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TAX LAW NEWS - TAX LITIGATION
From the daily archives:
Thousands of people across the U.S. are entitled to a piece of about $1.3 billion in tax refunds from 2005, but since those taxpayers have yet to file their taxes from that year, the windfalls remain uncollected, the Internal Revenue Service (IRS) announced this week. And anyone entitled to a refund had better act fast, [...]
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Tax penalties present taxpayers with unique issues to consider. Wilson v. Commissioner, T.C. Summary Opinion 2008-91, describes the situation where a tax attorney represents a taxpayer with a tax penalty that was imposed for a tax return prepared by the attorney’s firm. The issue that the case describes is the conflict of interest that the [...]
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In these difficult economic times, repaying the IRS is becoming harder than ever. Installment agreements may be entered into in good faith, but while payments are being made, interest and penalties continue to run. Every five years, interest and penalties double the original tax. Most attempts to repay the IRS result in the amount owed [...]
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