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Wyly widow found to be "innocent spouse" in tax fraud case

The twisted tale of former billionaire brother Sam Wyly and his late brother Charles took a new turn recently when a federal bankruptcy judge found that the pair had committed tax fraud with a convoluted scheme of offshore bank accounts, shell corporations, trusts and other tax shelters. The brothers system involved transferring their interest in various commercial enterprises (among them such well-known companies as Michael's arts and crafts stores and Bonanza Steakhouses) to trusts in exchange for private annuities.

Massachusetts man accused of failing to file tax returns

The income requirements for filing taxes are quite low. If filing single, you need to file a federal return if you earned more than $10,300 in 2015. The amount doubles for a married couple. If you earned more than $8,000, you need to file a state return. Filing a return is necessary if you expect a refund of taxes withheld by an employer or through the Earned Income Tax Credit.

What happens if you don't pay your taxes?

When you think about it, the tax system here in the United States is really based on the honor system. The federal government trusts that you will honor your responsibility to file your tax forms to the Internal Revenue Service for processing. Of course, you truly are legally required to file them -- but even if you didn't file, some time would pass before any penalties would be inflicted upon you.

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