According to Law360, a deceased Tennessee man’s estate was liable for $1.3 million in taxes owed by his defunct bowling company since asset transfers to another company were fraudulent, the Sixth Circuit said in a Wednesday affirmation of a U.S. Tax Court decision. Billy F. Hawk Jr.'s estate is liable for the taxes because Holiday…
Read more
Tax Gap Hearings in House NOT Likely to Result in Passable Legislation
On May 9, 2019, the House Ways & Means Committee held a hearing about the "tax gap" — the difference between the amount of taxes owed and those paid on time. The IRS needs more revenue officers and resources. “The most recent Internal Revenue Service estimate of the annual gross tax gap is about $460 billion…
Read more
Beneficiaries Were Liable for Estate's Unpaid Tax Liability
A district court found that beneficiaries were liable for an estate's unpaid tax liability under Code Sec. 6324(a)(2). The undisputed facts showed the estate's federal estate tax was not paid when due and each beneficiary received property includible in the gross estate. (U.S. v. Ringling, (DC SD 2/21/2019) 123 AFTR 2d ¶2019-448) If an…
Read more
Available IRS Payment Plans – Part I
For the 2019 filing season, the IRS projects that more taxpayers than ever will file and owe. Many will be able to pay – but a lot of them will need to make other arrangements because they can’t pay their full tax bills to the IRS. When taxpayers can’t pay their tax bills, they have…
Read more
