The tax stories that peaked our interest this week included the following: new online sales tax law challenged by some states, the differences between Offer in Compromise and Installment Agreement, musician Jack White’s generous tax payment for the Detroit’s Masonic Theater, recordkeeping tips from the IRS and Beyoncé’s father and his massive tax debt. Just in case you missed any posts, here’s a recap:
Internet Tax Law Challenged by Team of Attorneys General The Washington Post reported that this week three attorney’s general in states with no sales tax Montana, Alaska and Oregon sent letters to all 435 U.S. House representatives to persuade them to oppose an Internet tax bill alleging that the measure is unconstitutional and that it would prompt a legal challenges if passed.
Deciding what tax resolution strategy to use takes understanding your current and future financial situation. In the post, IRS Question: Offer in Compromise or Installment Agreement, Which is Right for Me? I explain that each IRS payment plan is offered for different financial situations. I also recommend that consumers who may need an Offer in Compromise or an Installment Agreement first consult a qualified tax professional who can carefully analyze their previous returns and help them determine which IRS tax settlement will be best to get back into tax compliance.
It appears that there are tax angels. Inspired by an article from the Detroit Free Press, the post Musician Jack White Pays 142k Tax Bill for Detroit Landmark reports on musician Jack White’s generous donation of $146,000 to pay the Detroit Masonic Temple massive tax debt and rescue it from foreclosure. Born in Detroit, White had a connection to the Masonic temple as his mother served as an usher there. Other motivations are the Masonic’s past rock concert glories, including The Who and the Rolling Stones and the fact that it is the world’s largest masonic temple.
IRS Tax Tips for Small Business Recordkeeping – The IRS has been hard at work creating helpful tax resources for small business owners and the self-employed including the release of a useful recordkeeping FAQ webpage emphasizing the benefits of good recordkeeping. Business owners are good at what they do, but they sometimes fall down in the recordkeeping department. This information is a handy guidance tool.
$1.2 Million Owed in Back Taxes by Beyoncé’s Dad – Father and former manager of mega-superstar Beyoncé, Mathew Knowles made millions. However, it appears he did not pay his taxes and according celebrity news site TMZ; the IRS filed a tax lien against Beyoncé’s dad for $485,575.95 in 2010 and $728,004.89 in 2011. The IRS tax debt comes out to a whopping $1,213,580.84. Mathew Knowles is a smart man; just less knowledgeable about what it means to owe back taxes to Uncle Sam.
Have a great weekend and to all the Dad’s out there – Happy Father’s Day.
More Tax Help, IRS News and Tax Relief Tips:
- IRS Bankruptcy-Five Tax Relief Options for Back Taxes
- Finding Tax Help for IRS Tax Debt
- Three IRS Options to Pay Tax Debt
- Tax Relief Weekly News Round-Up
- Tax Resolution Expert-Five Reasons to Hire One
Tags: Back Taxes, Beyonce, Installment Agreement, IRS payment plan, IRS tax debt, IRS tax settlement, Jack White, Mathew Knowles, Offer in Compromise, online sales tax, Qualified Tax Professional, tax debt, tax lien