For many individuals who reside in the Washington, DC, metro area, completing their taxes one of the most stressful times of the year. While many likely heaved a sigh of relief once the documents were complete, the matter may not be over for some. According to president of Surevest Wealth Management, about 1 percent of the population will receive an audit letter from the Internal Revenue Service. The stress level of that 1 percent likely rises the moment they open that letter.
It is not common for the U.S. Supreme Court to hear tax-related cases. Certainly, the nine-member panel doesn't typically get involved in questions over most audits or tax appeals. But sometimes, when it's clear that there is no other way to resolve conflicting decisions made at lower jurisdictional levels, the high court deigns to weigh in to try to clear up confusion.
It’s been a tough week for the current administration in the White House. The State Department is under fire over what some are calling a cover-up over the consulate attack in Libya that left four Americans dead back in September. And the Internal Revenue Service is under the gun for apparently targeting some tax-exempt organizations with heavier-than-usual scrutiny.
With the New Year underway we are all feeling the effects of the tax changes, even professional golfer Phil Mickelson. Over the weekend, he made a bold statement saying that the recent tax hikes on the rich may "force him to make drastic changes" implying that he might be leaving golf or his home in California. Because he is a public figure, this tax controversy was brought to the forefront of the evening news.