The IRS Finally Takes the Gloves Off

[Nevilledog]

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 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.

*snip*

[redqueen]

1. About freaking time nt

[XanaDUer2]

3. I concur nt

[DENVERPOPS]

14. Small wonder

the Uber Rich and Corporations will stop at nothing this time around to get Biden out and Trump back in.......

[RussBLib]

2. More good news

...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]

4. About time !

[AllaN01Bear]

5. eggsllent.

if continued , seize the planes , sell them and give monies to ukr, same with their boats .

[AllaN01Bear]

6. the rich doners of the rs are afraid that they will loose all of the tax breaks given to them starting w raygun.

[lindysalsagal]

7. Boo-hoo. Rich aren't rich enough. So tired of the greed.

[Mr.Bill]

8. When Betsy DeVos was Secretary of education,

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]

11. Of course she did.

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]

12. I worked for a printing company

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. Another reason to add to the extensive list of why it is critical for the Democratic Party to be in charge.

[plimsoll]

10. 4 ways

The honest taxpayers also bear more scrutiny for clerical errors they may have made.

[Evolve Dammit]

13. Why inthe world did it take so f'ing long?????

[jmowreader]

16. Because this is harder than it looks

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 didn’t 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. I'm talking about a directive from IRS to prioritize

When Joe took office. should have happened sooner

[Orrex]

15. On Monday Clarence Thomas will shut down the IRS as unconstitutional

[et tu]

18. will he ask

his bf ginni?

[Farmer-Rick]

19. A drop in the bucket

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]

20. Time to tax the TV Preachers too

They live in million dollar mansions with private jets and pay no taxes.

[jimfields33]

26. All nonprofits too.

We need revenue in this country. Nobody should get a free ride. 10 percent for non profits and 25 percent for churches. That’s extremely fair.

[dlk]

21. Republicans have consistently blocked adequate funding for the IRS

They support tax cheats.

[WarGamer]

22. Good news...

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]

27. Too many take earned income credit.

Those in error have to pay it back. I think they should drop it as it’s clearly too confusing to many.

[TeamProg]

23. Better late than never I guess. nt

[Yo_Mama_Been_Loggin]

24. Long overdue

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]

25. Glorious

This is how its supposed to work. Thank you for posting this - it made my day.

[DFW]

28. Well rats!

There go my plans to buy a new Lear Jet and write it off.