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Form 8546 Illinois: What You Should Know
I've included a list of the forms required of the bidder below. For more information on the federal tax laws, see my recent report: IRS Lawsuit Could Lead to Bank Charges Settlement Also, see below: IRS Tax Lawsuit Could Lead to Bank Charges Settlement On April 27, 2014, the United States Tax Court (Treasury Employees Association v. Commissioner) issued a decision in which the court upheld the IRS's authority to levy and recover the 21 billion in tax penalties and interest on overpayments made by overcharged taxpayers. Under the terms of the court decision, a class member could be eligible for a refund from the Treasury Department for the unpaid tax penalty, interest, and related interest charges. This is a direct result of the IRS being successful fighting to get the case dismissed. Now the question is ... why would the IRS wait until the end of the year to collect the bank charges. My guess is, if it was getting the money, why wait until the end of the year to do anything about it? I also think they wanted you to know about it. My guess is that the IRS knows people are about to complain about the bank charges before filing a tax return. If they wait till the end of the year to start collecting, they know that the only question people may have is if they have any choice in the matter. So now, I think, they are waiting to see how the IRS will handle it. If the IRS decides to take the money, then they don't need an appeal anymore since they can't argue how the funds have been earned. If the IRS doesn't get the money then they could be accused of breaking the law and the bank charge settlement could get thrown out as well. How to Avoid Bank Charges Even if you have your taxes prepared and filed on time, don't get too comfortable. Bank charges still apply even after your taxes are filed.
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