This post was published at TheAnarchast
Far too many people underestimate the IRS for its ability to follow through and get that last dime from them. The ‘IRS’ might as well stand for ‘is really serious,’ so the way you handle your taxes should be serious, too.
They won’t pull the rug out from underneath you, though. You will get a notice and demand for payment, a notice of intent to levy, and a notice of a right to a Collection Due Process hearing. These will come in the form of five letters that is often referred to as the ‘notice stream’. If you don’t pay the balance or arrange to pay the balance by the time you get the last notice, the levy could be issued. The IRS will garnish your wages. Remember that ‘really serious’ part? The IRS issued 3 million in levies in 2012 alone.
What can you do? There are steps you can take to have the levy lifted but we recommend doing one better – don’t get the levy in the first place. Ahhh, the power of prevention. Even if you are in dire straits, there are things you can do to keep this from happening. Read on for more about how to prevent a tax levy.
Get Confirmation; Then Negotiate The first thing you need to do is make sure the IRS didn’t make a mistake. Hey, it’s rare but it does happen. If you’ve been able to verify your balance, it’s time to negotiate. It is possible to contact the IRS and come up with a payment arrangement. Figure out what you can pay and go from there, securing the help of a tax professional if you need to. Monthly payment installations can be arranged. As long as you make the monthly payments, the levy will be deferred and likely canceled altogether.
This post was published at Deviant Investor on December 26, 2017.
The technical term is pseudocide – a fancy word that means, essentially, ‘faking your own death.”
Hundreds of thousands of Americans – some struggling with seemingly insurmountable debt burdens or are being hounded by the IRS after stiffing the tax man – have probably fantasized about faking their own deaths. But few understand just how easy it is to – um – execute such an ambitious, if legally precarious, plan.
That’s where purveyors of so-called ‘death kits’ come in. Few westerners are aware of its existence, but there’s actually a thriving cottage industry based in the Philippines, where investors can purchase all the tools they need to fake their own deaths for the surprisingly low price of about 350 pounds (about $500).
Of course, the scheme has several macabre elements. The process involves buying an unclaimed corpse from one of the many morgues in the Philippines where the bodies of John and Jane Does are stored.
According to the Telegraph, many customers who choose this route are desperate Wall Street bankers seeking to escape debt, and men having affairs who want to leave their families.
This post was published at Zero Hedge on Dec 21, 2017.
Yes, this is a true story. I was completely shocked when I learned about this too, and this just underscores the importance of repealing the individual mandate immediately. Shortly after taking office, President Trump issued an executive order which was intended to move the IRS away from enforcing Obamacare’s individual mandate, but now the IRS has found a way around that executive order. According to the official AARP website, the IRS has announced that it will not process any tax returns from individuals that are not willing to disclose whether they currently have health insurance or not…
The Internal Revenue Service won’t process individual tax returns in 2018 unless taxpayers indicate whether they have health insurance coverage or an exemption.
The move, announced last month, reverses course from this year, when the IRS said it would not require filers to indicate on 1040 tax forms whether they had health insurance. Filers were still required to have medical insurance or pay a penalty, but the IRS accepted and processed returns even if taxpayers didn’t indicate coverage status.
So what this means is that you will not get your refund until you tell the IRS if you have health insurance.
And if you don’t have health insurance and you don’t qualify for an exemption, you could be hit with a very painful financial penalty.
This post was published at The Economic Collapse Blog on November 26th, 2017.
Authored by Stephen Moore op-ed via The Wall Street Journal,
The wealthy have tucked billions into private nonprofits… where the IRS can’t touch it.
Congress is still scrambling to find ways to pay for its tax cut, so perhaps it should pay closer attention to last month’s news that George Soros had transferred $18 billion of his fortune to a private charity that he controls. There it will be sheltered from the Internal Revenue Service forever. This may be the single biggest tax dodge in U. S. history, yet no one on the right or left seems to have raised an eyebrow.
This post was published at Zero Hedge on Nov 24, 2017.
I know that the headline sounds absolutely crazy, but this is actually a true story. A Silicon Valley executive named Anthony Levandowski has already filed paperwork with the IRS for the nonprofit corporation that is going to run this new religion. Officially, this new faith will be known as ‘Way Of The Future’, and you can visit the official website right here. Of course nutjobs are creating ‘new religions’ all the time, but in this case Levandowski is a very highly respected tech executive, and his new religion is even getting coverage from Wired magazine…
The new religion of artificial intelligence is called Way of the Future. It represents an unlikely next act for the Silicon Valley robotics wunderkind at the center of a high-stakes legal battle between Uber and Waymo, Alphabet’s autonomous-vehicle company. Papers filed with the Internal Revenue Service in May name Levandowski as the leader (or ‘Dean’) of the new religion, as well as CEO of the nonprofit corporation formed to run it.
