Congressional Republicans are skeptical the IRS’s treatment of conservative groups warrants a special prosecutor, fearing that step could limit their own investigation into the agency. GOP lawmakers stress that – with just one inspector general's report and three hearings in the rearview mirror – it’s too early to lean on a special counsel, and that calling for the Justice Department to act should be a last resort. “When I can’t do my job because I lack the authority or cooperation, I’ll seek additional remedies,” House Oversight Chairman Darrell Issa (R-Calif.) told reporters on Thursday. [The Hill]
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Ludacris Should Be Giving Ving Rhames Tax Advice
In today’s celebrity tax scofflaw du jour, we learn that Ving “Why do people always have to bring up that scene in Pulp Fiction” Rhames owes the IRS over $800k from two liens, both filed by the IRS in Los Angeles.
Rhames has had trubs in the past, having liens filed against him last May as well.
It seems to that California, being in the fiscal trouble that’s it in, really needs to call on its other celebrity residents to hold some sort of Haiti-esque fundraiser for some of their fellow celebs.
Sure, it might not fix all the state’s budget problems but at least we could admire our celebrities for being financially responsible pillars of the community rather than pillars of the community when there’s an international crisis. Plus, maybe California wouldn’t have to fire more teachers.
In semi-related news, you will never, ever, EVER hear about Ludacris owing the IRS a damn thing. Not now, not ever.
“I pay more in taxes than most people would ever imagine. I guarantee you, I’m looking dead in the camera, you will never hear about Ludacris owing the damn IRS no damn money.”
Okay, financial celebrities f-ups, get on the horn and find out what the great financial mind-cum-rapper/actor of Ludacris has in store for you. Things haven’t worked out so far, so it can’t hurt to see what the man has to say.
Ving Rhames far from OK with Uncle Sam [Tax Watchdog]
IRS Announces New ‘Come Out with Your Hands Up Holding Your Offshore Bank Account Number’ Program
Back in 2009, the IRS ran a relatively successful program that encouraged those with offshore bank accounts to cop to their shady tax evading ways and all would be forgiven…with the exception of a small penalty of the assets stashed out of sight. This particular program was primarily focused on UBS customers and for those not willing to play ball, the IRS and DOJ put the screws on the Swiss bank and got them to name names.
The IRS had been hinting that maybe Offshore Amnesty 2.0 was coming and today, they made it official.
The Internal Revenue Service announced a new initiative on Tuesday intended to lure tax evaders, but with stiffer penalties than those offered by a previous program. Under the initiative, Americans with hidden offshore accounts have until Aug. 31 to come forward voluntarily and report the accounts to the I.R.S. in exchange for penalties that, while below what they would ordinarily pay, are still higher than those offered in an earlier amnesty program.
The good news is that the IRS swears – SWEARS! – that you’ll come to no harm, in the criminal sense:
The program makes clear that Americans who come forward will not to face prosecution for tax evasion — something tax lawyers say was more of an open question under the previous program. “When a taxpayer truthfully, timely and completely complies with all provisions of the voluntary disclosure practice, the I.R.S will not recommend criminal prosecution to the Department of Justice,” the I.R.S. said.
So unless the possibility of jail time sounds inviting, we suggest you get on this. We’re all dreaming of August right now.
Max Baucus Promises to Monitor the IRS Until the Tax Gap Is Closed ‘Once and For All’
As soon as you catch your breath from laughing hysterically, feel free to continue.
Max Baucus turns 59 69 on December 11th, so even if you assume that he will have the life expectancy of Robert Byrd that means he’s got 32 22 years of watching the IRS’s every move. Sure, we’re making the assumption that the IRS has a snowflake’s chance in Hell of closing the tax gap but that’s an assumption we’re comfortable making.
The General Accounting Office recently stated that the IRS was using “antiquated techniques” to fight tax evasion and Baucus feels compelled to be on top of the situation until the tax gap is a distant memory.
“This report makes clear the IRS needs to develop a comprehensive strategy to fight complex tax evasion schemes and that more work is needed to close the tax gap,” Baucus said in prepared remarks. “I intend to closely monitor the IRS’ progress to make sure they have an effective strategy to root out this tax evasions and close the tax gap once and for all.”
You may now resume laughing until you soil yourself.
Baucus urges new strategy for IRS to combat evasion [On the Money]