Author Topic: What is wrong with the IRS??  (Read 259 times)

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Offline dutch508

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What is wrong with the IRS??
« on: September 28, 2020, 09:33:31 PM »
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Chicagogrl1 (122 posts)
https://www.democraticunderground.com/100214154563

What is wrong with the IRS??
How does tRump get multiple multi-million refunds? We once missed a very late 1099 & they came after us full force. How does tRump get so lucky w/ the IRS? Does he a special friend that works @ the IRS? How can someone be under audit for 10 years? If you lose more than you make, then you go out of business. Pretty simple. Why do people bank on such a loser. NONE of it makes sense.

 :whatever:

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Star Member TexasBushwhacker (15,590 posts)

4. "If you lose more than you make, then you go out of business."

One would think so, but Trump has two things going for him:

1) Bankruptcy laws allowed him to stiff creditors, subcontractors and even employees.

2) He still finds people to loan him money and he's willing to take money from ANYONE (or Russians, Saudis).

 :thatsright:

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Star Member alittlelark (17,751 posts)

7. I could give u my opinion on why it happens over and over.

But it's just the same old story over and over.
The STORY is one consciously deciding to take the red pill.

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Offline FiddyBeowulf

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Re: What is wrong with the IRS??
« Reply #1 on: September 29, 2020, 07:29:04 AM »
Maybe people who use H&R Block to submit a one page EZ tax form should not act like tax experts on a public forum.
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Offline Ralph Wiggum

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Re: What is wrong with the IRS??
« Reply #2 on: September 29, 2020, 08:55:50 AM »
Maybe people who use H&R Block to submit a one page EZ tax form should not act like tax experts on a public forum.

Posted a couple of things on this subject at CU that are relevant to this conversation:

No one other than tax lawyers and accountants should EVER be able to speak or write about taxes.

"Reporters" and "journalists" chronicly misuse terms and don't even have the slightest comprehension of how taxes are calculated. Or what was actually paid in taxes. They look at the year end refund or payment, not the xxx million the President or company actually remitted.

Fake news...

And...


Note my above comment about the general public completely not being able to comprehend complex corporate tax returns. People seize on one item: the refund or payment, ignoring how much income tax was actually paid, deductions, to arrive at the bottom line.

Sorry, this subject ALWAYS perturbs me. I'm an accredited accountant with a college degree and 25+ years of work experience to prove it, and deal with tax filings on a daily basis. There are so many misperceptions about taxes in general and how finances are viewed from a financial lens rather than the B.S. that is usually focused upon by non-financial people.

Can you tell this sticks in my craw?
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Offline landofconfusion80

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Re: What is wrong with the IRS??
« Reply #3 on: September 29, 2020, 09:00:36 AM »
Posted a couple of things on this subject at CU that are relevant to this conversation:

No one other than tax lawyers and accountants should EVER be able to speak or write about taxes.

"Reporters" and "journalists" chronicly misuse terms and don't even have the slightest comprehension of how taxes are calculated. Or what was actually paid in taxes. They look at the year end refund or payment, not the xxx million the President or company actually remitted.

Fake news...

And...


Note my above comment about the general public completely not being able to comprehend complex corporate tax returns. People seize on one item: the refund or payment, ignoring how much income tax was actually paid, deductions, to arrive at the bottom line.

Sorry, this subject ALWAYS perturbs me. I'm an accredited accountant with a college degree and 25+ years of work experience to prove it, and deal with tax filings on a daily basis. There are so many misperceptions about taxes in general and how finances are viewed from a financial lens rather than the B.S. that is usually focused upon by non-financial people.

Can you tell this sticks in my craw?
People usually glaze over when I get into capital gains and depreciation.  I'd be tickled to death having to owe 750 bucks. No zero interest loan to the government from me
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Offline USA4ME

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Re: What is wrong with the IRS??
« Reply #4 on: September 29, 2020, 09:21:26 AM »
The primitives are the ones who have been lecturing others for years how that when conservatives point out common people who don’t pay any taxes, they say that’s not true because they pay sales tax and when they pay rent a portion of that is for the taxes on the property, etc.... Now suddenly all those taxes are to be overlooked.

It their constant inconsistencies that always bite them.

.
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Offline SVPete

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Re: What is wrong with the IRS??
« Reply #5 on: September 29, 2020, 09:23:57 AM »
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Chicagogrl1 (122 posts)
https://www.democraticunderground.com/100214154563

What is wrong with the IRS??
How does tRump get multiple multi-million refunds? ...

Let's see ... Trump had business losses, deducted them in compliance with the law, and the IRS found in audits that Trump had in fact complied with the law.

Don't like it? Blame the Congresses, many of them Dem-controlled, that wrote and passed those laws. And blame the Presidents, including 8 years of Clinton and 8 years of Obama, who signed the tax laws Congress passed.

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We once missed a very late 1099 & they came after us full force.

You missed the 1099. It's your fault. The IRS "came after me" once, decades ago, and I was able to show that the error was mostly theirs. I think I paid an additional amount less than $50, for the mistake that was my fault. The IRS "came after me" last year, and I was able to prove that identity theft had happened (and got that all straightened out with the relevant government agencies). In the some 5 decades of paying taxes to the Feds I've been audited or something-or-othered twice. For Donald Trump, basically every year is audited, sometimes with overlapping audits, for the past several decades. That's a part of being wealthy that ordinary people like LPC Noob Chicagogrl1 and I don't experience.
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Offline SVPete

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Re: What is wrong with the IRS??
« Reply #6 on: September 29, 2020, 09:32:15 AM »
...
Sorry, this subject ALWAYS perturbs me. I'm an accredited accountant with a college degree and 25+ years of work experience to prove it, and deal with tax filings on a daily basis. There are so many misperceptions about taxes in general and how finances are viewed from a financial lens rather than the B.S. that is usually focused upon by non-financial people.

