Category Archives: Tax Issues

Darryl Strawberry vs. the IRS: a 30-year battle goes on

Former baseball star Darryl Strawberry is learning that going to bat against the IRS is way tougher than hitting a major-league curve ball.

As Darren Rovell of ESPN reports, the Straw signed a contract with The New York Mets almost 30 years ago that included an annuity with a 5.1% annual rate. Now the IRS has seized the annuity, which currently has about $1.28 million remaining, and is going to auction it off toward paying more than a half-million bucks that Strawberry still owes the IRS for debts going back as far as the late 1980s.

The minimum bid for the annuity, which pays out through 2035, is $550,000. If you think the Mets will still be in business for the next 20 years and you’d like to bid on the annuity, you can find more information on the sale here.

Corporations say DOMA is a big tax hassle

I always say that everything’s about taxes. The current legal wrangling about gay marriage proves it once again. More than 200 companies have signed onto a brief filed with the Supreme Court saying that the Defense of Marriage Act has become an administrative hassle, forces them to discriminate against different classes of married employees, and…Continue Reading