e-News Issue Number: 2009-31

[Jesse]

4. IRS Estate and Gift Tax Working with State Authorities on Real Estate Transfers
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The IRS Estate and Gift Tax Program recently started working with state and county authorities in several states to determine if real estate transfers reported to them are unreported gifts. Although a tax may not be due, a gift tax return may be required for real estate transfers above the annual exclusion amount. Penalties will be considered on all delinquent taxable gift returns filed.


I found this interesting and thought I would share.

[Nashville]

Why Have Anything?

I see more and more evidence that the IRS is loading their slingshots for taxpayers who actually make anything or have anything, and closing their eyes to unreported income and EIC fraud on the part of citizens who become "judgement-proof" 48 hours after getting a big refund.

The original post is just more evidence.

Earlier it was reported that the IRS has been given another $400 million to pour into the salaries of their audit staff. If you think they were hired to go after fraudulent EIC taxpayers or cash produce vendors on the streets of Philadelphia, better think again. Taxpayers and preparers trying to deal with reporting correctly, watch out.

[BHoffman]

I love a good conspiracy theory. Here's my latest -

I wonder if the Govmt. wants to prepare all tax returns from now on. So, they just audit the daylights out of the public and penalize the crap out of the preparers. And set up more and more VITA-like sites, offering free (lunch) tax prep, staffed with volunteers and/or government workers who are immune to preparer penalties and with a tacit guarantee of lower audit likelihood.

I wonder if the banks are going to become the Govmt. watchdog. And I wonder if we are going to be seeing all sorts of new types of 1099 forms. And I wonder if we are going to have to list the source and nature of all bank deposits to the bank, and they in turn report to the Govmt. via those new 1099 forms. And I wonder if cash is going to be even more discouraged than it already is. I wonder if there will be some Govmt. incentive or even requirement for all businesses to pay and receive any and all funds via EFT.

Mooooohahahaha!

http://www.youtube.com/watch?v=bPXVGQnJm0w&feature=related

....it's the heat.