This Proposal Would Affect Us....

[S T]

Irs

From what I have seen this last year or so on some CP notices, IRS knows a lot about each and every taxpayer. However, that does not mean that the information is correct or accurate.

Let us take for example stock trades, they know from what the Brokerage house reports, the day of the trade, the gross proceeds of the trade, and the stock that was traded and which Brokerage house.

Does the IRS know what the taxpayer's cost basis is, or the date purchased and whether it is long term or short term?

From what I can discern according to IRS print outs, no they don't.

What about that taxpayer, that has extraordinary medical expenses in one particular tax year that they can qualify for a Schedule A deductions rather than the Standard Deduction.

I hate to go to this scenario at all, but what about the W-2G forms that IRS has on record, but the Taxpayer has a legitimate record of gambling losses to deduct!

The list could go on and on and on on what the IRS knows or has on file. I am sure IRS has on file most income (maybe not all), but only a small portion of deductions.

I see no threat to our tax business. If we don't prepare the tax returns, surely we will be contacted to straighten out the reporting due to a CP notice at some point in time.

Right now in view of the elections, the candidates for election are going to say anything that they think the voting public can relate to. It is all about votes for the election. Not reality and actuality as one of the TV channels states.

More in the coming months ahead I am sure!

Sandy

[OtisMozzetti]

From what I have seen this last year or so on some CP notices, IRS knows a lot about each and every taxpayer. However, that does not mean that the information is correct or accurate.
Sandy

I am often quoted as saying "the IRS knows everything". That is my response to taxpayer clients who utter the words, "well, how is the IRS going to know?"

On the other hand, though, I am not so convinced that the IRS has any well-organized information about who is married and to whom.

[JohnH]

Ignorance hasn't altered his rhetoric thus far, so why would lack of knowledge of the tax laws make any difference to him? Anyone who has the hubris to lecture people about not knowing a foreign language when he himself doesn't speak one can be counted on to say lots of really stupid things. In this regard he hasn't let us down.

[DaveO]

Will there be a 12 step program

For Obamaholics if McCain wins the election or will they just whine about it for the next 8 years like Gore's supporters.

[Jiggers]

While the President should lead the way........

I really think we should be spending more effort in selecting our Representatives and Senators that represent our views and who ACTUALLY pass the laws that we have to live under.