VATICAN CITY -- Dozens of cardinals are eligible to become the next pope, but only a few are considered pontiff material, or "papabile".
The successor to Benedict XVI will be elected by a conclave in the Sistine Chapel where 115 cardinals from around the world are expected.
Following are some of the top contenders to become the next head of the world's 1.2 billion Catholics: (Europe) Milan’s Angelo Scola Budapest’s Peter Erdo, and Vienna’s Christoph Schoenborn; (Asia) Manila’s Luis Antonio Tagle; (North America) Canada’s Marc Ouellet and New York’s Timothy Dolan; (Africa) Ghana’s Peter Turkson, Congo’s Laurent Monsengwo Pasinya, and Nigeria’s John Onaiyekan; and (Latin America) Sao Paolo’s Odilo Scherer.More >
It is rarely a good idea to decide not to pay your IRS tax bill. The consequences of this can be severe, including prison.
If you don’t pay the IRS what you owe and don’t attempt to work out a payment plan, the government can use your tax refund to offset what you owe.
After this, the government will begin a collection process. The IRS can file a tax lien against you, use a levy and serve a summons.
A tax lien will come before any other action. Because tax debt is secured debt, the government has a legal claim to your property. This means the IRS has the right to seize your property to cover owed taxes.
A tax lien is automatically filed 10 days after the IRS sends you a notice of taxes owed. It appears on your credit report and can affect your score for seven years after the debt is paid off.
A levy comes after a tax lien. A levy is the actual seizure of your property and is used to pay off your debts. It may include seizing and selling your physical property, such as a car or house, or it may include taking money from a source such as your paycheck or bank account.
A levy can occur only after 30 days have passed since you were issued a tax lien.
At any point, the IRS may also issue a summons. In the case of tax debt, this is used to force you to produce documents. This can be used to investigate your financial standing.
Ignoring a summons can have severe consequences, including fines and imprisonment.
If you haven’t paid a tax debt, the best way to avoid lasting consequences is to clear the debt as soon as possible. Pay it if you can. Otherwise, apply for a payment plan or ask for an extension. In many cases, the IRS will work with you to get the debt paid.
News from the Philippines
As of April 24, 2016, in the latest survey from Social Weather Station, Leni Robredo overtook Bongbong Marcos as leading Vice Presidential candidate. However the Pulse Asia survey showed Bongbong Marcos still the leading candidate.
Note: This is not a legal advice
Crispin C. Lozano, Esq. is an active member of the State Bar of California and held CPA license from the Philippines and State of Colorado. He has worked with SGV & Co. and has represented clients with the IRS and FTB. If you have an IRS or FTB tax debt that need to be resolve please call Taxsaverspro, Inc. at 1-877-456-9266 for a free confidential consultation. Taxsaverspro Inc. has a complete staff of Attorney and CPA who are ready to help. We have resolved hundreds of tax cases for our clients who have tax problems with Internal Revenue Service and Franchise Tax Board.