General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe 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 partnershipsanother area where cheating has long been rampantand 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*
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redqueen
(115,160 posts)XanaDUer2
(11,919 posts)DENVERPOPS
(9,312 posts)the Uber Rich and Corporations will stop at nothing this time around to get Biden out and Trump back in.......
RussBLib
(9,269 posts)...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
republianmushroom
(15,652 posts)AllaN01Bear
(21,069 posts)if continued , seize the planes , sell them and give monies to ukr, same with their boats .
AllaN01Bear
(21,069 posts)lindysalsagal
(21,230 posts)Mr.Bill
(24,478 posts)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
(9,197 posts)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
(24,478 posts)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.
NoMoreRepugs
(9,891 posts)plimsoll
(1,684 posts)The honest taxpayers also bear more scrutiny for clerical errors they may have made.
Evolve Dammit
(17,508 posts)jmowreader
(50,857 posts)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 didnt want to pay for the trip on AF1. All he needed to do was a half-day of something presidential and he was covered.
Evolve Dammit
(17,508 posts)When Joe took office. should have happened sooner
Orrex
(63,582 posts)his bf ginni?
Farmer-Rick
(10,703 posts)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.
SouthernDem4ever
(6,618 posts)They live in million dollar mansions with private jets and pay no taxes.
jimfields33
(17,312 posts)We need revenue in this country. Nobody should get a free ride. 10 percent for non profits and 25 percent for churches. Thats extremely fair.
dlk
(11,888 posts)They support tax cheats.
WarGamer
(13,492 posts)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
(17,312 posts)Those in error have to pay it back. I think they should drop it as its clearly too confusing to many.
TeamProg
(6,630 posts)Yo_Mama_Been_Loggin
(110,941 posts)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.
Ruby the Liberal
(26,220 posts)This is how its supposed to work. Thank you for posting this - it made my day.
DFW
(55,437 posts)There go my plans to buy a new Lear Jet and write it off.