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

How One of the World’s Wealthiest Individuals Avoided Taxes for Years

Many people are always complaining that the wealthy don’t pay their fair share in taxes. While that is an argument that will never end, it seems that one of the world’s richest men might be guilty. That’s because he was able to avoid paying taxes for more than 40 years. How is that possible? The…

Where Should You Call Home in Retirement?

Are you planning on retiring soon? There are a lot of things to consider and prepare for when you’re ready to call it quits and start enjoying the so-called “golden years,” especially when it comes to your financial future. One of the most important matters to take care of is how your taxes will affect…

Time Management Tips That Work

Time Management Tips That Work

Time management tips that work are hard to come by and harder to apply in daily life.  Consider for a moment, how valuable is your time? Having a good motor and using your time wisely can help you be happier and wealthier. Time is a resource First, recognize that time is a highly limited resource. …

Small Business Stocks Can Lead to Big Gains

What’s your investment strategy? There is no end to the number of different strategies that investors have, and there are plenty of different successful ways to invest in the stock market. Likewise, Wall Street is full of stories of investors that have ended up on the side of the road, kicked to the curb after…