We have failed again to avoid deceased King of Pop news. Turns out the doctor who is suspected of providing Jackson with drugs that may have killed him is also is a tax scofflaw.
Dr. Conrad Murray is facing a $20k tax lien to the State of California, who, we’ve heard, needs the money. It was filed nine days before Jackson died which will likely add to the batsh!t crazy conspiracy theories surrounding his death.
Michael Jackson Doctor Faces Tax Lien [Web CPA]
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IRS Eases Up on the Tax Liens for the Little People; Celebrities Not So Lucky
Commissioner Doug Shulman said in a statement today that the agency would make it easier for taxpayers to seek withdrawal of liens when they pay a tax debt or make arrangements to pay in installments for debts of less than $25,000. The agency also raised the dollar thresholds before liens are typically filed. “We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start,” Shulman said in the statement. “These steps are good for people facing tough times, and they reflect a responsible approach for the tax system.” [Bloomberg]
State Governments, Seeking to Be Less Popular, Delay Tax Refunds
Taxpayers in Hawaii, Iowa, North Carolina, New York, and Rhode Island expecting a refund may have to exercise some patience, as these states have already declared their intentions to delay cutting those checks to its citizens. And don’t get to excited about receiving any interest on your already interest-free loan you gave them; many states have to withhold refunds for at least 60 days before interest has to be paid.
Pulling this type of a stunt will get you nowhere in a popularity contest but hell, they don’t really have much of a choice:
Scott D. Pattison, the executive director of the National Association of State Budget Officers, said that it was “exceptionally unusual” for so many states to delay refunds, as they have throughout the current economic downturn.
“I think it’s just an indicator of how bad things have been,” Mr. Pattison said in an interview. “It’s politically, obviously, a problem. Also, I think from a policy standpoint, it’s a little hard to justify — this is the taxpayers’ overpayment that is due them.”
Obviously this is going to cause some tea-baggish belly aching but it is pointed out later in the article, if taxpayers really want to do something about this problem, they have the ability to make some changes themselves to avoid this in the future:
Verenda Smith, a spokeswoman for the Federation of Tax Administrators…said she hoped the troubles would prompt more taxpayers to file earlier; file electronically, which allows for much quicker processing time; and change their withholding status with their employers so they would not overpay so much. “You really shouldn’t give it to your state government as a no-interest loan, and then have to cool your heels while you wait to get it back,” she said.
We’ve mentioned this before but it bears repeating – adjusting your withholding to get a big refund is stupid. We’d say that the states keeping it out of your hands was probably a good thing but then again, the state can waste the money just as well.
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