What’s the Hold Up On A $5.22 Million Tax Refund?

What would you do if you filed your tax return and it showed that you were owed a refund of $5.22 million dollars? However, despite the fact that your return was legitimate the IRS still hadn’t paid up. It’s not a very common scenario, but nevertheless that is exactly what is happening to one man from Ireland who won more than $17 million while gambling in the U.S.

One of the richest men in Ireland, John P. McManus, earned $17.4 million in gambling winnings in the United States way back in 2012. He sent $5.22 million to the IRS, however, that was a mistake. Mr. McManus filed a non-resident U.S. federal income tax return describing his winnings and the amount withheld. He also explained why he should be able to get the money back because of an international tax treaty.

His return was then selected for an audit in 2014. However, the IRS approved his return a few months later. End of story, right? Not exactly. The claim was then sent to another department for further review. So what happened next? By all accounts, nothing has happened since and the IRS has failed to take any further action on the claim. Mr. McManus has decided to file a lawsuit against the U.S. to get his money back. According to his lawyer, the IRS is well aware of the law and they simply need to return his client’s money.

Posted in
Congress with the Latest Bill and Help for Homeowners

Congress with the Latest Bill and Help for Homeowners

Congress with the Latest Bill and Help for Homeowners By Carole Rodoni Yes, it’s done. Congress passed and the President signed a bill to help homeowners. As a consumer who might benefit from this bill, it is important to know exactly what each part of the bill entails. From the $300 billion program, to a first…

Managing Your Frequent-Flyer Miles

Managing Your Frequent-Flyer Miles

Managing Your Frequent-Flyer Miles According to some reports, 100 million members of frequent-flyer programs are holding at least 3.5 trillion in unused miles. Frequent travelers track their memberships and miles carefully, first to determine what plan (or plans) seems most advantageous for them to join and then to schedule their travel in ways to take…

Tax Forms

Tax Forms & Publications

Tax Forms & Publications The publications listed below are located on the IRS web site and require Adobe Acrobat to view. Visit the Adobe Web Site to install the latest version of Acrobat Reader. Publication 1 Your Rights As a Taxpayer Publication 3 Armed Forces’ Tax Guide Publication 15 Circular E, Employer’s Tax Guide Publication…

Hall Of Laughter

Hall Of Laughter

Hall Of Laughter In memory of Steve Gardner 1958-2010 Thanks for the accounting humor and endless hours of laughter. We love you! Three Blind Mice Audit The IRS Agent uses a math joke in his audit of the three blind mice. Accounting Puppets 2 Puppets tell Accounting and Audit Jokes. Accounting Puppets Puppets tell Accounting…