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IRS Requirement - Report Everything You Steal This Year (1 Viewer)

Lol. That's hilarious. I like the part about you not having to pay taxes if you return it to its rightful owner in the same year.

 
GoBirds said:
Let’s just say the extra IRS funding is yet another reason I’m glad the BBB nonsense bit the dust. 
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I think the problem with that thinking is it means more will get away with cheating on their taxes. That doesn't seem like an optimal outcome.

 
With all the $ they are saving on bail this year paying the IRS for stolen property shouldn’t be an issue.

 
Am assuming the IRS has this in their rules simply as another way to arrest and incarcerate people who commit crimes.  It’s like Capone serving time for tax fraud — just want to stack up the crimes so that career criminals can be shoved into prison for a longer time.

Not sure why this has become the new right wing outrage topic of the week.

 
Alex P Keaton said:
Am assuming the IRS has this in their rules simply as another way to arrest and incarcerate people who commit crimes.  It’s like Capone serving time for tax fraud — just want to stack up the crimes so that career criminals can be shoved into prison for a longer time.

Not sure why this has become the new right wing outrage topic of the week.
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This is what I just read. It is pretty funny that it is written this way. 

Don’t steal and pay your taxes and there won’t be an issue :lol:

 
whoknew said:
So you don't believe in taxes at all?
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My preference is to not pay taxes but I recognize that in order to fund things like the military, I need to pay something for the "common defense".  However, I see no reason to pay taxes to fund services, institutions or countries that I gain no benefit from.  

 
The General said:
This is what I just read. It is pretty funny that it is written this way. 

Don’t steal and pay your taxes and there won’t be an issue :lol:
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It’s just a reminder of why context matters.  Without context, many human beings (including me) are wired to assume the worst. Which means that every situation seems absurd or worthy of outrage until you have the appropriate context.

So for me at least, it’s a lifelong quest to slow my brain down enough to appreciate and understand the context behind things that seem absurd to me at first glance.

 
Alex P Keaton said:
It’s just a reminder of why context matters.  Without context, many human beings (including me) are wired to assume the worst. Which means that every situation seems absurd or worthy of outrage until you have the appropriate context.

So for me at least, it’s a lifelong quest to slow my brain down enough to appreciate and understand the context behind things that seem absurd to me at first glance.
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For sure.

One thing everyone is guilty of is thinking that other people are dumb, incompetent, etc. It’s an ugly trait and I certainly do it all the time and am disappointed when I catch myself doing it.

Typically I do find that most of these bureaucracies and rules come about based on a good premises, they are adapted over time, with good intentions to address real issues in a broad manner, written by people who have expertise in this area.

 
Snotbubbles said:
My preference is to not pay taxes but I recognize that in order to fund things like the military, I need to pay something for the "common defense".  However, I see no reason to pay taxes to fund services, institutions or countries that I gain no benefit from.  
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It’s just a great example of government and why we need less of it and not more like the BBB would have forced down our throats. I don’t think I could get “outraged” over it as my expectations for our government are very low but moronic items like this lower them even further. Can you imagine what Biden throwing additional tax dollars at the IRS would accomplish? Just like his first year accomplishments, ZERO. 

 
Snotbubbles said:
My preference is to not pay taxes but I recognize that in order to fund things like the military, I need to pay something for the "common defense".  However, I see no reason to pay taxes to fund services, institutions or countries that I gain no benefit from.  
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I've long wished that I could earmark my own tax dollars. That would be the ultimate way to ensure the money was being spent in an appropriate manner. I would exclusively fund services and institutions. The military can pound sand. There is no bigger money pit than the Pentagon and national defense.

 
Herb said:
I've long wished that I could earmark my own tax dollars. That would be the ultimate way to ensure the money was being spent in an appropriate manner. I would exclusively fund services and institutions. The military can pound sand. There is no bigger money pit than the Pentagon and national defense.
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Have to respectfully disagree with you here. If we can ensure our thieves are paying their fair share on all stolen goods we could fund defense double what we do now. 