So what will adherents of this new faith actually believe?
To me, it sounds like a weird mix of atheism and radical transhumanism. The following comes from Way of the Future’s official website…
We believe in science (the universe came into existence 13.7 billion years ago and if you can’t re-create/test something it doesn’t exist). There is no such thing as ‘supernatural’ powers. Extraordinary claims require extraordinary evidence.
This post was published at The Economic Collapse Blog on November 16th, 2017.
Almost exactly one year ago, the IRS realized that it could be leaving billions of dollars on the table in the form of uncollected taxes, and launched a tax-evasion probe on the largest US Bitcoin exchange, Coinbase, seeking to identify all Coinbase users in the U. S. who ‘conducted transactions in a convertible virtual currency’ from 2013 to 2015.
In a vexing paradox for cryptocurrency traders who had hoped they could avoid the IRS indefinitely as someone, somewhere once may have mentioned, the higher the price of bitcoin rose, the more motivated the IRS was to obtain access to user transaction records. Or, as Bloomberg put it, “the exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U. S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase Inc., one of the biggest U. S. online exchanges. The company’s digital currency platform allows gains to be converted into old-fashioned dollars in transactions that the IRS alleges are going unreported.”
This post was published at Zero Hedge on Nov 13, 2017.
The Trump Tax Reform is in part inspired by the Flat Tax idea of lowering the rate and eliminating deductions. Alimony, or spousal support, is often part of divorce agreements when there’s a big discrepancy in earnings between the two parties and the marriage has endured for more than just a few years. The idea of some ‘gold-digger’ marrying a rich guy and then walking off with 50% of his wealth is really the stuff of fictional legend. Things acquired before a marriage are not suddenly 50% of the potential ‘gold-digger’s’ new found wealth.
What is interest is the whole problem with alimony. In 2015, according to the data from the Internal Revenue Service, an estimated 598,888 taxpayers claimed the alimony deduction on their Form 1040. Those deductions came off the top of one’s income. The IRS reported that total of more than $12.3 billion was deducted in 2015 for alimony payments.
This post was published at Armstrong Economics on Nov 6, 2017.
During the last two years of the Obama administration (Fiscal Year 2015 – 2016), law enforcement agencies such as the Department of Homeland Security spent $138 million on new guns and ammunition. But what’s strange, is that $20 million was spent on guns and ammunition for federal bureaucrats.
Four notable examples of paper pushers and bureaucrats arming up, according toForbes, are as follows:
1) The 2,300 Special Agents at the Internal Revenue Service (IRS) are now carrying AR-15’s, P90 tactical rifles, and other heavy weaponry. Recently, the IRS armed up with $1.2 million in new ammunition. This was in addition to the $11 million procurement of guns, ammunition, and military-style equipment procured between 2006-2014. What could go wrong when tax collectors have guns?
2) The Small Business Administration (SBA) spent tens of thousands of taxpayer dollars to load its gun locker with Glocks last year. The SBA wasn’t alone in the purchase of guns either. The U. S. Fish and Wildlife Service modified their Glocks with silencers. And recently a vote on the bill to allow civilians the freedom to hunt with a silencer was ‘indefinitely postponed.’
This post was published at shtfplan on October 24th, 2017.
Just hours after Equifax CEO Rick Smith wrapped up his testimony before the House Energy and Commerce committee – the first in a series of Congressional ‘fact-finding missions’ about the hack – Politico reported that the IRS last week awarded the disgraced credit monitoring bureau with a $7.25 no-bid contract even as the company struggled to address suspicions that it mislead investors and customers by withholding information about one of the most damaging data breaches in US history.
Equifax famously waited more than a month to disclose that hackers had infiltrated its servers and absconded with the sensitive financial information of more than 140 million customers, sparking widespread outrage that only intensified after reporters discovered that several of the company’s senior executives – including its CFO – cashed out of shares and options in the weeks before the company came clean about the hack.
According to the terms of the IRS contract, Equifax would be responsible for verifying taxpayer identities and help prevent fraud under a no-bid contract issued last week.
