If the EITC exceeds the amount of taxes owed, the result is a credit.
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The letter states that there were both federal and state taxes owed each year.
The penalty for civil tax fraud is 75% of the taxes owed on unreported income.
Thorndike uses the method adopted by Romney to draw comparisons: total taxes owed divided by adjusted gross income.
Although the actual amount of back taxes owed have been paid, the resulting penalties and interest has continually accrued.
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That savings comes via above-the-line deductions for adjusted gross income (AGI), below-the-line deductions to AGI and credits claimed against taxes owed.
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It can also mean urging the Bankruptcy Court to rule that taxes owed to the IRS survive the bankruptcy and are not discharged.
The Internal Revenue Service is still looking to collect back taxes owed since the 1990s by controversial Los Angeles civil rights lawyer Stephen Yagman.
Also when people think of citizenship based taxation they think of it only in terms of filing tax forms and paying any taxes owed.
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Her publicist said she had "repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed".
Second, Berkshire Hathaway currently has various ongoing disputes with the IRS over taxes owed for numerous years going back as far as 2002.
And then there was this reminder from the U.S. Tax Court--that no matter how bad the preparer, it's the taxpayer who's on the hook for any back taxes owed, possibly forever.
"In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer repayment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed, " Sasaki said.
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Under this proposal, illegals, in order to gain legal status, would have to register with the government, pay a fine, pay off any back taxes owed and, if they wanted to stay, learn English.
Second, we include in the Budget 16 carefully targeted tax law changes that improve compliance while maintaining that important balance between the burden being imposed on taxpayers and our shared interest in collecting taxes owed.
The ruling makes clear that the person who sets up the trust--the grantor--can pay the annual income taxes owed by the trust without the payment being treated as an additional taxable gift to the beneficiaries of the trust (say, the grantor's children or grandchildren).
That caused the folks who had been using high, probably inflated, vacation type homes, think timesharing, as loss generators for reductions of taxes owed were suddenly out of luck and had to move what turned out to be billions and billions invested in these tax shelters out of those and into other productive investments.
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But pushing through a tax reform and collecting the taxes already owed are tasks that have proved too big for all previous post-Soviet governments.
He also said he pleaded guilty to a misdemeanor count of failing to pay all the income taxes he owed while he was in prison.
Her attorney had sought probation, arguing that Hill's charitable works, her family circumstances and the fact she paid back the taxes she owed should merit consideration.
Chief executive Tim Cook told a US Senate committee Apple paid all the taxes it owed, complying with both the law, and the spirit of the law.
Has no special retirement account qualities, meaning that there are no tax breaks for contributing and taxes are owed every year for any interest, dividends, or capital gains realized.
Meanwhile, local accountants said the agency sent letters to some taxpayers offering them "amnesty" if they paid long-overdue taxes when in fact no taxes were owed that tax year.
But the account grows tax-free and no taxes are ever owed at the time of withdrawal.
Or what kind of fines or back taxes may be owed by those seeking to travel the path to citizenship.
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So we need global rules that prevent tax evasion and aggressive avoidance, and enable governments to collect the taxes they are owed.
You have to feel some pity for the Phippses because they were only trying to avoid double taxation--they presumably still owed taxes on capital gains on their sale of Phipps stock.
Many people raid what's left of their 401(k) in desperation to pay off the IRS. This only continues the financial death spiral since taxes will be owed on this cash as well.
And this rate will be increased by the combined state and local taxes that will be owed.
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