Death and taxes ... you know what the deal is. You can't avoid either of them. If you have a big tax bill that you can't pay, life can seem pretty bleak. While the number of tax liens annually filed by the IRS against taxpayers has fallen by more than 50 percent since 2010, there were more than 14 million open tax-debt cases against individuals and businesses heading into 2018, according to the IRS data book. Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes. If you're in that boat, however, it is not the end of the world. There are steps you can take to reduce the impact of unpaid taxes on your life, credit and financial well-being. Here are five tips to lessen that burden. Tip 1: Don't ignore the problem. The IRS will not. Even if you can't pay what you owe, file your return on time or, if that's not possible, file for an extension. The late filing penalty is 5 percent of the tax owed … [Read more...] about If you have tax debt, take these 5 tips to set things right with the IRS
Tax debt attorney
You pay, they don’t — $8.7 million in sales tax debt owed
$8,665,156. That's how much some Dutchess County business owners owe in unpaid sales tax, penalties and interest to New York, dating back to 2014, according to a Poughkeepsie Journal investigative analysis of state records. You paid the business the sales tax when you bought a part for your car or had dinner at a restaurant. That money is supposed to be collected and sent to the state, which then sends a portion of it back to Dutchess County government, which then shares some of that revenue with local municipalities. But in some cases, the businesses, through error or intention, kept the sales tax. Dutchess County, which gets 46.15 percent of the sales tax, would receive $3,998,969 of that money, if collected, based on an exclusive Poughkeepsie Journal analysis of 613 tax warrants. The warrants are public records filed with the state Supreme Court by the state Department of Taxation and Finance for tax debts, interest and … [Read more...] about You pay, they don’t — $8.7 million in sales tax debt owed
Attorney: Aretha Franklin’s estate paid $3M in back taxes
Pontiac — When the Queen of Soul died in August, she left behind a majestic musical legacy — and a king-sized tax bill, according to documents filed in Oakland County Probate Court. The estate of Aretha Franklin owes the federal government more than $6.3 million in unpaid income tax, according to Internal Revenue Service “proof of claim” filings entered on Dec. 12 and 19. The amount owed is cumulative, beginning with an unpaid assessed balance of $1,305,403 in December 2012 and including $552,718 due Dec. 31, 2018, the federal tax agency claims. The filing says “no part of this debt has been paid and it is now due and payable to the United State Treasury at the Office of the Internal Revenue Service” and adds, “this debt has priority and must be paid in full in advance of distribution to creditors to the extent provided by law.” An attorney for the estate, David Bennett, said Friday the estate has paid at least $3 … [Read more...] about Attorney: Aretha Franklin’s estate paid $3M in back taxes
Awash in debt and ill will, Anthony J Costello & Son loses CityGate tax breaks
One of Rochester's most innovative developers, already buried in debt, litigation and ill will, has lost its multi-million tax break for the CityGate project, leaving the fate of the project in doubt. Developer Anthony J. Costello & Son has failed to make $700,000 in promised payments on the CityGate tax deal, prompting the city of Rochester to demand that the deal be canceled. Monroe County officials formally ended the tax arrangement Tuesday, according to a letter sent to Costello & Son and later shared with the Democrat and Chronicle. County officials say they consider the project no longer viable. The highly unusual tax deal could have saved Costello & Son $44 million over the course of two decades had the $177 million project been completed as proposed. Loss of the county-sponsored tax break is only the latest blow to Rochester-based Costello & Son, whose fortunes and reputation have been fraying behind a veil of secrecy imposed by a local judge. A … [Read more...] about Awash in debt and ill will, Anthony J Costello & Son loses CityGate tax breaks
IRS: Aretha Franklin’s estate owes millions in back taxes
Pontiac — When the Queen of Soul died in August, she left behind a majestic musical legacy — and a king-sized tax bill, according to documents filed in Oakland County Probate Court. The estate of Aretha Franklin owes the federal government more than $6.3 million in unpaid income tax, according to Internal Revenue Service “proof of claim” filings entered on Dec. 12 and 19. The amount owed is cumulative, beginning with an unpaid assessed balance of $1,305,403 in December 2012 and including $552,718 due Dec. 31, 2018, the federal tax agency claims. The filing says “no part of this debt has been paid and it is now due and payable to the United State Treasury at the Office of the Internal Revenue Service” and adds, “this debt has priority and must be paid in full in advance of distribution to creditors to the extent provided by law.” Franklin, 76, died of pancreatic cancer in her Detroit apartment Aug. 16 and is … [Read more...] about IRS: Aretha Franklin’s estate owes millions in back taxes