Barney Rubble says the gubmint is tryin' to Grab-A-Dab-A-Dough!!
Posted on 12/06/2012 6:57:53 PM PST by Mozilla
“Did Timmy Geitner ever pay up?”
According to Wiki, Tim Geithner subsequently paid the IRS the additional taxes owed,and was charged $15,000 interest, but was not fined for late payment.
Does this mean he automatically gets an Obama Cabinet post?
*ouch*
Tax evasion refers to attempts by individuals, corporations or trusts to avoid paying the total amount of taxes owed through illegal means, known as tax evasion fraud. This may include underreporting income, misrepresenting deductions, offshore tax evasion strategies, or or failing to file returns in a timely manner. Tax evasion penalties can have serious repercussions. The government imposes serious tax evasion sentence and penalties on offenders, including prison terms and hefty fines, for tax evasion.
Cost of Tax Evasion
The U.S. government estimates that approximately 3 percent of taxpayers do not file tax returns at all. While not filing taxes can involve both civil and criminal penalties, these are usually related to the amount of tax owed. For example, if a taxpayer does not owe any taxes, the penalties for not filing are less serious. However, failing to file a tax return for a year in which you do owe taxes is a crime. For each year a taxpayer does not file a return, the penalty can include a fine of up to $25,000 and a prison sentence of up to one year. If the IRS can demonstrate that the individual or company willfully did not file in an attempt to evade taxation, the IRS can pursue a felony conviction, which could include a fine of up to $100,000 and a maximum prison sentence of five years.
Although incarceration is rare, the threat is very real. Therefore, the best course of action is to file an accurate tax return on time every year. This is true even if you don’t have the money to pay the entire tax bill. In these cases, the IRS will work with you to set up a payment plan. If you need for more time to prepare an accurate tax return, such as owing to insufficient records, you can request an extension of time to file.
If individuals or corporations file tax returns late, the IRS can levy a penalty or a “late filing fee” of 5 percent for every month the return is late up to a maximum of 25 percent of the total tax due. However, the IRS usually does not pursue criminal charges against taxpayers who file their tax returns late. It also tends to extend more sympathetic treatment in collecting taxes to those who file on their own before the IRS “catches up with them.”
Even if you have not filed taxes for many years, it is best to file missing returns late. The IRS computers do not automatically search for a taxpayer’s history, and the IRS wants to encourage non-filers to begin filing taxes.
Tax Filing Errors
A similar situation applies to those who have file erroneous returns that may include underreporting income or overstating deductions. Individuals, corporations or trusts can file amended returns at any time to correct errors and avoid criminal prosecution.
The IRS has nearly 3000 special agents trained to detect tax evasion. These agents have access to tax returns, the ability to gain access to further financial information, and the right to seize or freeze assets in an attempt to collect taxes.
http://www.lawfirms.com/resources/tax/tax-fraud-and-tax-evasion/penalties-tax-evasion.htm
The religious Baldwin? Well, that’s a drag, I’m sending up a prayer for the guy.
I thought Alec was supposed to move to Canada if Al Gore lost?
If there was no income there is no penalty at all.
Guillotines? It's the 21st century. The regime is gonna use Predator Drones.
Periodically, the regime makes an example of one of the sheep by turning it into lamb chops. It’s a warning to the sheep to keep in line.
How can it be referred to as “cheating” when one refuses to file or is unwilling to play the game?
Yeah, live it to a liberal to throw in a line about class envy. How about investigating moochers on disability?
Meanwhile, Al Sharptongue, who owes over $4,000,000 in back taxes is invited to the White House to discuss raising taxes on everybody else.
DemoncRATS are nothing if not the most cynical of hypocrites.
Most smart people who get substantial income will file both Federal and state returns whether or not they calculate that they owe taxes, in order to trigger the statute of limitations for audits. It sounds odd, still, that the accusation against him is one of not filing, rather than failing to pay taxes due, even though they believe the due amount is several hundred thousand.
We Texans have it really good.
It looks like he lost his home to foreclosure in 2009. If he couldn’t pay the note on the house, he probably didn’t pay all the taxes either.
http://www.freerepublic.com/focus/f-chat/2270610/posts
Not talking of real estate taxes, but income taxes. Due to the way he gets income, on a 1099 like a self employed contractor I believe, he was supposed to do self withholding and pay in the taxes as he went. If he didn’t, thinking it might get him out of his hole without a reason to believe that he would have legitimate tax deductions, then he quickly got in dutch. It would have been better to pay the damn taxes, and file for bankruptcy.
Oh yeah - NY State income tax. Just got finished reading how Rush had to jump through hoops to prove he didn’t owe income tax because he was living and working in FL, but because he still had his NY penthouse, they wanted their piece of the pie.
A smart taxpayer will file in all places he had some nexus to, even if there are jurisdictional issues, to show that no tax was earned subject to that state and to trigger the statute of limitations on audits.
We’re here from the government and we want our money or we’ll break your thumbs.
Barney Rubble says the gubmint is tryin' to Grab-A-Dab-A-Dough!!
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