\GoBillsInDallas/ Posted June 18, 2023 Posted June 18, 2023 https://s.wsj.net/public/resources/documents/IRS_letter.pdf 1
B-Man Posted August 18, 2023 Posted August 18, 2023 I feel safer with an armed IRS agency, Don't you "feel" safer ? 2
B-Man Posted April 8 Posted April 8 I am "shocked" Aren't you "shocked" ? I REMEMBER WHEN THEY TOLD US THEY NEEDED THOSE AUDITORS TO GO AFTER BILLIONAIRES: 63% Of IRS Audits Target Taxpayers Earnings Less Than $200,000, Not $400,000 Promised By President Biden. The Internal Revenue Service got an audit of its own in time for Tax Day, and two irregularities jump out. President Biden’s plan to hire a new army of tax collectors is falling flat, and the agents already at work are targeting the middle class. Those are two findings of the IRS’s watchdog, the Treasury Inspector General for Tax Administration (Tigta). The report examines IRS progress on mandates from the Biden Administration backed by tens of billions in new funding. The first supposed goal was to audit more ultrawealthy and fewer middle-class filers, but it’s not going so well. By last December the IRS decided that it wouldn’t begin tracking its progress until later this year. That’s because the agency has been slow to shift its focus to high-income taxpayers, who make up a small share of total filings. Its April 2023 strategic plan pledged that future audits would disproportionately target individuals making at least $400,000, but “did not include specifics on how the IRS was going to ensure it met this commitment,” says Tigta. https://taxprof.typepad.com/taxprof_blog/2024/04/63-percent-of-irs-audits-target-taxpayers-earnings-less-than-200000-not-less-than-400000-promised-by-president-biden.html https://www.wsj.com/articles/irs-tax-collectors-audit-middle-class-tigta-5071d622 1 1
Backintheday544 Posted July 12 Posted July 12 3 hours ago, BillsFanNC said: How many people in the US do you think make more than $200,000? The last number I saw was 12 percent. So if 66 percent of audits were on 88 percent of the population, you’re hitting the richest 12 percent with 34 percent of audits. We can see that with this stat: ”As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area” https://www.irs.gov/newsroom/irs-tops-1-billion-in-past-due-taxes-collected-from-millionaires-compliance-efforts-continue-involving-high-wealth-groups-corporations-partnerships They brought in a billion dollars of taxes from 1,600 people. Good work IRS. Keep it up! 1
All_Pro_Bills Posted July 12 Posted July 12 (edited) 10 minutes ago, Backintheday544 said: How many people in the US do you think make more than $200,000? The last number I saw was 12 percent. So if 66 percent of audits were on 88 percent of the population, you’re hitting the richest 12 percent with 34 percent of audits. We can see that with this stat: ”As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area” https://www.irs.gov/newsroom/irs-tops-1-billion-in-past-due-taxes-collected-from-millionaires-compliance-efforts-continue-involving-high-wealth-groups-corporations-partnerships They brought in a billion dollars of taxes from 1,600 people. Good work IRS. Keep it up! Whether they collect additional taxes is more or less a mathematical exercise in futility. Because the government is spending $100's of billions, trillions perhaps, more every year than they collect in taxes and the national debt continues to expand at what looks like an exponential rate at this point. So because of the effort of new agents the treasury borrows a billion less? Minus the expense and salaries of those additional 87,000 agents. Which at $100K a year is what? $870 million? So net $130 million. Whoopee. What's that? A couple hours a year of government spending? We'd be better off if some agency such as the Congressional Budget Office hired another 87,000 auditors to go after all the government spending programs and figure out where all those funds get spent, whether it useful or a waste, with power to pull the plug on graft, corruption, and waste. But auditing government spending programs isn't too popular an idea with who? Well, the government. Edited July 12 by All_Pro_Bills 2
Backintheday544 Posted July 12 Posted July 12 1 minute ago, All_Pro_Bills said: Whether they collect additional taxes is more or less a mathematical exercise in futility. Because the government is spending $100's of billions, trillions perhaps, more every year than they collect in taxes and the national debt continues to expand at what looks like an exponential rate at this point. So because of the effort of new agents the treasury borrows a billion less? Minus the expense and salaries of those additional 87,000 agents. Which at $100K a year is what? $870 million? So net $130 million. Whoopee. We'd be better off if some agency such as the Congressional Budget Office hired another 87,000 auditors to go after all the government spending programs and figure out where all those funds get spent, whether it useful or a waste, with power to pull the plug on graft, corruption, and waste. But auditing government spending programs isn't too popular an idea with who? Well, the government. You don’t have to do fake math in your head when CBO has scored it with real data. “The IRS’s ROIs ramp up over three years as staff become trained and fully productive, arrive at the peak level, and then stay there. In recent years, peak ROIs have ranged from 5 to 9. That is, a $1 increase in spending on the IRS’s enforcement activities results in $5 to $9 of increased revenues.“ https://www.cbo.gov/publication/57444 Back up data is in the IRS Databook as well. I think any business would love an ROI of $5 to $9 for every dollar spent. 1
LeviF Posted July 12 Posted July 12 23 minutes ago, Backintheday544 said: How many people in the US do you think make more than $200,000? The last number I saw was 12 percent. So if 66 percent of audits were on 88 percent of the population, you’re hitting the richest 12 percent with 34 percent of audits. What portion of that 88 percent pays zero income tax and/or is not required to file? 1
