Today, IRS Commissioner Koskinen painted a clear picture of how the IRS plans on “overseeing” billions of dollars in taxpayer subsidies. When asked by Health Subcommittee Chairman Brady if the IRS would be following the law and collecting taxpayer dollars that went to people who were not eligible, Koskinen simply said, “Wherever we can, we follow the law.” [House Ways and Means Committee]
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One IRS Agent Needs to Work on His Bribery Technique
An Internal Revenue Service agent is charged with accepting a bribe from two business owners in exchange for lowering their taxes.
The U.S. Attorney’s Office says 40-year-old Roger Anthony Coombs met with the two owners on May 8 to discuss an IRS audit of their businesses. Prosecutors say Coombs offered to reduce the $60,000 the business owners owed in taxes to $11,000 if they would pay him $9,700.
Coombs was arrested Wednesday after the business owners reported the offer to law enforcement officers.
How does a $49k reduction in taxes equate to a $9,700 pay off? Were these business owners more interested in greasing him $9,700 for a $0 tax liability? Because if that was the case, this happened in Minnesota, not the South, where that sort of thing could go unnoticed.
Or maybe they got pissed after he turned down their offer to seal the deal with a Starbucks?
IRS Unit Fully Intends to Make Rich People’s Audit Experience as Unpleasant as Possible
As you my have heard, being mega-rich these days has its disadvantages, including but not limited to – 1) governments getting overly reliant on the wealthy pitching in with revenues; 2) people giving you a hard time when you buy new toys; 3) your own kind selling you out.
Because times are tough and elected officials are having difficulty convincing anyone that higher taxes for the middle class are a good idea, the affluent are having the unfortunate luck to experience the rigor of the Global High Wealth Industry Group – a new unit within the IRS designed to perform the financial equivalent of a full rectal exam:
The reviews performed so far have been particularly harsh, say attorneys. Investors are being asked to turn over numerous hard-to-get documents in short order. These are “the audits from hell that your grandfather warned you about,” says Charles P. Rettig, a partner at Hochman, Salkin, Rettig, Toscher & Perez in Beverly Hills, Calif.
And don’t think for a second that the Service is putting scrubs on these assignments. Extra-special auditees deserve extra-special auditors:
Miriam L. Fisher, a tax attorney and partner at law firm Morgan Lewis in Washington, says the audit teams comprise “A-list examiners” drawn from around the country who are knowledgeable and experienced with various financial products and industries. The audits are so intensive that each team is handling only a few right now and they aren’t far along in the process, she says.
IRS spokeswoman Michelle Eldridge says the group is looking at “individuals who have a complex set of situations, and looking at the complete financial set up.” She acknowledged that “these cases are full audits.”
Although you would never expect an IRS audit to be as delightful as, say, your average weekend in the Hamptons but haven’t rich people suffered enough? The least the IRS examiners could do is bring something from Maison du Chocolat to bring the tension down a notch.
[via TaxProf]
GOP Congressman: Sprawling, Despised Government Agency with a History of Inefficiency That Just So Happens to Be a Convienent Political Target Is Misprioritizing Things Because ObamaCare
That is, Dave Camp doesn't believe the IRS's story that the shutdown is the cause […]