Revenooer Rants: Doesn’t the IRS already have is hands full?
You’d think these blokes had enough to do, with testimony before Congress, putting out fires set by (the suddenly anti-administration) press, etc.
But get ready: IRS is about to begin the administration of something like 47 tax provisions occasioned by “Obamacare.”
And, according to CNBC, IRS has also to determine how to distribute annual subsidies to 18 million folks who make less than $45,000 per year and thus qualify for help in buying their health care coverage.
And if this isn’t enough, the Revenooers will collect taxes on medical devices and the new Medicare surtax on high income folks, not to mention conducting audits on tax-exempt hospitals.
None of this comes cheap, of course — the Treasury Department tells us all this IRS enforcement will cost something like $881 billion for fiscal years 2010 through 2013.
Former IRS Commish Shulman, in between his weasel-worded offerings before one of the investigative Congressional committees, has declared that IRS would need another $13.1 billion in 2014, to enable it to do all of its jobs.
Poor IRS — they just can’t catch a break.
And from our “the age of the Swiss bank account may be nearing an end” department, comes word this week that Swiss banks will be able to deal directly with U.S. authorities to settle legal issues over suspected tax evasion by Americans, under a framework agreed to by the Swiss cabinet.
The Wall Street Journal reports that the proposed plan would allow banks to provide information directly to the Department of Justice regarding their business involving U.S. clients.
And here comes an uncharacteristic indulgence from the California Franchise Tax Board — seems the FTB had some problems with their website on April 15 last, creating problems for taxpayers trying to make their required electronic payments.
Recall that certain California taxpayers have been required, for a couple of years now, to pay electronically, no longer qualifying for mailing in paper checks. And, as usual, those required to “e-pay” who may have not done so, face a penalty or two. But “not to worry,” saith FTB — if you were required to e-pay last April, but didn’t or couldn’t, no penalty will be assessed.
Just complete FTB Form 4107 (There’s a form for everything, isn’t there?), referencing the 4/15/13 website problem, and consider the penalty excused.
Also, if you’re trapped in this e-pay regimen (perhaps because you had an abnormally high income year which subjected you forever more to the requirement) and just don’t like the whole scheme, Form 4107 can also help you seek a waiver from future e-pays!
CONSULT YOUR TAX ADVISER – This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation. Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He may be reached at 831-7288 and welcomes comments at email@example.com.
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