Can you tell this sticks in my craw?

IMO, Accounting 101 and Business Law 101 should be requireds for earning an AA or BA. I took Accounting 1A, B, and C at my local JC back when spreadsheets were about to transition from paper to computer. That is still far from what a CPA has to do, of course, but making basic Accounting and Business Law requirements for graduating would reduce the general ignorance of such matters.
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Offline ADsOutburst

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Re: What is wrong with the IRS??
« Reply #7 on: September 29, 2020, 12:07:00 PM »
Let's see ... Trump had business losses, deducted them in compliance with the law, and the IRS found in audits that Trump had in fact complied with the law.

Don't like it? Blame the Congresses, many of them Dem-controlled, that wrote and passed those laws. And blame the Presidents, including 8 years of Clinton and 8 years of Obama, who signed the tax laws Congress passed.
Yes, specifically Obama signed a law that allowed companies like Trump's to get refunds for past losses (or so I've heard).

I hope Trump gets a chance to slap Joe Ke-no-show across the face with that fact. Ideally tonight.

Offline Ralph Wiggum

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Re: What is wrong with the IRS??
« Reply #8 on: September 29, 2020, 01:52:50 PM »
People usually glaze over when I get into capital gains and depreciation.  I'd be tickled to death having to owe 750 bucks. No zero interest loan to the government from me

Financial dunderheads.

The former Mrs. Wiggum (like many people) assumed that a tax refund is a good thing after April 15th.  She still didn't like if we owed a grand or four.  But she grew to understand that we can use the money in the meantime and squirrel away our likely tax due.
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Offline Ralph Wiggum

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Re: What is wrong with the IRS??
« Reply #9 on: September 29, 2020, 01:56:35 PM »
IMO, Accounting 101 and Business Law 101 should be requireds for earning an AA or BA. I took Accounting 1A, B, and C at my local JC back when spreadsheets were about to transition from paper to computer. That is still far from what a CPA has to do, of course, but making basic Accounting and Business Law requirements for graduating would reduce the general ignorance of such matters.

We had classes in high school that weren't required but electives such as Intro to Business, Intro to Economics and Accountants "101" that absolutely should be requisites for high school graduation.
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Offline SVPete

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Re: What is wrong with the IRS??
« Reply #10 on: September 29, 2020, 02:09:16 PM »
Especially for Ralph:

NO, YOU IDIOTS. THAT’S NOT HOW TAXES WORK. – AN ACCOUNTANT’S GUIDE TO WHY YOU ARE A GULLIBLE MORON

https://monsterhunternation.com/2020/09/28/no-you-idiots-thats-not-how-taxes-work-an-accountants-guide-to-why-you-are-a-gullible-moron/

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I posted that last night on Facebook, and sure enough, this morning my feed is filled with people who don’t know shit about taxes retweeting the stupid opinions of other morons who also don’t know shit about taxes. This is just as annoying as last week when these same idiots all suddenly became Constitutional Scholars. Or the month before that when they were all experts on use of force laws and police tactics. Or the month before that when they suddenly got their epidemiology degrees from the University of Internet and turned into infectious disease experts. 

Holy shit, you Dunning-Krugerands are annoying. Of course the comments are all about the “morality” of paying your “fair share”. Which isn’t how any of this works in real life. Just stop it with your vapid hot takes already. You clearly have a child-like grasp of a complex topic, and your words are making America dumber.

As a former accountant, please allow me to explain why all of today’s newly formed tax experts are ####### morons, and we should metaphorically put a brick in a sock and beat them over the head with it until they shut up.

I’m going to keep this blog post simple. I’m not going to get into any of the specifics of the leaked Trump taxes. Why? Because:

We don’t know how full of shit the NYT is, and you don’t do taxes based on rumors and innuendo. You do taxes based upon financial statements and the company’s books.
This shit is super complicated and my happy ass is retired and likes getting paid more money to write books instead of reading through thousands of pages of IRS regs.
So big picture time…

First off, “morality” doesn’t have jack shit to do with taxation. You pay what you legally owe. Nobody willingly pays the government more than they legally owe.

This has always been this way since America has had income taxes. There is endless court precedent. You pay what you legally owe. That’s it. If you pay less than you legally owe, then the government will fine or imprison you. If you pay more than you legal owe, the government will laugh and laugh, because you are an idiot, and you deserve to be poor.

If CC PTBs would prefer I edit out the S-Grenades I'll gladly do it. They do add emphasis in the flavor of the writer's lashing out at agendized ignorance.
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Offline ADsOutburst

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Re: What is wrong with the IRS??
« Reply #11 on: September 29, 2020, 02:36:55 PM »
It's baffling to me how people are defending the source of Trump's tax returns. This person probably did something illegal, even though Trump didn't do anything illegal on his taxes, and we were already more or less aware that uses the tax code to his advantage when possible (as it's designed).

Offline DLR Pyro

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Re: What is wrong with the IRS??
« Reply #12 on: September 29, 2020, 03:26:46 PM »
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Chicagogrl1 (122 posts)
https://www.democraticunderground.com/100214154563

What is wrong with the IRS??

Good question.  why did they allow the private tax information of a private citizen out into the public domain?
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Offline jukin

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Re: What is wrong with the IRS??
« Reply #13 on: September 29, 2020, 03:29:22 PM »
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We once missed a very late 1099 & they came after us full force.


1099 need to be out by January 31st. So if the DUmbass DUchebag didn't get its 1099 unto after April 15th it is the DUmbass DUchebag to know what it made during the year and file his its tax forms or get an extension.


OR

THIS IS A LIE.
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