Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
S-corp is the red flag. A of few of them are recent retaliations related to questioning the science. You are right that it’s contact by mail generally, recent ones you can at least email a spreadsheet. Then they reply via mail, which stretches them out way longer than they need to go.
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
S-corp is the red flag. A of few of them are recent retaliations related to questioning the science. You are right that it’s contact by mail generally, recent ones you can at least email a spreadsheet. Then they reply via mail, which stretches them out way longer than they need to go.
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
S-corp is the red flag. A of few of them are recent retaliations related to questioning the science. You are right that it’s contact by mail generally, recent ones you can at least email a spreadsheet. Then they reply via mail, which stretches them out way longer than they need to go.
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
S-corp is the red flag. A of few of them are recent retaliations related to questioning the science. You are right that it’s contact by mail generally, recent ones you can at least email a spreadsheet. Then they reply via mail, which stretches them out way longer than they need to go.
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Speaking from experience, they will bleed you for every fucking dime you have. They relish the opportunity to go back 7 years and find where you should have paid another $1,100 and then tack on interest. That happened to me years ago and at that time I was making around $100,000. Get used to it because that is what socialist/communists do. Do you think that fucking idiot biden paid taxes on his 10% for the big guy? Not a chance.
I have a customer who designs fences and decks for upper middle and wealthy people. His annual income is around $250K. During an audit he was out quoting jobs and his wife mistakenly offered up the books to an IRS agent performing an audit. She fucked up and don't even start with the "she should have known better" because this is a small family owned business that provides a quality service for homeowners, they were just trying to make it and started the company from scratch. The agent found that they had mistakenly not paid their full amount of workers comp. An honest mistake as they were unaware of exactly what the law was. They paid in $50K a year and were supposed to be putting in somewhere close to 75K. The IRS is now demanding $500K in back taxes which includes interest which will put the company out of business. These are not rich people. The legal fees to defend themselves alone will put them out of business and force them to declare bankruptcy putting 24 people out of work. Now imagine 87,000 more IRS agents prowling for their next piece of destruction so that the fed can promote them.
A lot of entrepreneurs are great at providing a product or service, many of them are not good business people. They aren't trying to defraud the country on taxes, they are just ignorant.
That doesn't make sense. Workers comp is a state tax. Why were the feds looking at that?
As someone who has been audited like 5-6 times, I agree it’s not related to the Feds. Feds wouldn’t ask for that money themselves, but you’d miraculously get a random state audit right after zeroing in on that specifically. Been through probably 10 state audits as well.
Only finding I’ve ever had is a $115 penalty on some casual labor bullshit.
Interesting. The a crazy number of audits. You must be in a profession that sets off red flags. I've never had one
S-corp is the red flag. A of few of them are recent retaliations related to questioning the science. You are right that it’s contact by mail generally, recent ones you can at least email a spreadsheet. Then they reply via mail, which stretches them out way longer than they need to go.
I've had an S Corp for 25 years.
Explain the retaliation aspect.
Turn on your dms.
I think they are on
Nope. While permissions are OFF for others to view your profile, he won't be able to send a DM.
** I may stand corrected on this one. however if profile is ON will be easiest
So, 87K new IRS agents for enforcement...was doing some reading and in 2020 it appears the IRS was authorized to hire 5000 new staff, and missed the mark due to a number of issues but incompetence (in hiring process) and low pay was a factor. In 2021 they were authorized 10000 new employees and only got 6700. This year they did a "surge" hiring to try and get an emergency 5K workers to process the 24 MILLION backlogged claims. No word on how that hiring is going. And other research indicates staffing has long been a problem for the IRS going back years (they are down over 10K workers overall from 2010 levels despite MASSIVE incentives and attempted hiring binges).
So I am wondering if an organization that can never seem to reach their hiring goals, and hiring and retention has always been an issue, how long do you think it will take to on board these 87K new Agents? The law is supposed to bring in 15 percent per year, so basically 7 years to hire them all, but with natural attrition and the obvious issues the IRS already has hiring, does anyone think they will ever really hire all these people? Enforcement will tick up slowly I'm sure, but I wouldn't worry about your audit chances going up for years.
The other question this leads to as with all Govt $$$ is that no $ is left unspent. So what payoff/bureaucracy/corrupt slush fund will all the money that was slated to go to what will end up as unhired IRS workers end up?
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
That book would take about 3 minutes per person to audit. As most are wage earners and everything is right there. Basic software can ferret those out.
You bust out 10 of those out an hour, and it adds up.
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
That's what I was thinking
It's not about revenue. Hth.
Revenue absolutely factors in because tax revenue will be down next year. Some people have capital gains on their home sales but from the crypto market and stock market it has been bad. But the other thing is that if they want to target and harass MAGA they can do so with via the veil of the IRS
Charlie Kirk said the other day that the IRS will be focusing on lower income and middle class taxpayers because they frighten more easily and don't put up the same kind of fight during audits as do rich people. Even people making $25-30,000 a year can expect to be audited, according to Kirk.
I'm not saying that's what will happen, only that Kirk said it.
It would be stupid. What kind of income do they expect to get from say s $50-$60k earner? $500-$600? How much are they paying the auditor to audit that book?
That book would take about 3 minutes per person to audit. As most are wage earners and everything is right there. Basic software can ferret those out.
You bust out 10 of those out an hour, and it adds up.
They first have to get their bank statements. That requires some time. Then they look for deposits that aren't related to their W-2 wages. Then they have to ask for an explanation of those deposits and why they aren't taxable income. That takes time and might require additional explanation. Then the agent has to write up the paperwork for this exam report and issue a deficiency notice. The taxpayer then has an appeal right. That is where the system gets clogged up as the IRS doesn't have enough qualified administrate law judges (appeals officers).
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Explain the retaliation aspect.
** I may stand corrected on this one. however if profile is ON will be easiest
You bust out 10 of those out an hour, and it adds up.