IRS to Auction Off Darryl Strawberry’s Baseball Annuity
Though former baseball star Darryl Strawberry has not played in the Major Leagues since 1999, he is still being paid for his services. That will come to an end when the IRS auctions off the annuity he receives from the New York Mets to help pay off a tax debt. Strawberry was a star outfielder […]
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Is a Big Federal Income Tax Refund Really Good News?
Every year, the IRS issues income tax refunds to taxpayers throughout the U.S., including in the Washington, D.C. area. Everyone likes to get a check in the mail, but is getting a big income tax refund good news or bad news? According to a Gallup poll, 45 percent of taxpayers prefer receiving a large refund […]
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More Tax Tips, This time from the IRS
In our last blog post, we provided our readers with some advice for reducing their federal income tax bills before the end of the year. We have some more tips for you today. Today’s tips, provided by the IRS, may apply more to the general public, instead of mostly high-income taxpayers. First, now is the […]
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IRS ‘Agent’ Phone Scam Still Claiming Victims
Back on Sept. 26, we warned our readers about a widespread scam involving phony IRS agents. The “agents” call innocent people in Washington, D.C. and elsewhere, claiming the victim owes thousands in back income taxes. If the victim does not pay immediately, the caller says, the IRS will seize the victim’s property, arrest the person […]
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States can Pursue Taxpayers for Allegedly Owed Taxes Too
At first blush, a state or local tax controversy may seem to be less scary than an audit by the IRS. However, state tax officials in Washington, D.C. are often very aggressive, maybe even more so than their equivalents at the federal level. Besides state income tax, you could find yourself dealing with property tax […]
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How Does the IRS pursue Offshore Bank Accounts?
Taxpayers who have tried to hide some of their assets in overseas bank accounts currently have two options: voluntarily reveal these accounts to the IRS via the Offshore Voluntary Disclosure Program, or face prosecution. The first OVDP began in March 2009 as a way of giving taxpayers the chance to avoid legal problems, while also […]
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How to Lower Your Income Tax Bill Before 2014 Ends
As we approach the end of 2014, it is time to start thinking about federal income taxes. Though it is not necessarily a pleasant thing to consider, there is good news: time remains to take action to reduce your tax bill come 2015. A few things you can do now may result in significant tax […]
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IRS Says it Will Cut Back on Civil Forfeitures of Peoples’ Cash
The Bill of Rights generally requires the government to acquire a search warrant before its agents can seize a person’s property. Though exceptions exist, few would suspect that federal authorities have the power to seize their bank accounts without the person being even suspected of a crime. Believe it or not, the IRS, along with […]
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IRS Lets Some Taxpayers Pay Off Their Debt in Installments
For various reasons, many people whom the IRS accuses of owing a hefty income tax bill choose not to contest the claim. Perhaps they do not dispute owing the money, or the size of the debt. Maybe, for personal reasons, it is not worthwhile to go through the time and expense of fighting the IRS. […]
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How Would the IRS Fare in an Audit? Report Says Not So Well
There is no doubt that the Internal Revenue Service is an agency that wields a significant amount of power over us. The words “IRS audit” are enough to seriously frighten even the most law-abiding tax payer simply because innocent mistakes found in an audit are still a very serious matter. What is the IRS’s duty […]
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