The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes

I want them to go back to H and R Block and leave people alone.

 

This thread is comical example of pretzel logic

taxes are too high
Let’s cut taxes
Cut taxes
Don’t pay actual cut taxes

Taxes are too high…
(Repeat)

 

Great idea. We can stop people speeding in cars by eliminating the police as well. We can stop people from polluting by eliminating the EPA. We can prevent workplace accidents by eliminating OSHA. I CAN'T BELIEVE NOBODY THOUGHT OF THIS GENIUS IDEA BEFORE.

 

No one intelligent did.

 

Hey man. You can't fund shipping migrants from Texas to California or enforcing banned books from libraries without tax revenue. Even dumbass govt programs need $$

 

because they abuse their power and target the opposition.

 

Righties would demand a lifetime prison sentence for someone caught stealing from a store during a protest, but they would only want a slap on the wrist for a millionaire finessing the system and stealing via white collar crimes. Two types of stealing, two drastically different responses.

 

It’s 1600 millionaires not IRS agents.

 

You should place a sign in front of your business that reads…Please Audit.

 

The OP article unfortunately is misleading. I give the article a C- for effort. When in doubt, go to the source and read:

IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts focused on increasing scrutiny on high-income, partnerships, corporations and promoters abusing tax rules on the books | Internal Revenue Service

here is the @slocala summary:

1. IRS announced shifting its focus from the average taxpayer and going after higher income taxpayers. Thus, audit rates for taxpayers earning less than $400k will not increase.

2. the IRS will be going after yearly taxable income (not net wealth) greater than $1m.

“Prioritization of high-income cases. In the High Wealth, High Balance Due Taxpayer Field Initiative, the IRS will intensify work on taxpayers with total positive income above $1 million that have more than $250,000 in recognized tax debt.”

The IRS is trying to enforce the collection on those tax debts. Unfortunately, NOT collecting on tax debt hurts all taxpayers. It’s a necessary remit of the IRS.

3. Focus on large partnership audits. This is a long time coming. Hedge funds, private equity, MLP’s, and companies that are large pass-throughs have hidden in the shadows. With the new partnership audit rules, it’s finally time to crack down on failures of reporting.

“Expansion of pilot focused on largest partnerships leveraging Artificial Intelligence (AI). The complex structures and tax issues present in large partnerships require a focused approach to best identify the highest risk issues and apply resources accordingly.”

there are some other matters covered in the release, that are good for taxpayers like cracking down on predatory firms scams.

 

Yeah man. We shouldn't enforce laws or regulations because it's a hassle. Apply this same logic to border patrol. Why bother? It's just a hassle man.

Also. I have a mandatory annual audit due end of March every year.

 

Ahh, I get it now. You have to deal with the govt so you’re all in on others having to deal with their nonsense.

 

And you think we can have a country without tax enforcement.

 

We kind have applied this…

 

No need for this. Implying fellow posters and Gators are tax cheats on an open form is uncool.

 

Please provide any proof of “righties” doing this. If you want to paint with a broad brush don’t get your panties in a wad when others do it to you….

 

You're not wrong.

 

Do you not see the large contingent of righties in this very thread displaying a disturbingly nonchalant attitude towards millionaires who break the law when it comes to taxes?

 

Do you EVER not lump all conservatives into one group? Because I have seen plenty just on this thread who did NOT do as you claim. You have democrat shaded glasses on and it comes through in every post.

 

You seem to be mixing up apples and oranges here. The federal income tax return for your wife’s business ought to be pretty simple. It’s hard for me to understand why the business would be audited every year, especially when the business is paying $20,000 to a high-end accounting firm to prepare the tax return. I’ve been in the tax business for more than 45 years, and the only companies I see that get audited by the IRS on an annual basis are companies with tens of thousands of employees and billions of dollars of revenues. At the state and local level, there are going to be sales and use taxes that have to be paid on equipment and the office items that you referred to. There also might have to be state income tax returns that might have to be filed in one or more state and local jurisdictions. As for sales and use taxes, if your wife’s business buys equipment in Florida, it will pay sales tax on the equipment. There will not be an additional use tax. If your wife’s business is buying equipment from out of state and bringing that equipment into Florida, there might be a use tax to be paid in Florida on the difference between the Florida sales tax and the other state‘s sales tax. It sounds to me like your consternation really goes more towards the various tax rules that apply outside of the federal income tax area. One final point is that if your wife’s business is required to use an accrual method of accounting, rather than a cash method of accounting, then income and expenses might have to be reported on the business’s federal income tax return before the cash is received for the sale or the cash is paid for the expense. There is nothing particularly complicated about that that an accounting firm or the tax department of a business can’t address.