Tax Relief Headlines of the Week: Lindsay Lohan Tax Troubles, New Offshore Voluntary Disclosure Program and so much more!
Now that tax season is here, we will be seeing more and more headlines about the IRS, tax filing tips, news and more. This has been a busy week in tax relief news; here is my weekly round up of the top stories. Enjoy!
Let’s begin with celebrity tax headlines of the week:
Feds: Lindsay Lohan owes $94,000 in unpaid taxes
Well, I am sorry to say there is no surprise to see this headline. Troubled actress, Lindsay Lohan is facing a lien for nearly $94,000 for unpaid taxes for the 2009 tax year. Let’s hope she gets this matter straightened out soon!
Jermaine Dupri Forced To Pay Ridiculously Expensive IRS Penalties
Unfortunately for singer Jermaine Dupri, he is learning the hard way what happens when you neglect to pay the taxes you owe. The singer was forced to pay $493,818.75 in taxes on an original bill of just $254,782.64 and he failed to file a 2007 tax return. The lesson here? Pay your taxes & get expert tax help- or you just might wind up paying twice the amount you owe. Follow Celebrity Tax Woes to read more about more tax challenged celebrities.
On to Tax Relief Headlines:
IRS Reopens Limited Amnesty for Offshore Accounts
The 2009 and 2011 IRS Offshore Voluntary Disclosure Program was so successful (brought in a combined total of $4.4 billion) the agency has announced they will is reopen the program designed to collect on hidden foreign accounts for the third time. Read more about this in my post this week: New IRS Program for Offshore Tax Help
IRS proposes new innocent spouse procedures
The IRS has released a statement that indicates they will now take into account the other spouse’s abuse and financial control in making determinations for innocent spouse relief.
IRS estimates that 17 percent of taxes owed were not paid, leaving $450 billion underpayment
Did you neglect to pay your taxes in 2006? You are not alone. This IRS reports that indivduals and businesses underpaid their taxes by an estimated 17% in 2006 (the most recent data available). This news is prompting some Washington insiders to argue that tax code reform is necessary to increase compliance.
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