Tag Archives: tax law


Posted 1 year ago in Taxation by Betsy Kim  
10 Common Tax Mistakes that Cost You Money [Infographic]

With 2012 W-2 forms already at people’s home or in the mail, tax season has arrived. The IRS annually pursues full-scale audits on only about one percent of individual tax returns, according to Kiplinger. However, USA Today reports in 2010 the IRS issued letters alerting 9.2 million individual taxpayers of errors or omissions in returns. And these filing errors can cost you big money in late-filing penalties and interest fees. So, start collecting your documents now and remember to avoid …

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Posted 1 year ago in Bankruptcy by Aaron Kase  
Gary Busey Emerges from Bankruptcy with $450,000 in Tax Debt

Gary Busey has closed his bankruptcy case, but he still owes about $450,000 in back taxes, a reminder that certain types of debt are not dischargeable in bankruptcy. The actor, famous for his maniacal grin and roles in cinema classics like “Lethal Weapon,” “Point Break,” “Under Siege” and “Universal Soldier II: Brothers in Arms,” did manage to eliminate about $50,000 in other debts he had hanging over his head owed to utility companies, banks and doctors. Busey, with dozens of …

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Posted 1 year ago in Government Taxation by Betsy Kim  
Your Opinion on the Fiscal Cliff [Poll]

President Barack Obama wants to balance the budget and avoid the “fiscal cliff” by raising taxes on the wealthiest Americans. Today, to play nice with Republicans, the president proposed increasing taxes for people earning $400,000 or more. His original plan raised taxes for those at a cut-off income level of $250,000. Federal Reserve Chairman Ben Bernanke coined the phrase “fiscal cliff.” This term means the harsh economic conditions set to happen, when the Bush-era tax cuts expire on Dec. 31, 2012. …

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Posted 1 year ago in Criminal Law Taxation by Betsy Kim  
Is Lindsay Lohan Being Treated Fairly? [Poll]

Lawyers.com readers may have noticed actress Lindsay Lohan keeps getting into trouble with the law. As reported in today’s Lawyers.com news article, “IRS Seizes Lindsay Lohan’s Bank Accounts,” the actor of tiger’s blood fame, Charlie Sheen, reportedly stepped in to help Lindsay pay her debts. With all of Lindsay’s recent troubles, do you feel the “Freaky Friday” actress is being treated fairly, or are police and law enforcement giving her the “Mean Girls” treatment and selectively picking on Lindsay? Take …

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Posted 1 year ago in Taxation by Aaron Kase  
IRS Seizes Lindsay Lohan’s Bank Accounts

Lindsay Lohan had a rude start to December when she learned that the IRS had seized her bank accounts as part of an effort to collect on $233,904 in back taxes she owes from 2009 and 2010. The news comes on the heels of the dual criminal charges filed against Lohan last week in New York and California for her involvement in a nightclub brawl and in a motor vehicle accident, respectively. The “Mean Girls” actress is already on probation …

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