In just a few weeks, Americans will select the next president of the United States. As the campaigns complete their final pushes toward the finish line, one topic remains in the media: the release (or nonrelease) of nominees' tax returns.
Legislatures have provided the IRS a tremendous amount of authority to collect taxes. The failure to pay taxes also can result in fines, wage garnishment, forfeiture of property and even imprisonment. What some taxpayers may not know is that the IRS can sometimes come after them regarding another person’s tax liability.
Michigan residents will understandably be concerned regarding possible changes in the manner in which the IRS handles tax appeals. Currently, the IRS provides 35 Appeals team case leaders (ATCLs) settlement authority regarding these cases. However, the IRS may in the future place the resolution of complex tax cases involving significant dollar amounts in the hands of specific managers. The IRS apparently wishes for more consistent results in the appeals process.
Fantasy sports have become a booming business in recent years, and that trend looks to continue through 2016 and beyond.