Even Hollywood’s elite find the Internal Revenue Service (IRS) a tough adversary. The most recent to learn this lesson: Hollywood movie star Wesley Snipes. A bit of history, not Wesley Snipes’ first battle over taxes: The actor, famous for starring roles in Blade, Demolition Man and White Men Can’t Jump, has a bit of history battlingcontinue reading…
Back Taxes Or Tax Debt
After his wife embezzled funds, the IRS sent him a bill
On jointly filed tax returns, each spouse can be 100 percent responsible for back taxes caused by errors or omissions. The tax issues started when the wife was accused of embezzling almost $500,000 from her employer in 2010 and 2011. After a conviction for theft, she was sentenced to prison. The husband got a surprise whencontinue reading…
Got tax debt? The government could seize your business’ property.
Tax obligations can result in serious consequences. Businesses that fall behind in tax obligations can face more than stiff penalties from state and federal agencies, they could face loss of property. How could I lose my property? Depending on the details of the tax obligations, the government could legally seize your property. How common are propertycontinue reading…
Hefty IRS debt? Consider making an offer the IRS can’t refuse.
Tax obligations do not just go away. Fortunately, those who struggle with tax debt have options. One specific option to address a hefty bill with the Internal Revenue Service (IRS) is referred to as an offer in compromise. An offer in compromise (OIC) is an agreement that is presented by the taxpayer to the IRS.continue reading…
Undefeated boxing legend dukes it out with IRS
It’s the fight of the century! The Internal Revenue Service is taking on undefeated fighting champion Floyd Mayweather. The arena: tax court. The odds: heavily in favor of the IRS. Unfortunately, this fight is looking like one that the IRS may win without even having to throw a figurative punch. The federal agency has accusedcontinue reading…
