Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
In 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.
Pamela Anderson shares something in common with a few of her fellow celebrity contestants on Dancing with the Stars. At least three others also have made headlines for being in hot water with the tax authorities.
The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.