«The Internal Revenue Service today announced that approximately 275,000 organizations under the law have
automatically lost their tax - exempt status because they did not file legally required annual reports for three consecutive years» (http://www.irs.gov/uac/IRS-Identifies-Organizations-that-Have-Lost-Tax-Exempt-Status%3B-Announces-Special-Steps-to-Help-Revoked-Organizations)
Once you file for Bankruptcy,
you automatically lose any tax refunds or HST refunds, which are forwarded directly to your Trustee.
After moving dramatically to abolish property
taxes as a source of funding for the schools, lawmakers last year decided to give voters a choice for replacing the
lost revenues: either a two - cent sales -
tax increase, to be considered in a March 15 referendum, or an income -
tax hike, which will go into effect
automatically if the sales -
tax rise is rejected.