TaxCure Blog

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.

For many taxpayers, getting in hot water with the IRS is not always the result of evasive tax maneuvers or fraudulent acts. In fact, for the vast majority of citizens, avoiding trouble with the IRS is fairly high on their list of priorities. Despite this fact, there are still plenty of people who find themselves making simple and common tax mistakes that can have negative consequences. In some cases, these mistakes could reduce your tax refund or increase the amount of taxes that you owe. The worst-case scenario is when a tax mistake leads to major issues with the IRS. Here we look at some of these common tax mistakes making it possible for you to avoid them moving forward.

Musician and wannabe politician Wyclef Jean may want to reconsider his campaign to run for the next presidential election in Haiti after rumors recently surfaced of outstanding IRS liabilities. Jean’s problems with the IRS should come as no surprise as this hip-hop star was first red-flagged three years ago and has since incurred a total of $2.1 million worth of tax liens, including the most recent one that was filed in May of this year. While Wyclef Jean is an active founder and supporter of donations to Haiti, it seems like he could use a little help himself as even his Haitian aid charity, Yele has come under fire for financial problems.

As everyone is painfully aware, taxes are not going anywhere and are only on the rise. It seems like nothing is safe from taxes these days, from playing cards to illegal drugs, U.S. states have certainly gotten creative when it comes to collecting fees from taxpayers. Scroll through the list below to see if your state makes the cut for some of the strangest tax laws- it turns out, they’re all guilty!

The IRS releases the “Dirty Dozen” list of tax scams regularly to help taxpayers avoid some of the most common tax scams. Promoters and participants of tax scams, fraud, and tax evasion are aggressively pursued by the IRS and a variety of other federal agencies. If caught, people face fines, imprisonment, and tax penalties – and even victims of scams can be required to pay interest and penalties on back taxes owed.