As if the IRS’s decision to entrust the disgraced credit bureau with sensitive taxpayer data wasn’t galling enough, the agency seemingly fast-tracked the contract by classifying it as a ‘sole source order’ – a designation that allows the agency to circumvent the bidding process by claiming a given vendor is the only one capable of executing the contract. However, the agency’s justification for this designation is baffling, considering that there are two other credit bureaus in the US that offer a nearly identical suite of service
This post was published at Zero Hedge on Oct 4, 2017.
I would hazard a guess that an increasing number of tax donkeys are considering dropping out as a means of increasing their happiness and satisfaction with life.
Since federal income taxes are in the spotlight, let’s ask a question that rarely (if ever) makes it into the public discussion: what if the tax donkeys who pay most of the tax rebel? There are several likely reasons why this question rarely arises. 1. Most commentators may not realize that the vast majority of income taxes are paid by the top 10%–and that roughly 60% are paid by the top 4% of households. (A nice example of the Pareto Distribution, i.e. the 80/20 rule, which can be extended to the 64/4 rule.) As David Stockman noted in Trump’s 1,500-word Airball, “Among the 148 million income tax filers, the bottom 53 million owed zero taxes in the most recent year (2014), and the bottom half (74 million) paid an aggregate total of just $45 billion. So let me be very clear. There was still $4 trillion left in the collective pockets of these 122 million taxpayers – even after the IRS had its way with them! By contrast, the top 4% or 6.2 million filers paid $802 billion in Federal income taxes. That amounted to nearly 58% of total Federal income tax payments.”
This post was published at Charles Hugh Smith on MONDAY, OCTOBER 02, 2017.
In just over six weeks, IRS Commissioner John Koskinen’s term expires. This allows President Trump to choose a new IRS chief who may have two high-profile and sensitive jobs: helping implement the the president’s proposed tax cuts and overseeing an audit of his tax returns.
Trump hasn’t nominated anyone to replace Koskinen yet, but as Bloomberg reports, Koskinen, who was hired by President Barack Obama and is loathed by congressional Republicans, who tried to impeach him in 2016, is unlikely to be reappointed.
Treasury Secretary Steven Mnuchin, whose department includes the Internal Revenue Service, is said to be in the early stages of the selection process, according to two people familiar with the matter.
We would imagine this will be the next target for the left – potentially leading to demands of recusal as the slightest perception that Trump is trying to influence the agency overseeing his audit or any tax-related probes of his campaign’s ties to the Russian government would ignite a furor in Congress.
This post was published at Zero Hedge on Sep 28, 2017.
The U. S. economy is not as solid as it appears. Statistical anomalies hide profound weakness. I will examine actual GDP and actual employment. Warning: not for the faint of heart. Do you consider debt as income? Before you answer that, let’s perform a thought experiment. Imagine that you had taken a long cruise last fall and charged $10,000 to an American Express card. When you did your taxes this year, would have told the IRS that you had $10,000 income from American Express? Of course you wouldn’t. Suppose a major oil company issues $800 million worth of bonds to develop a new old field. Would the company report that as income to the stockholders or the IRS? Of course they wouldn’t. I am sure those sound like silly questions as the answer is a self evident ‘NO!’ We do not consider borrowed money as income. It is a liability that must be paid back. Then why do we count Federal Government debt when measuring national income? I will leave speculation as to the ‘why’ to the readers and focus on the fact that we do count new Treasury Debt as income.
This post was published at Zero Hedge on Sep 28, 2017.
Banks, credit card companies, and other Equifax customers squeal. Consumers (the product) squeal. Congress squeals. Investors squeal.
Equifax shares dropped another 16% during the day and after-hours on Wednesday to $97.51. They’ve now plunged 31%, or $44.82, in the four trading days since Equifax confessed that 143 million consumers had their data crown-jewels stolen when it was hacked. The stolen data is perfect for identity theft, such as getting a loan in your name, and tax fraud, such as getting a tax refund from the IRS in your name, with Kafkaesque consequences for you.
Investors, seeing what this might do to the company, have voted with their sell-button. Based on the 120.4 million shares outstanding as of June 30, the four-trading-day loss amounts to $5.4 billion.
The stink has been enormous, with Equifax having to back down from some of its most egregious solutions to this problem, including forcing consumers to give away their legal right to sue in order to sign up for its credit protection services. Equifax rescinded this requirement over the weekend, buckling under scathing criticism.
This post was published at Wolf Street on Sep 13, 2017.