Are we broke yet?

[Snaggletooth]

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...

[ATSMAN]

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!

[kathyc2]

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.

[Rapid Robert]

Next up: 150% bonus depreciation.

Go, Job Creators! /s

[ATSMAN]

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.

[Anarchrist]

destruction of a company that is shorted

shorting a stock doesn't destroy the company

[TAXNJ]

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

[Rapid Robert]

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?

[ATSMAN]

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?

[kathyc2]

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%

[Anarchrist]

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.

[Bucky]

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