designers Dolce and Gabbana Convicted of Tax Evasion” demonstrates just how vigorous the Italian government is going after fashion’s dynamic duo to collect unpaid taxes.
According to Reuters, just last week both Domenico Dolce and Stefano
Sharing client success stories is important because it shows that IRS tax problems can happen to anyone including hard-working honest people, often through no fault of their own.
A new video clip on The Blaze TV highlights a viewer who called Tax Resolution Services, Co. (TRS) after hearing Host Glenn Beck talk about client success stories on his program. This viewer owed more than $33,000 in back taxes but TRS was able
It appears actor and comedian, Chris Tucker is taking a bite out of his huge $12 million dollar tax debt. According to a TMZ.com article titled: “Chris Tucker’s Tax Debt – $1,000,000 Down, 12 More to Go!“, it seems that the actor recently wrote checks totaling $985.028.98 to pay off two Georgia state tax liens: one for $592,594.82 for tax year 2007 and $392,332.16 for tax year 2006.
We reported in
Question: I am filing bankruptcy to get out from underneath debt brought on by some bad financial decisions. Can I discharge in bankruptcy the IRS back taxes I owe for tax years 2008 and 2009 that amount to roughly $25,000? I am struggling financially to pay off all the debt I incurred in this mess but am particularly overwhelmed with the tax debt. Do I have any chance at tax
This was a busy week in tax relief and IRS news. The stories that caught our attention ranged from how long to keep IRS tax records, to celebrity tax woes and finding tax debt solutions to the pro’s and cons of IRS prepared returns.
This week started with a helpful post titled: Tax Relief Tips for How Long to Keep IRS Records. A general rule of thumb guideline suggests that
The IRS issued a press release late last week indicating an estimated 984,400 taxpayers who did not file a tax return in 2009, are entitled to a slice of $917 million in tax refunds! The IRS estimates that half the potential refunds for 2009 are more than $500.
There is a catch though. To collect the 2009 refund, a return must be filed, properly addressed, mailed and postmarked to the IRS
A recent Wall Street Journal article titled “Offshore Tax Probe Picks Up” shows the Feds continuing to go after Swiss banks both big and small. The government has also expanded their search for U.S. tax cheats in countries such as Israel, India, Singapore, China and elsewhere they believe citizens might be sheltering their secret accounts to evade paying taxes on them.
The article reports that on Monday Switzerland’s oldest private bank, Wegelin
I was recently interviewed by Alan Mendelson host of “Best Buys with Alan Mendelson” a television show that features the best deals and money saving ideas.
Watch Alan’s special report on Tax Resolution Services, Co. in the video below on how consumers can get help to pay off their income tax debts to the IRS and to the state.
Tune in to KTLA Channel 5 this Saturday February 23rd at 5:30pm PT
The IRS has made getting tax help 24 hours a day/7 days a week on IRS.gov easier than ever before. They have done this by re-designing their website to make it more user-friendly for both consumers and tax professionals. Here are the top ten reasons to visit the IRS.gov website:
Get 24/7 Access — for Free. IRS.gov has tax forms and answers when you need them – day or night. The Interactive
Even though the latest voluntary disclosure program has officially past, it is still better to come clean with unreported offshore bank accounts than to wait for the IRS to contact you. The IRS is placing more severe penalties on non-compliant offshore account holders than ever before. A recent Forbes article titled “Florida Widow Guilty + $21M Penalty for Inherited Swiss + Liechtenstein Accounts,” explains just how tough it has become.
I wrote a post on the Tax Matters blog about tax protesters and how their frivolous tax defense against the IRS is a losing battle. Evidence of that is celebrity tax protester, Wesley Snipes who is currently serving a three year prison sentence for willfully refusing to file and pay millions in taxes for years 1999 through 2001. A recent Forbes article titled: “Are Tax Protesters Actually Winning?” examined just