During the last Summer Olympic Games, Australian breakdancer Rachael Gunn’s performance caught the world off guard. After watching the event, many Americans wondered why breaking was added to the Olympics. The International Olympic Committee (IOC) is responsible for choosing the events, and they consider a wide range of criteria when considering adding or removing events. They look at how long the sport has existed, its popularity within the host country, the cost to broadcast the events, and whether an international federation governs the sport. Breaking was a hit at the 2018 Summer Youth Olympics and was added to the 2024 Paris Games to drive engagement with a younger audience. Strange Events You’ve Probably Never Heard Of NOT YOUR AVERAGE OLYMPIC SPORT
Toph’s Tax Triumphs
Patience Pays Off, With a $99,000 Tax Reduction
The IOC has already announced that breaking will not return for the 2028 games in Los Angeles, joining a list of other sports dropped from
Resolving tax debts for my clients sometimes takes an insanely long time. In almost all cases, however, the result proves the truth of this quote by an ancient poet: “Be patient and tough. Someday this pain will be useful to you.” We recently sliced two clients’ six-figure back-tax debt by more than 80%. Although reaching this settlement took nearly three years and required a lot of staying power from everyone involved, the result was worth the effort. These clients, a married couple, first approached us for help in early 2023. They owed about $120,000 to the IRS, mostly on self-employment income from a garden produce business the husband had previously operated. The wife earned a steady paycheck as a schoolteacher. They had filed both joint and “married filing separately” tax returns in the past. Our first move was to make two offers in compromise to the IRS, one for each spouse, for $100 each. The agency rejected them both. We withdrew the wife’s offer; I was fairly sure it would be rejected anyway, because her income was relatively high and she had assets in her name. Instead, we restructured the husband’s offer so all of his payments would go toward their joint tax debt. The IRS again rejected his offer. Never quick to surrender, we filed an appeal. Almost three years after we began work on this case, the IRS sent a letter formally accepting $21,359 to settle the couple’s entire $120,000 tax debt. The wife’s share of the joint debt was only about $21,000, and the husband’s share was $100,000. So, his entire debt was essentially forgiven. Waiting it out took a lot of resilience. The IRS letter agreeing to the settlement didn’t arrive until more than a year after we negotiated the compromise. We didn’t know why. After spending nearly three years with their lives on hold, our clients kept asking, “Did you hear anything?” But I knew there was nothing to do but wait.
the Olympic stage. Think breaking was a little outside the box? Then you won’t believe some of the events from past Olympics.
Plunge for Distance (1904): Plunging was a sport in which participants dove into the water from a spring 18 inches above the surface. They floated for 60 seconds without propelling themselves forward, and whoever went the farthest won. Only five individuals competed in the event, and all were American.
Ballooning (1900): Technically an unofficial event at the 1900 games, ballooning consisted of various
hot-air balloon-related activities. They held competitions for the farthest distance traveled, longest time traveled, greatest height achieved, and landing closest to a target. Motor Boat Racing (1908): Competitors got in their boats to travel five laps around an 8-nautical-mile course in the Southampton waters of England. This event was a complete disaster. Multiple boats would start each race, but in almost every instance, only one would cross the finish line, as strong winds heavily affected the others. Ski Ballet (1988 and 1992): While never an official Olympic event, ski ballet was demonstrated at two Olympic Games, anticipating its potential as a real event. Imagine figure skating on skis instead of skates. Competitions required participants to complete a choreographed routine in 90 seconds on a smooth slope.
Now, as the ancient poet said, all that pain has proven useful. Our clients are obviously very happy. And best of all, they are free and clear of the IRS!
–Toph Sheldon
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