The IRS also doesn’t buy the rapper’s attempt to tie the success of his work to the missing assets, questioning the necessity of having “Royal Copenhagen bear figurines” and the afore-mentioned soda machine [Titans!] and games around in order to write hip-hop tunes. [WSJ]
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IRS Not Just Going After Loose Change: Audits of Millionaires Rising
So this morning we learned that some IRS Agents decided to get huffy with a taxpayer over a sum that was less than a sketchy gas station party favor.
With this in mind, the more affluent of you may think that the IRS was finally recognizing that the millionaires in this country are the ones that make things happen. If the IRS would just BTFU and let the rich do their thing we’d get this economy back to blowing asset bubbles.
Unfortunately, Doug Shulman has remained steadfast in his commitment to making millionaires’ life hell by virtue of increasing the number of IRS audits on the wealthy.
According to a report in the New York Times, audits of individuals that earn at least $1 million are way up, “The federal agency increased its audits of taxpayers who earned $1 million to $5 million by 33 percent last year compared with 2008.” And if you’re in an even higher class of Joneses, your chances of getting audited are going up too, “[T]he I.R.S. increased its audits by 16 percent for those earning $5 million to $10 million last year. Audits of those who made at least $10 million rose by 8.5 percent, according to the data.”
The Times quotes a tax expert, Richard Boggs of Nationwide Tax Relief who then says the unthinkable (our emphasis):
“The I.R.S. is getting smart,” he said. “They are starting to better leverage their time, resources and talent in order to collect the most money. There is a definite shifting of the tide.” He said audits of those making at least $10 million rose slightly less than for other categories because so many of the ultrawealthy were already being audited.
We’re sure Mr Boggs is a top-notch tax guru but there is strong evidence that suggests that the IRS will still try to collect less substantial sums.
However, we have to admit, the numbers don’t lie. Millionaires out there, your chances of getting audited are going up and that sucks. But what should make everyone really nervous is the Service attempting to collect your loose change. Next time you see a nickel on the ground, we suggest you leave it there.
Jacques Cousteau’s Son Owes IRS $3 Million
Robert Snell over at the Tax Watchdog has another tax delinquent scoop and for the first time – as far as we can remember – it involves a dashing adventurous type as opposed to your run-of-the-mill hip-hop artist or Nicolas Cage.
Jean-Michel Cousteau (whose beard has to be the inspiration for Steve Zissou, even though the film is a parody of the old man) owes the IRS and the State of California around $3 million from a slew of liens:
• The IRS filed a $109,768 lien against him July 20.
• The IRS filed a $480,061 lien June 22.
• The IRS filed a $600,076 lien June 15.
• The state of California filed a $60,198 lien against him April 29.
• The IRS filed a $212,748 lien Dec. 16, 2009.
• The IRS filed a $238,852 lien Oct. 15, 2009.
• The state of California filed a $41,860 lien Oct. 8, 2009.
• The IRS filed a $193,496 lien April 14, 2009.
• The IRS filed a $187,423 lien April 14, 2009.
• The IRS filed a $518,227 lien April 6, 2009.
• The IRS filed a $396,586 lien Feb. 1, 2008.
Jesus, man. No room for a CPA on your boats? We realize that some have weight issues which could cause a problem but just throw them in the water regularly and they’ll shed the extra pounds in no time.
Ocean explorer underwater on taxes [Tax Watchdog]