"Sen. Jim Justice of West Virginia and his wife, Cathy, reached an agreement with the I.R.S. to pay over $5 million in back federal income taxes. This agreement comes hours after the Department of Justice's Tax Division filed a civil lawsuit in federal court against the Justices for the unpaid taxes. The senator claims that the lawsuit was politically motivated."
"If the tax was assessed five years after the due date, it is usually because the tax returns were filed five years late or because there was a reassessment due to a tax audit. Since the case has been settled, it is assumed that the Justices are not challenging the assessment date. The next popular question would be whether the IRS can legally collect on a tax that is 15 years old."
Sen. Jim Justice and his wife reached an agreement with the IRS to pay over $5 million in back federal income taxes after a civil lawsuit by the Department of Justice's Tax Division. The complaint alleges $5,164,739.75 owed for income taxes from 2009 that were assessed on November 25, 2015. The 2009 liability stems from Justice's sale of a coal company to Russian coal company Mechel for $436 million in cash and shares. Assessment timing suggests late filing or a postfiling reassessment. By law, the IRS generally has 10 years from assessment to collect, with rare SFR procedures for habitual nonfilers.
Read at Above the Law
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