It appears Sinbad is in so deep with the IRS, that even a tax attorney may not be able to save him.

According to the Detroit News, Sindab owes more than $8.15 million in delinquent federal taxes and the U.S. Attorney General’s office wants his house sold to help satisfy the debt, according to federal court records.

Earlier this month, an assistant U.S. attorney asked a federal judge to foreclose on several tax liens and determine whether the 53-year-old comedian is the true owner of a $1.5 million home in Hidden Hills, Calif.

Sinbad, whose real name is Sinbad Adkins, rose to fame on “Star Search” in the 1980s before starring in a string of movies like “Houseguest” and TV shows, really owns the property, the government claims.

On Dec. 11, the day after the government filed the case, Sinbad filed Chapter 7 bankruptcy in California, listing between $10 million and $50 million in liabilities and less than $50,000 in assets. That might cause a slight hiccup for the IRS in pursuit of a settlement.

The IRS claims Sinbad filed federal income tax returns for years 1998 through 2006 but failed to pay the reported taxes.

Here’s a breakdown of his IRS debt:

* 1998: $2,358,563
* 1999: $1,136,002
* 2000: $1,170,451
* 2001: $953,758
* 2002: $626,045
* 2003: $542,942
* 2004: $612,367
* 2005: $157,934
* 2006: $599,663

We can all learn a lesson from this unfortunate situation. Always play it straight with the IRS, and if you are having problems with paying your federal taxes, consult a tax attorney for the right tax advice.

source: eurweb.com

By a vote of 241-181, the House on Wednesday sent the Senate a bill (HR 4213) to extend through 2010 a $31 billion package of temporary tax credits and other fiscal incentives that benefit a multitude of U.S. businesses, farms, units of government, schools, charities, individuals, nonprofit organizations, religious institutions and other recipients.

The bill uses two measures to pay for itself. One would tax the earnings of hedge-fund managers and certain investment partners as ordinary income rather than capital gains. The other would increase Treasury receipts by cracking down on wealthy Americans who use secret overseas bank accounts to evade taxes.

• A sales tax deduction that mainly benefits people who live in the nine states without a state income tax. The states are Alaska, Florida, Nevada, New Hampshire, South Dakota, Texas, Tennessee, Washington and Wyoming. Cost: $1.8 billion.
• An additional standard deduction for state and local property taxes for taxpayers who don’t itemize their deductions. Cost: $1.5 billion
• A deduction of up to $4,000 for college tuition and related expenses. Cost: $1.5 billion.
• A deduction of up to $250 for teachers who spend their own money for books and other classroom supplies. Cost: $228 million.
• A credit that helps businesses finance research and development. Cost: $7 billion.
• Accelerated depreciation for improvements made to leased restaurant and retail property. Cost: $5.4 billion.
• Additional depreciation allowance for businesses that suffer damage from a federally-declared disaster. Cost: $1.4 billion.

Do you know how your state member of Congress voted on this issue of tax break extensions in 2010? Do you know the true tax facts about these bills?

You should!

Source: corsicanadailysun.com, seattletimes.nwsource.com

Federal tax help is now available for American taxpayers for the 2009 federal income tax season. The Internal Revenue Service has updated the 2009 IRS Tax Guide on it’s website www.irs.gov.

Taxpayers can look forward to getting their income tax questions answered and discovering the various tax breaks and deductions available this year. Many of these federal income tax breaks and tax changes are due to the American Recovery and Reinvestment Act of 2009.

The newly revised Publication 17, “Your Federal Income Tax”, is a comprehensive guide that features details on all the new tax-saving opportunities, such as the Making Work Pay credit, the education credit for parents with youngsters in college, the energy credits for homeowners going green, and those for first-time homebuyers.

The 308-page guide provides almost 7,000 interactive links to help taxpayers quickly get answers to their federal tax questions.

Publication 17 has been produced annually by the IRS for more than 65 years and has been available on-line since 1996. As always,, the tax guide is packed with tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, and some basics such as choosing the standard deduction versus itemizing deductions.

To get Publication 17, go to www.irs.gov and enter “17″ in the search box in the upper right corner of the home page or use this link 2009 IRS Tax Guide.

Printed copies of the tax guide will be made available in January 2010. To request a copy or need federal tax help – call 1-800-829-3676.

source: tallahassee.com, irs.gov