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Monthly Archives: August 2011
Installment agreements provide some tax relief if a liability cannot be paid in full. As you may know, IRS procedures prohibit the filing of levies while an installment agreement (IA) is in effect. But did you know that, subject to certain exceptions, … Continue reading
Three Gibson guitar factories in Tennessee were raided last week by armed federal marshals. The Justice Department ordered the raid as part of its investigation into the company’s alleged purchase of illegal wood from Madagascar and India. According to Gibson … Continue reading
According to an August 29, 2011 press release by the Treasury Inspector General for Tax Administration (TIGTA), IRS criminal investigations are up 12.3% and criminal convictions have risen 6.9% since 2009. These figures include investigations of illegal businesses and income sources, but … Continue reading
On this day in 1989, a federal jury in New York found “hotel queen” Leona Helmsley guilty of income tax evasion. Helmsley is known for her sharp tongue, difficult personality, and her famous declaration: “only the little people pay taxes.”
As you can probably tell, I find the historical stuff very interesting. But I know that most people don’t share this sentiment, so I will get back to my tax relief posts soon (after this one). It is evident from the state … Continue reading
The deadline for disclosing your offshore accounts under the IRS’ amnesty program has been extended from August 31st to September 9th. Interestingly, the extension applies to everybody, not just those who may be affected by the destruction of Irene. Various … Continue reading
The IRS has been offering tax tips all summer long by way of its “Summertime Tax Tips” series. Some topics have been more helpful than others. This is the latest one (my thoughts inserted in blue). Its called “Eight Tips … Continue reading
On February 24, 2011, the IRS announced its “Fresh Start Initiative” which consists of changes that are supposed to soften some of the collection practices, and provide at least some tax relief to Americans who are struggling to pay their taxes. So … Continue reading
Does the IRS prioritize the taxes it collects? Robert W. Wood, a prolific contributor to Forbes, thinks so. He says that the IRS is especially vigorous in its efforts to collect overdue payroll taxes. See full story here.