We have failed again to avoid deceased King of Pop news. Turns out the doctor who is suspected of providing Jackson with drugs that may have killed him is also is a tax scofflaw.
Dr. Conrad Murray is facing a $20k tax lien to the State of California, who, we’ve heard, needs the money. It was filed nine days before Jackson died which will likely add to the batsh!t crazy conspiracy theories surrounding his death.
Michael Jackson Doctor Faces Tax Lien [Web CPA]
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IRS Not Just Going After Loose Change: Audits of Millionaires Rising
- Caleb Newquist
- March 16, 2010
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.
How Do You Like VAT?
- Caleb Newquist
- March 31, 2011
[A]s globalization increases demand for a more competitive tax system, the United States must consider shifting from a system that primarily relies on income taxation to one that relies primarily on consumption taxation. Most other major economies around the world depend more heavily on consumption taxation than does the United States. And all indications are reliance on consumption taxes is increasing. [Martin Sullivan]
You Know It’s Officially Tax Season When Someone Threatens an IRS Office with a Bomb
- Caleb Newquist
- February 8, 2011
Amiright? Apparently, this guy in Sarasota, Florida was just messing with everyone but, of course, that still doesn’t go over very well with the local authorities.
“About 11:45 a.m. a 59-year-old man walked into the center with a briefcase and a box,” said Sarasota County Sheriff’s Office Capt. Paul Richard. “He placed it on what’s been described to me as a counter top and told personnel there that he had a bomb,” Richard said. IRS security personnel at the office managed to subdue the man and then hand him over to deputies. The office houses 60 employees, who were evacuated during the episode. The sheriff’s office bomb squad later confirmed there was no explosive or destructive device in either the box or the briefcase.