As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
IRS to Seize Homes and Retirement Counts for Back Taxes
Again, from Paul Caron:
IRS to Wage ‘Full Court Press’ Against Homes, Retirement Accounts for Back Taxes
Washington Examiner, Obama’s IRS to Initiate Full Court Press, Warn Tax Law Experts:
As 2012 approaches, tax attorneys are sounding the alarm: The IRS will squeeze every cent it can and “it will be nastier than ever.” The Obama administration and U.S. lawmakers know that current economic conditions will probably result in less revenue collected from taxpayers, especially with high unemployment and more than 50% of the population not paying income tax.
Even the IRS’s top leader – Treasury Secretary Timothy Geithner — is quoted as saying that the IRS will be more aggressive in collecting back taxes and prosecuting Americans accused of tax evasion. …
For the first time, taxpayers’ primary residences are up for grabs by the IRS. … In the past, the IRS would not seize retirement accounts, but that too has changed.
States are doing the same thing. Why? For two reasons,
- Governments are broke;
- Raising taxes is not a viable option in a down economy.
Apparently, cutting spending is also not an option.