Even if you don’t go to jail, blowing off the Internal Revenue Service is a really bad idea.
Take Larry Cecil Cabelka of Megargel, Texas. Mr. Cabelka didn’t submit tax returns for 12 years during the 1990s and 2000s, according to a March 26 ruling by a U.S. appeals court. As a result, said the court, he owes the U.S. more than $26 million.
Source: Loan Digest (loandigest.net)
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IRS Publishes Guidance On Interplay Between $10,000 SALT Cap, Tax Treatment Of State Tax RefundsThe TCJA capped state and local income, real estate, property, and sales taxes at $10,000 for individual taxpayers. Today, the IRS released guidance on how this cap will impact the tax treatment of future refunds of state income taxes. As opposed to what? Halfing them?
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