Obamacare Taxes: IRS “determining who to audit and who not to.”
“It is unprecedented in recent history, the amount of responsibility the IRS is being given in an area that most people don’t think of as an IRS function.”
On Wednesday, March 5, Treasury Inspector General for Tax Administration J. Russell George tesified before the House Appropriations Committee. As part of his exchange with lawmakers, Mr. George was asked about the tax implications of Obamacare.
As reported by POLITICO’s Rachael Bade:
“It is unprecedented in recent history, the amount of responsibility the IRS is being given in an area that most people don’t think of as an IRS function,” George said. Americans, he added, will have more questions about their taxes because of health care penalties or credits, flooding already busy call-in and walk-in tax help centers. “This is going to lead to problems, sir.”
And these resource issues are bound to spill over into tax fraud enforcement, where the IRS will have to do a cost-benefit analysis when determining which tax fraudsters to chase.
“They have to determine what enforcement mechanisms they’ll employ … how they go about determining who to audit and who not to,” George said.
You might already know about the twenty new or higher taxes in Obamacare. What you might not know is that the non-partisan Government Accountability Office (GAO) says that the IRS has 47 new taxes and regulations to administer in overseeing Obamacare.
The IRS is not capable of doing all this, as the quotation above confirms. ...
A celebrity on the red carpet will make the entertain section, but a celebrity who didn't pay their taxes will make the front page. Fame and wealth look glamorous, but when stars get caught up in the lifestyle and forget to pay their taxes, they ...
The American Institute of CPAs says that there are 10 words you have to keep in mind in order to be sure you pay no more taxes than you’re legally required to pay. - Expenses: Keep a daily diary or log of your expenses throughout the year. - Deductions: One of the principal reasons small business owners pay more taxes than necessary is that they don’t take advantage of all of the deductions they’re legally allowed. - Traps: A small business owner may do some things that are more likely to get IRS attention than others. - Retirement: You must have earned income each tax year to qualify for a tax-deductible retirement plan. - Equipment: For tax years beginning in 2011, a small business may deduct up to $500,000 in equipment purchases as long as the business spends $2 million or less for equipment for the year. - Payroll: One of the most common and costly tax-related problems for small business owners is that they use the payroll taxes withheld from employees to finance business operations. - Insurance: If you have health insurance coverage for your employees, check to see if you are eligible for the small business health care tax credit. - Veterans: An expanded tax credit is available to business owners who hire certain unemployed veterans. - Contributions: Be sure to get a valuation for any non-cash items your business donates to charity so you’ll have the records you need to support the deduction for your contributions. - Help: If you are unsure about anything related to your tax obligations under the law, you should seek professional help from a certified public accountant.
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