 
Snotbubbles said:
Don't care if people cheat on their taxes.  It's their money, not the governments.  
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The IRS estimates that roughly 83% of true tax liability is collected through voluntary compliance.  If everyone was paying their legal obligation, our taxes could hypothetically be cut by 17% to maintain the current level of tax revenue.

 
Tom Hagen said:
The IRS estimates that roughly 83% of true tax liability is collected through voluntary compliance.  If everyone was paying their legal obligation, our taxes could hypothetically be cut by 17% to maintain the current level of tax revenue.
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I wonder what the tax cut would be if we cut government spending in half, paid down the national debt and worked, going forward, with a balanced budget.

 
Snotbubbles said:
I wonder what the tax cut would be if we cut government spending in half, paid down the national debt and worked, going forward, with a balanced budget.
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The bolded would be a lot easier with the extra $400 billion per year that people are not reporting. :thumbup:

To be clear I'm not talking about fudging charitable contributions, I'm talking about cash businesses where people under report significant amounts of income, which is not fair to competing  businesses that follow the rules.

 
Tom Hagen said:
The bolded would be a lot easier with the extra $400 billion per year that people are not reporting. :thumbup:

To be clear I'm not talking about fudging charitable contributions, I'm talking about cash businesses where people under report significant amounts of income, which is not fair to competing  businesses that follow the rules.
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Yes, but pretending like the IRS has any functional way of resolving that issue seems a stretch. Has Biden provided any detail on how he was going to effectively put an end to this besides “hire more IRS employees”?  Just seems like more wasteful spending that won’t bear results. If he did provide detail though I’m open to reconsidering. 

 
How about we cut spending (50% doesn’t seem reasonable however) and get people to pay their taxes? 

Not a fan of cheaters. 

 
Tom Hagen said:
The bolded would be a lot easier with the extra $400 billion per year that people are not reporting. :thumbup:

To be clear I'm not talking about fudging charitable contributions, I'm talking about cash businesses where people under report significant amounts of income, which is not fair to competing  businesses that follow the rules.
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Let's not be naive here.  The politicians in DC have given no indication that they will ever get their spending in check.  More revenue doesn't balance anything, BBB was going to be another 4T in deficit spending over 10 years.    

 
GoBirds said:
Yes, but pretending like the IRS has any functional way of resolving that issue seems a stretch. Has Biden provided any detail on how he was going to effectively put an end to this besides “hire more IRS employees”?  Just seems like more wasteful spending that won’t bear results. If he did provide detail though I’m open to reconsidering. 
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I think you would be surprised how effectively the IRS could close the gap with enough resources.  Certain NAICS codes are prone to under reported income and the IRS DIF and UIDIF scores are pretty good at identifying likely problems.

The last thing I want is more audits, but it would raise revenue.

 
Tom Hagen said:
I think you would be surprised how effectively the IRS could close the gap with enough resources.  Certain NAICS codes are prone to under reported income and the IRS DIF and UIDIF scores are pretty good at identifying likely problems.

The last thing I want is more audits, but it would raise revenue.
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This is a pretty good post.  The IRS is in shambles right now.  It was a disaster for years prior to Covid, and Covid has made things exponentially worse.  They're hurting, badly.  "Hire more employees" seems like a copout answer, but the IRS really does need employees.  It's a great time to be someone trying to skirt the tax laws, or an unscrupulous accountant, because there's effectively no enforcement for the regular Joe Citizen or small business owner these days.

I'm not really a huge fan of increased government spending in general, but the IRS is quite literally 8 months behind on opening the mail, and if you try to call their call centers on the phone more than 2 minutes after they open in the morning, you're looking at a multi-hour hold time wait.  It's a disaster.

 
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Tom Hagen said:
I think you would be surprised how effectively the IRS could close the gap with enough resources.  Certain NAICS codes are prone to under reported income and the IRS DIF and UIDIF scores are pretty good at identifying likely problems.

The last thing I want is more audits, but it would raise revenue.
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It would be interesting to find out how far we had to run the inefficient funding  meter to reach “enough resources” . I’m not sure what the abbreviations are you mention and I’m sure you have a much better handle on this than I do. I just cringe at throwing more money at these inefficient components of our government. 

