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Bootstrapping working conditions in the USA reddit post.

mean dad said:
I don't think that's correct.

The Internal Revenue Service has failed to collect more than $2.4 billion dollars from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report.

Auditors were only able to recoup about 39% of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million, the report found. The findings suggest that the IRS should place more emphasis on a taxpayer’s income when determining whether to pursue an audit case, the Treasury Inspector General for Tax Administration said in the report released Monday.

Seems like there's lots of money available and legally owed to them but for some reason they let it slide, year after year.
Click to expand...

Agree and I'll see your 2.4B and raise you 997.6B!

https://www.reuters.com/article/us-...xes-goes-uncollected-every-year-idUSKBN2C0255
 
Holeshot said:
Agree and I'll see your 2.4B and raise you 997.6B!

https://www.reuters.com/article/us-...xes-goes-uncollected-every-year-idUSKBN2C0255
Click to expand...

the 2.4 seems like an enforcement issue (known due). the larger amount seems to be the auditable portion (potential tax avoidance subject to further scrutiny). if that’s the case, the former is low hanging fruit, and the later requires more investment to pursue. in any event, ROI would suggest focusing on high value targets. have a bit of experience with this - was audited by the IRS over what they claimed was an additional $24,000 i owed. they spent 3 years of effort, and lost in federal court. not sure what their hiring criteria is, but based on my personal experience, they’re a bunch of dumbasses with a minimal grasp of the tax code and tax law (i read a few chapters in a book to get minimally educated, represented myself, and beat their bullshit). IMO - if they were that ignorant regarding my case, there’s probably a lot of tricky people with knowledge and resources greater than mine taking full advantage of that fact. was confident from the beginning that i had paid my freight - would love to have that confidence related to bigger fish (and i currently do not - based on, like i said, the focus and ineptitude i personally experienced). at a minimum, their allocation of resources could use a significant re-think. that and their hiring criteria lol.
 
You've been audited once only?
 
Holeshot said:
You've been audited once only?
Click to expand...

no. multiple times. they were not successful in any of their efforts. not once. the one i mentioned was the only one where they pressed the issue to the point of suing me in federal court. the others were resolved relatively quickly (one year or less). never paid anything more than what was included on any of my original returns. all of the shit started only because they didn’t know their ass from a hole in the ground (like i said - ignorance of tax code and tax law) and were barking up the wrong tree. to reiterate though, i believe there are those who DO take advantage of the nitwit nature of IRS oversight (premeditatively).
 
They must send different auditors to different industries. Ours have been pretty darn competent, but the latest one demonstrated their looking for the frosting only and don't seem to go deeper if they can't find a string. They always seem to walk away with something, but it's not always what they wished. Good job holding them at bay, but I would put much stock in luck on your deals and timing. The time spent dealing with an audit is an uncalculated cost most times...and they're a-coming for anyone they think they can get something from. On-topic, it's gonna be 1099 people first and foremost. That's where the $997B lies...
 
NO doubt that they'll try to make up revenue shortfalls from the taxcuts on the backs of contractors who get paid with 1099 and don't have the resources to fight them effectively.

It'd be consistent with the will of the country's overlords to force contractors back into the corporate fold or at least serve as fodder to the machine.
 
Yeah, the taxing authorizes LOVE the whole W2 deal and witholding laws on corporation. This is why the .gov loves corps and W2 wage earners.
 
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