IRS Filings Show This Whole ‘Rapture’ Thing Might Prove Quite Lucrative

Posted on by Caleb Newquist

According to their most recent IRS filings, Family Radio is almost entirely funded by donations, and brought in $18 million in contributions in 2009 alone. According to those financial documents, accountants put the total worth of Family Radio (referred to as Family Stations on its official forms) at $72 million. With those kind of financials — and controversial beliefs — it’s no wonder skeptics have accused the group of running a scam. [CNN via NetNet]

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The IRS Doesn’t Want to Burden Anyone Too Much but They Kinda Want That Money

irs.jpgThe IRS, in its continuing effort to squeeze every last dime out of every single one of us, is planning 6,000 audits of companies and their compliance with employment taxes over the next three years.
The Service apparently figured it was about time they started putting the screws to companies since they hadn’t done an analysis since 1984:
Continued, after the jump

The Treasury Department in 2005 estimated, based on the 1984 IRS data, that companies underpay employer taxes by about $14 billion annually. In particular, federal agencies have raised concerns about whether employers are properly classifying workers as company employees or independent contractors.

The Service isn’t wasting any time, already proposing a $14 million tax on FedEx after auditing the courier’s 2002 tax return. The Service is also looking at the company’s 2004 through 2008 tax returns, so FedEx should probably get the check book.
The Service is promising to make company’s experience as ‘least burdensome as we can’ but we’re guessing they’re going to want the money, Lebowski, and being a nuisance will probably be of secondary importance.
IRS to Audit 6,000 Companies to Test Employment Tax Compliance [Bloomberg]
IRS Plans 6,000 Employment Tax Audits [Web CPA]