 
GoBirds said:
It would be interesting to find out how far we had to run the inefficient funding  meter to reach “enough resources” . I’m not sure what the abbreviations are you mention and I’m sure you have a much better handle on this than I do. I just cringe at throwing more money at these inefficient components of our government. 
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I think government agencies are inefficient at the macro level, but most IRS field agents I've encountered are smart, reasonable professionals who are good at their job.  Of course there are exceptions, but well trained auditors more than cover their salaries.

Having said that, I'm with Tasker that just having enough people to open the mail and answer the phone would be a huge improvement.

 
whoknew said:
What's all the hubbub, Bub? 

The IRS has always said income from crime is reportable. I reckon that's how they can convict criminals of tax evasion.
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Same as it's ever been.

GoBirds said:
It would be interesting to find out how far we had to run the inefficient funding  meter to reach “enough resources” .
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More than what they have currently, but much less than the blue team wants to fund them for.  I suspect the ROI will flatten out fairly quickly and there isn't that much recoverable taxes in the system to make massive investment worthwhile.

The Obama administration turning the IRS into a weapon has had deleterious consequences for us all as far as tax fairness and tax receipts.  It's shameful how much tax revenue we have lost since Lois Lerner.  Billions and billions.  This one is completely on the blue team.

 
Sand said:
Same as it's ever been.

More than what they have currently, but much less than the blue team wants to fund them for.  I suspect the ROI will flatten out fairly quickly and there isn't that much recoverable taxes in the system to make massive investment worthwhile.

The Obama administration turning the IRS into a weapon has had deleterious consequences for us all as far as tax fairness and tax receipts.  It's shameful how much tax revenue we have lost since Lois Lerner.  Billions and billions.  This one is completely on the blue team.
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There are absolutely diminishing returns in actually increasing enforcement. In fact there is probably a sweet spot where just the increased possibility of an audit would most likely have a significant impact on closing the tax gap. 

Anecdotally, taxpayers and preparers tend to be more aggressive when they perceive there is very little chance of an audit. As soon as they hear a story about a friend of a friend getting hit with a large audit change they tend to get a little more cautious. 

 
Tom Hagen said:
There are absolutely diminishing returns in actually increasing enforcement. In fact there is probably a sweet spot where just the increased possibility of an audit would most likely have a significant impact on closing the tax gap. 

Anecdotally, taxpayers and preparers tend to be more aggressive when they perceive there is very little chance of an audit. As soon as they hear a story about a friend of a friend getting hit with a large audit change they tend to get a little more cautious. 
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Laffer would probably be horrified that his curve works for the IRS, too!

 
I'm anticipating a lot more letter audits as eBay, Paypal, Venmo, StubHub and other sales and payment service companies the average person uses will begin to 1099 them for activity.  In 2022 I believe that cap will be just $600.  The average citizen won't have much idea of what cost basis they have in something and likely many of them will forget to pay tax on it or just pay the 1099 amount without offsetting the cost.  If the IRS merely collects that revenue and has programs to match the 1099's that are unpaid as they often do with things like 1099-INT that yield many more letter audits, they'll collect a good bit more revenue.

 
Shula-holic said:
I'm anticipating a lot more letter audits as eBay, Paypal, Venmo, StubHub and other sales and payment service companies the average person uses will begin to 1099 them for activity.  In 2022 I believe that cap will be just $600.  The average citizen won't have much idea of what cost basis they have in something and likely many of them will forget to pay tax on it or just pay the 1099 amount without offsetting the cost.  If the IRS merely collects that revenue and has programs to match the 1099's that are unpaid as they often do with things like 1099-INT that yield many more letter audits, they'll collect a good bit more revenue.
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I just got my W-2 early from Criminal Enterprises, Inc. that details everything I stole this year.  I'll be submitting this with my taxes since I don't want the IRS to come after me.  :)

I'm actually kind of relieved now.  One less thing to worry about in 2022! 😌

 
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