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(50,986 posts)
Fri Mar 1, 2024, 02:49 PM Mar 1

The IRS Finally Takes the Gloves Off [View all]


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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.

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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
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