Al Sharpton Denounces Claims He Owes Millions In Taxes To IRS, New York

Al Sharpton agrees with charges that his nonprofit, the National Action Network, owes outstanding taxes to the IRS and the State of New York. He also agrees that he owes personal taxes to the IRS and the State of New York. He doesn’t, however, agree that he owes as much as alleged, charging that the story was intended to call attention to an old story instead of the one he thinks folks should be talking about: Ferguson.

Congress, Ignoring History, Considers Turning Over Tax Debts To Private Collection Agencies

The tax gap in the United States is estimated to be about $385 billion. The tax gap is the difference between what the Internal Revenue Service (IRS) expects to collect in taxes and what they actually collect. That sounds like a lot of money. And I agree that it is. But considering that the IRS collects more than $2 trillion in federal taxes each year, it’s actually not as bad as it sounds: it works out to about 84% voluntary compliance. That means that most taxpayers pay their fair share on time. What to do about those that don’t pay …

Tax Extenders Bill Stalled In Senate

Remember that Tax Extenders Bill that seemed to be moving ahead? Consider it stalled. Amid a flurry of proposed amendments to the bill, Sen. Harry Reid (D-NV) moved to consider a cloture motion on Amendment No. 3060 to H.R. 3474. H.R. 3474 is the Hire More Heroes Act, originally intended “[t]o amend the Internal Revenue Code of 1986 to allow employers to exempt employees with health coverage under TRICARE or the Veterans Administration from being taken into account for purposes of the employer mandate under the Patient Protection and Affordable Care Act.” The amendment was offered “in the nature of …

Senate Moves Forward To Extend Tax Breaks For 2014

If you’re still smarting from writing out that check to pay your 2013 tax bill, some relief might be on the way: the tax extender bill is back. After initially backing away from renewing a number of expired tax breaks (for a list of those provisions which expired at the end of 2013, check out this prior post), the Senate has agreed to consider the provisions again. That’s the good news for taxpayers. The bad news? If they give all of the tax breaks the thumbs up, it would add about $85 billion to the budget deficit. If you feel …