TaxCure Blog

If you ever misplace or lose your tax information from years past, recovery is possible.

Wesley Snipes, star of such Hollywood movies as Blade and US Marshalls, was charged with one count of conspiracy to defraud the US Government, six counts of willfully failing to file Federal income tax returns by their filing date, and several other tax-related charges. Part of the conspiracy charge involved Snipes filing a false amended return with a fraudulent tax refund claim over $4 million in 1996. Snipes is also accused of filing a false refund claim totaling over $7.3 million in 1997.

Defaulting on an IRS Installment Agreement or Federal tax payment plan will be primarily brought about by a few scenarios. Remember, just because you defaulted does not meet your agreement is terminated. However, regardless of the manner in which you have defaulted, stay in contact with the IRS.

Last week, the IRS stated that interest rates for the fourth quarter will remain unchanged. Interest rates are decided on a quarterly basis and they vary depending upon whether there is an underpayment or overpayment of taxes and whether it is a corporation or not. Interest compounds daily and rates are built off of the Federal short-term interest rate.