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Nevilledog

(51,407 posts)
Fri Mar 1, 2024, 02:49 PM Mar 1

The IRS Finally Takes the Gloves Off

https://www.thenation.com/article/society/irs-wealthy-tax-cheats/

No paywall link
https://archive.li/eEEgj

The Internal Revenue Service last week announced a crackdown on writing off the personal use of corporate jets as a business expense. Taking improper tax deductions for private jet flights is the newest target of a reinvigorated IRS, which, under the Biden administration, has begun aggressively pursuing wealthy tax cheats.

The IRS said it would also increase examinations of partnerships—another area where cheating has long been rampant—and in general will scrutinize more returns filed by people making more than $1 million per year, especially if they owe large tax debts, own multiple shell companies, or have overseas bank accounts.

These new audit policies clearly signal to business owners and executives that the Trump-era practice of looking the other way at high-level tax cheating is over. The IRS said that the rate at which the IRS audits poor, middle-class, and upper-middle-class Americans will not change.

This is welcome news for honest taxpayers, because when those with the highest incomes cheat, everyone else must pick up their burden in one of three ways: They pay more taxes, receive less government services, or bear the interest on increased government borrowing.

*snip*
28 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
The IRS Finally Takes the Gloves Off (Original Post) Nevilledog Mar 1 OP
About freaking time nt redqueen Mar 1 #1
I concur nt XanaDUer2 Mar 1 #3
Small wonder DENVERPOPS Mar 1 #14
More good news RussBLib Mar 1 #2
About time ! republianmushroom Mar 1 #4
eggsllent. AllaN01Bear Mar 1 #5
the rich doners of the rs are afraid that they will loose all of the tax breaks given to them starting w raygun. AllaN01Bear Mar 1 #6
Boo-hoo. Rich aren't rich enough. So tired of the greed. lindysalsagal Mar 1 #7
When Betsy DeVos was Secretary of education, Mr.Bill Mar 1 #8
Of course she did. Demobrat Mar 1 #11
I worked for a printing company Mr.Bill Mar 1 #12
Another reason to add to the extensive list of why it is critical for the Democratic Party to be in charge. NoMoreRepugs Mar 1 #9
4 ways plimsoll Mar 1 #10
Why inthe world did it take so f'ing long????? Evolve Dammit Mar 1 #13
Because this is harder than it looks jmowreader Mar 1 #16
I'm talking about a directive from IRS to prioritize Evolve Dammit Mar 1 #17
On Monday Clarence Thomas will shut down the IRS as unconstitutional Orrex Mar 1 #15
will he ask et tu Mar 1 #18
A drop in the bucket Farmer-Rick Mar 2 #19
Time to tax the TV Preachers too SouthernDem4ever Mar 2 #20
All nonprofits too. jimfields33 Mar 2 #26
Republicans have consistently blocked adequate funding for the IRS dlk Mar 2 #21
Good news... WarGamer Mar 2 #22
Too many take earned income credit. jimfields33 Mar 2 #27
Better late than never I guess. nt TeamProg Mar 2 #23
Long overdue Yo_Mama_Been_Loggin Mar 2 #24
Glorious Ruby the Liberal Mar 2 #25
Well rats! DFW Mar 2 #28

DENVERPOPS

(8,958 posts)
14. Small wonder
Fri Mar 1, 2024, 05:11 PM
Mar 1

the Uber Rich and Corporations will stop at nothing this time around to get Biden out and Trump back in.......

RussBLib

(9,068 posts)
2. More good news
Fri Mar 1, 2024, 02:56 PM
Mar 1

...no wonder the GOP has been trying to cut the IRS. Soon we will no doubt hear that "Biden's IRS is conducting a WAR on Americans!!"

They lie about everything.

https://russblib.blogspot.com/?m=1

AllaN01Bear

(19,071 posts)
6. the rich doners of the rs are afraid that they will loose all of the tax breaks given to them starting w raygun.
Fri Mar 1, 2024, 03:15 PM
Mar 1

Mr.Bill

(24,403 posts)
8. When Betsy DeVos was Secretary of education,
Fri Mar 1, 2024, 04:30 PM
Mar 1

she used her personal jet for travel. All she would have to do on any trip she took is walk into a school and she could write of the cost of the trip as job related. I would be willing to bet she did just that.

Demobrat

(9,085 posts)
11. Of course she did.
Fri Mar 1, 2024, 04:53 PM
Mar 1

I worked with a guy who bragged about taking clients to strip clubs, asking them how business was, and writing the whole thing off as a business meeting.

Mr.Bill

(24,403 posts)
12. I worked for a printing company
Fri Mar 1, 2024, 05:05 PM
Mar 1

where the owner of the company and his wife spent six weeks in Eupope every summer. He wrote it off as a business expense by claiming he was shopping for used printing equipment. Germany especially is a source of high quality printing presses, new or used. In all fairness, he did buy a few things, but not every year. He just made sure he made appointments a few times during the trip to meet with some equipment brokers, and actually looked at some equipment.

jmowreader

(50,619 posts)
16. Because this is harder than it looks
Fri Mar 1, 2024, 05:18 PM
Mar 1

They had to figure out a way to determine if a flight was “primarily business related” or the business activity was “ancillary” to the real purpose of the trip.

For instance, say Trump wanted to stay in his Waikiki hotel for a week - he had one but sold it to one of the big hotel conglomerates last year - and didn’t want to pay for the trip on AF1. All he needed to do was a half-day of something presidential and he was covered.

Farmer-Rick

(10,262 posts)
19. A drop in the bucket
Sat Mar 2, 2024, 12:54 PM
Mar 2

This is good but there are hundreds of billions of taxes the filthy-rich skate out on.

They need to do things like this much more often.

jimfields33

(16,279 posts)
26. All nonprofits too.
Sat Mar 2, 2024, 04:08 PM
Mar 2

We need revenue in this country. Nobody should get a free ride. 10 percent for non profits and 25 percent for churches. That’s extremely fair.

WarGamer

(12,539 posts)
22. Good news...
Sat Mar 2, 2024, 02:55 PM
Mar 2

Still wish Congress would have instructed the IRS that 80% of their investigations must be of the rich... NOT the poor.

Recent data shows the poor are the vast majority of IRS audit targets.

jimfields33

(16,279 posts)
27. Too many take earned income credit.
Sat Mar 2, 2024, 04:10 PM
Mar 2

Those in error have to pay it back. I think they should drop it as it’s clearly too confusing to many.

Yo_Mama_Been_Loggin

(108,663 posts)
24. Long overdue
Sat Mar 2, 2024, 03:21 PM
Mar 2

The original reason for the tax deduction was that corporate jets were supposed to be a method for large companies to conduct business in a timely manner. They weren't supposed to be a perquisite for the CEO to fly anywhere on a whim.

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