All_Pro_Bills Posted July 12 Posted July 12 9 minutes ago, Backintheday544 said: You don’t have to do fake math in your head when CBO has scored it with real data. “The IRS’s ROIs ramp up over three years as staff become trained and fully productive, arrive at the peak level, and then stay there. In recent years, peak ROIs have ranged from 5 to 9. That is, a $1 increase in spending on the IRS’s enforcement activities results in $5 to $9 of increased revenues.“ https://www.cbo.gov/publication/57444 Back up data is in the IRS Databook as well. I think any business would love an ROI of $5 to $9 for every dollar spent. Call me skeptical this has any real impact. If spending was contained by revenue then it has value. But its not. In the race to disaster, spending is on a rocket ship and revenues are riding on the back of a Turtle. 1
Backintheday544 Posted July 12 Posted July 12 (edited) 25 minutes ago, LeviF said: What portion of that 88 percent pays zero income tax and/or is not required to file? You can have fun going through all the IRS statistics: https://www.irs.gov/statistics/soi-tax-stats-irs-data-book 23 minutes ago, All_Pro_Bills said: Call me skeptical this has any real impact. If spending was contained by revenue then it has value. But its not. In the race to disaster, spending is on a rocket ship and revenues are riding on the back of a Turtle. We have the 2023 tax gap estimate at $688 billion per year: https://www.irs.gov/newsroom/irs-updates-tax-gap-projections-for-2020-2021-projected-annual-gap-rises-to-688-billion#:~:text=The %24688 billion gross tax,taxes and underpayment of taxes. 2023 Federal deficit was $1.7 trillion. So about 1/3 of our deficit is attributable to the Tax Gap in 2023. I don’t know how funding the IRS properly isn’t a bipartisan issue. Edited July 12 by Backintheday544
LeviF Posted July 12 Posted July 12 6 minutes ago, Backintheday544 said: You can have fun going through all the IRS statistics: https://www.irs.gov/statistics/soi-tax-stats-irs-data-book Your assertion was that 66% of audits were levied on 88% of the population, which is demonstrably false by simply thinking for five seconds. But I'll do your homework for you. Number of individual returns examined (audits) 2023: 518,607 Individual returns examined for positive incomes $0 - $200,000: 474,127 For a 91.4% figure. It's even simpler than I thought. Thanks for the link. 1
Backintheday544 Posted July 12 Posted July 12 1 hour ago, LeviF said: Your assertion was that 66% of audits were levied on 88% of the population, which is demonstrably false by simply thinking for five seconds. But I'll do your homework for you. Number of individual returns examined (audits) 2023: 518,607 Individual returns examined for positive incomes $0 - $200,000: 474,127 For a 91.4% figure. It's even simpler than I thought. Thanks for the link. For people under $200,000 of income, audit coverage is about 0.1 percent whereas audit coverage peaks at 3 percent for people in higher incomes. 1 1
Tommy Callahan Posted July 12 Posted July 12 2 hours ago, LeviF said: What portion of that 88 percent pays zero income tax and/or is not required to file? The funny part is the ones that pay no taxes, are the first ones to file. as they get the biggest returns.
The Frankish Reich Posted July 12 Posted July 12 10 minutes ago, Backintheday544 said: For people under $200,000 of income, audit coverage is about 0.1 percent whereas audit coverage peaks at 3 percent for people in higher incomes. Thank you. If I remember correctly, you are an accountant, so you know what you're talking about. Shocker: tax cheats annoyed that someone will actually check their returns. 1
Tommy Callahan Posted July 12 Posted July 12 3 minutes ago, The Frankish Reich said: Thank you. If I remember correctly, you are an accountant, so you know what you're talking about. Shocker: tax cheats annoyed that someone will actually check their returns. Is there anything about team blue you don't cheerlead for? The simple fact is the IRS is auditing households under 400K per year. When he and the dems stated it would be only for households over 400K per year. 1 1
Backintheday544 Posted July 12 Posted July 12 4 minutes ago, Tommy Callahan said: Is there anything about team blue you don't cheerlead for? The simple fact is the IRS is auditing households under 400K per year. When he and the dems stated it would be only for households over 400K per year. They said they wouldnt increase audits with the use of Inflation Reduction Act funds. You can’t just stop auditing people under $400k. 1) it’s a substantial population 2) everyone would put they made $399,999 on their returns. 1 1 1
Tommy Callahan Posted July 12 Posted July 12 Just now, Backintheday544 said: They said they wouldnt increase audits with the use of Inflation Reduction Act funds. You can’t just stop auditing people under $400k. 1) it’s a substantial population 2) everyone would put they made $399,999 on their returns. They said the new funds would be used to target households making over 400G a year. 63% of the ones audited were below that per the link above. Just take the L it is what it is. 2
K D Posted July 12 Posted July 12 3 minutes ago, Tommy Callahan said: Is there anything about team blue you don't cheerlead for? The simple fact is the IRS is auditing households under 400K per year. When he and the dems stated it would be only for households over 400K per year. This. They said they would not increase audits for normal folks, just rich people. Of course they lied. 200k is middle class in certain areas of the country. They need to get that extra 2-3k from us but meanwhile they send billions to other countries and let Congress do insider trading. I guarantee no politicians are getting audited. It's all a scam 1 2
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