IRS Warns Americans of New Law in 2023

#126
#126
Take all your hard earned money out of the bank. Your hard earned wages. See what happens.

You dont own your money..you dont own your property. You dont own ****.
 
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#130
#130
318867653_10226091710953228_3068980834281827744_n.jpg
 
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#131
#131
hog88 said:
Because you know what they will do. They'll be going after the honest people who made an error and hitting them because the IRS knows they can't fight back.
Click to expand...

It is their job to collect the correct amount of tax. Honest people and crooked people. Honest people typically will not be charged a penalty or have the threat of imprisonment involved.
Crooks can be charged with fraud.

You overpay your tax you might just get a refund.
 
#132
#132
hog88 said:
Yes it will. No paying your buddy using Venmo who does a side job for you on the weekend. Gonna have to be straight cash until they do away with that.
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Your buddy that did a side job made "taxable income". why should he be exempt?
 
#133
#133
Go aeiou said:
It is their job to collect the correct amount of tax. Honest people and crooked people. Honest people typically will not be charged a penalty or have the threat of imprisonment involved.
Crooks can be charged with fraud.

You overpay your tax you might just get a refund.
Click to expand...

They hit honest people who made an error with interest and penalties every day.
 
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#138
#138
Go aeiou said:
It is their job to collect the correct amount of tax. Honest people and crooked people. Honest people typically will not be charged a penalty or have the threat of imprisonment involved.
Crooks can be charged with fraud.

You overpay your tax you might just get a refund.
Click to expand...

Ha I always laugh at the money you get back being called a refund.
 
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#139
#139
Go aeiou said:
Interest is automatic. Penalties are not.
I had what they thought was a $36,000 mistake in 2018. No penalty assessed.
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The interest is some bs. They sent me too large a refund. Took them 4 years to catch it. They tried to hit me with a penalty until I finally talked to a human being. Then all i had to pay back was their error plus interest. And it was far more interest than i ever could have made from the extra money in their mistake.
 
#141
#141
hog88 said:
I don't get the impression BOM is like the average lawyer who loves new and complicated laws because they drive up business. I think he's more on the respectable side which most good accountants are.
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I'm a rule of law guy. The laws are written and I do my best to save as much money within those laws.....

That's why big fake boobs are a business expense for a stripper that gets a 1099 from traveling....
 
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#143
#143
BigOrangeMojo said:
I'm a rule of law guy. The laws are written and I do my best to save as much money within those laws.....

That's why big fake boobs are a business expense for a stripper that gets a 1099 from traveling....
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Seems like a deduction that should be verified.
 
#145
#145
hog88 said:
Was it a mistake on your part?
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A CPA firm sent me a K-1 from a Subs Corporation. The CPA firm decided that they made an error so they sent me an "amended" K-1.
It appears that the Amended 1120S was not marked as "amended" so the IRS got the info two times. My two K-1s were entered.

So I sent 18 pages of information to the IRS to clear things up. The IRS accepted my docs and cleared things up in about 4-6 weeks.
This was for stock I owned in a bank. A local firm had filed our return for about 20 years without a problem. The bank decided to hire a firm that specialised in banks. Oh well. To their credit they offered to handle the prolem for all shareholders. Free of course.
 
#146
#146
Go aeiou said:
A CPA firm sent me a K-1 from a Subs Corporation. The CPA firm decided that they made an error so they sent me an "amended" K-1.
It appears that the Amended 1120S was not marked as "amended" so the IRS got the info two times. My two K-1s were entered.

So I sent 18 pages of information to the IRS to clear things up. The IRS accepted my docs and cleared things up in about 4-6 weeks.
This was for stock I owned in a bank. A local firm had filed our return for about 20 years without a problem. The bank decided to hire a firm that specialised in banks. Oh well. To their credit they offered to handle the prolem for all shareholders. Free of course.
Click to expand...


Like I said..the code is a cluster****..

Hey man I filed 1040 and amended with a K-1 so had to file a L-2 which caused me to file an M-3.1.1A.1 subset 1040.2.6.
 
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#147
#147
Orangeburst said:
Like I said..the code is a cluster****..

Hey man I filed 1040 and amended with a K-1 so had to file a L-2 which caused me to file an M-3.1.1A.1 subset 1040.2.6.
Click to expand...

It was not a code problem.
The Bank's CPAs made an error, and the IRS had been materially downsized in 2018.

Yes the code is difficcult to follow for most people, and You really need tax software to file anything other the most simple returns.
 
#148
#148
Go aeiou said:
It was not a code problem.
The Bank's CPAs made an error, and the IRS had been materially downsized in 2018.

Yes the code is difficcult to follow for most people, and You really need tax software to file anything other the most simple returns.
Click to expand...

Good for you.
It is BS that one has to file anything other than a 5 minute form. The complexity and loopholes..a freaking indutrsy built on figuring it out..and my Father is a founder of a 60 YO CPA firm.
All BS by complexity and confusion. And nowhere do I find Fed taxes constitutional in the first place.
 
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