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    Are we broke yet?

    Just did my 4th qtr 941 for a customer who had 3 people miss work on account of the virus.

    Huge credit on 941 means they probably won't have to deposit 941 taxes for weeks, maybe months.

    How can IRS afford to lose this much revenue? And do they have anything in place to stop employers from abuse?? I hope what they have "in place" is not the integrity of tax preparers like me. Not that I would cheat them, but I would hate to think that people like me are their last line of defense...

    #2
    Originally posted by Snaggletooth View Post
    Just did my 4th qtr 941 for a customer who had 3 people miss work on account of the virus.

    Huge credit on 941 means they probably won't have to deposit 941 taxes for weeks, maybe months.

    How can IRS afford to lose this much revenue? And do they have anything in place to stop employers from abuse?? I hope what they have "in place" is not the integrity of tax preparers like me. Not that I would cheat them, but I would hate to think that people like me are their last line of defense...
    Unfortunately America has been charging up that credit card for decades. If the US dollar was not the global currency and China did not buy US debt we would be a broke third world country!

    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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      #3
      Originally posted by Snaggletooth View Post
      How can IRS afford to lose this much revenue?.
      First off, it's not the IRS. They only implement what Congress/POTUS enacts. As far as "affording", much of spending compared to revenue since the 80's has not been afforded. National debt has increased by 7.8 trillion over last 4 years; highest in history.

      Comment


        #4
        Next up: 150% bonus depreciation.

        Go, Job Creators! /s
        "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

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          #5
          The latest Hedge Fund shorting Gamestop fiasco demonstrates the craziness of Wall St. What value does it add to the economy other than huge profits to the Hedge funds, destruction of a company that is shorted? I think we need to revamp wall street and give incentives to trading actions that actually add value to the economy like more job creation etc. rather than quick profits.
          Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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            #6
            destruction of a company that is shorted
            shorting a stock doesn't destroy the company

            "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

            Comment


              #7

              Until the COVID-19 Pandemic Lockdown (03/16/20), the

              last Administration (YEAR2017–present) had increased debts by 16.08%.

              That’s considerably less than then Administration (69.98%) before (YEAR2009–2017)


              and the Administration before that (105.08%) (YEAR2001–2009)

              Source: President Outlay Data
              Last edited by TAXNJ; 01-29-2021, 06:17 PM.
              Always cite your source for support to defend your opinion

              Comment


                #8
                Originally posted by TAXNJ View Post
                Until the COVID-19 Pandemic Lockdown (03/16/20), the

                last Administration (YEAR2017–present) had increased debts by 16.08%.

                That’s considerably less than then Administration (69.98%) before (YEAR2001–2009)

                and the Administration before that (105.08%) (YEAR2001–2009)

                Source: President Outlay Data
                You have at least one error, you listed YEAR2001–2009 twice. What is "President Outlay Data"? Never heard of it.

                Why the restriction of "Until the COVID-19 Pandemic Lockdown (03/16/20)"? I'm sure you could manipulate the numbers with similar conditions of "until the housing collapse of 2008", "until the dot com bust of 2000", and so on.

                And are you including the full $1,500,000,000,000 cost of the TCJA, which we will still be paying through 2025? And I'm sure the actual cost is now higher, since so many of the offsetting increases in TCJA to allow for budget reconciliation have now been removed?
                "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

                Comment


                  #9
                  Originally posted by Anarchrist View Post
                  shorting a stock doesn't destroy the company
                  When they short the stock price 100% or more what do you think happens to that company's valuation?
                  Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

                  Comment


                    #10
                    Originally posted by TAXNJ View Post
                    Until the COVID-19 Pandemic Lockdown (03/16/20), the

                    last Administration (YEAR2017–present) had increased debts by 16.08%.

                    That’s considerably less than then Administration (69.98%) before (YEAR2009–2017)


                    and the Administration before that (105.08%) (YEAR2001–2009)

                    Source: President Outlay Data
                    So...... cherry picking is in season? 38 months compared to 96 month increments both of which had recessions is logical?

                    Numbers from treasurydirect.gov show debt as:
                    1/20/21 27.751 trillion
                    1/20/20 23.210 trillion
                    1/20/17 19.947 trillion
                    1/20/14 17.276 trillion

                    The four years (27.751 - 19.947) is 7.804 trillion increase.

                    Want to ignore the last year increase? Ok, the 3 years from 1/20/17 to 1/20/20 increase is 3.263T
                    The 3 years before that 17 compared to 14, the increase was 2.671T.
                    Even if you want to use the percentage (which makes no sense) 17 to 20 was 16.4% while 14 to 17 was 15.5%

                    Comment


                      #11
                      Originally posted by ATSMAN View Post
                      When they short the stock price 100% or more what do you think happens to that company's valuation?
                      It doesn't destroy the company.
                      "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

                      Comment


                        #12
                        Originally posted by kathyc2 View Post

                        So...... cherry picking is in season? 38 months compared to 96 month increments both of which had recessions is logical?

                        Numbers from treasurydirect.gov show debt as:
                        1/20/21 27.751 trillion
                        1/20/20 23.210 trillion
                        1/20/17 19.947 trillion
                        1/20/14 17.276 trillion

                        The four years (27.751 - 19.947) is 7.804 trillion increase.

                        Want to ignore the last year increase? Ok, the 3 years from 1/20/17 to 1/20/20 increase is 3.263T
                        The 3 years before that 17 compared to 14, the increase was 2.671T.
                        Even if you want to use the percentage (which makes no sense) 17 to 20 was 16.4% while 14 to 17 was 15.5%
                        Let me circle back on that LOL

                        Comment

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