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.
ModuleQ | David Brunner
About David Brunner In 2011 David Brunner founded ModuleQ, a SAS based company to prevent knowledge workers from being overloaded with information. Before founding ModuleQ, David received a PhD from Harvard University in Information, Technology & Management, a joint program integrating business and computer science. Upon Graduating from Harvard, he worked with the CIO…
Social Investing | Richard Swart
About Richard Swart Richard Swart is the Chief Strategy Officer of NextGen Crowdfunding. With more than 20 years of experience in the industry, he also serves as a member of the University of Cambridge’s Alternative Financing Industry Board. Richard is also a founding board member of the Crowdfunding Professional Association (CfPA) and the Crowdfunding…
Why Structure Is the Enemy of Innovation | Richard Dasher
About Richard Dasher Richard Dasher has been Director of the US-Asia Technology Management Center since 1994 and served concurrently as Executive Director of the Center for Integrated Systems since 1998. He holds Consulting Professor appointments in Electrical Engineering (technology management), Asian Languages (Japanese business), and at the GSB (with the Stanford Program on Regions…
Inspiring a Sustainable Future Through Storytelling | Rita Whitney
About Rita Whitney Rita joined the Board in June 2010 and serves on the Mission Fulfillment Committee. She is CEO of Ravivant LLC, a Board member of United States Fencing Association (Central California Division) and Executive Director of the Stanford Fencing Association. Having grown up in New York City, Rita observed many situations where…