35 Burst results for "irs"
Renaissance Hedge Fund Execs to Pay $7B in IRS Settlement
"Simon's and robert mercer along with current and former executives of hedge fund. Renaissance technologies will personally pay as much as seven billion dollars in back taxes interest and penalties to settle a long-running dispute with the internal revenue service a tax settlement. That may be the largest in history simon's who started renaissance before retiring as the firm's chairman. On january i will make an additional quote settlement payment of six hundred seventy dollars according to the firm. Mr simon's will also pay back. Taxes related to his
Apple Settles Class Action Lawsuit With App Developers
"Apple settled a hundred million dollar lawsuit time. Can you walk through. What was this lawsuit. And what was the settlement so apple there is a class action lawsuit from a variety of developers Who said that. The app store was monopoly. That apple was you know being unfair. It was an improper monopolization to the market. It was filed in twenty nineteen and apple is settled that wall street this week with one hundred million dollars settlement that includes clarifying. Some of its policy is about some rules on irs. They're making one hundred. Million dollar fund develop burs thirty million dollars of which is going to be used to pay lawyers. And if you're a smaller iowa's developer you'll you'll probably get some money out of this. They're also going to do things like not change. How app store works for minimum of. I think three years and they're going to keep the small business. The app store small business program which says that if you earn less than one million dollars a year you can apply to get fifteen percent cut your sales instead of thirty percent so that will stay unchanged for the next three years also in its current form which is if you make less than a million and you could do that the day that you go over and you know you make a million dollars once again. Subject to the thirty million a thirty percent cut so that's not changing in either direction And there will be more price points for apps so instead of selling app for like a dollar you'll be able to in theory sal for like a dollar fifty or a dollar eighty. There's like more than five hundred points coming right now. There's one hundred. So
New York Times' Taylor Lorenz on the Creator Economy
"The wren's who covers tech culture and online creators for the new york times started doing this work at the atlantic. And i just loved every bit of it. She is also the author of the forthcoming book extremely online the rise of the online creator and creation of a new american dream. Taylor thanks so much for coming on. Yeah thanks for having me. So tell us about the economy parts of creator economy and what we mean when we say these terms yeah Well the term creator economy only emerged in the past year. I'm really the past nine months but the industry has been around for a lot longer. So you may have heard of the influencer economy or like the online celebrity world All of it refers to essentially people making money by building audiences an influence on the internet. And then monetize ing those audiences. So you can think of twitch. Streamers youtube stars instagram influencers. All of these people are part of the broader quote unquote creator economy or creators and influencers. The same thing yes. Creators influencers are the same thing and the word creator was actually coined in its modern usage by youtube. Back in twenty eleven He wrote a piece on this but when the marketing industry cold in the mid twentieth tens the word influencer became popular because it was really a way to talk about sort of multi-platform creators. So the word creator was so synonymous with youtube. Instagram irs. viner's wouldn't call themselves that So they sort of started calling themselves creators and influence right. They start calling themselves. Influencers influence was always the term sort of most popular throughout the mid twenty tense but in the past year as the tech industry has kind of embraced this whole world. It's flipped back to creator as as sort of preferred at platform agnostic term.
Athletic Performance Coach Erik Huddleston On Managing Squatting and Squat Training
"We could start there so someone who can't get down. Get low on the court. They have a problem with that. I know titles but on the show talking about squatting in an elevator. I think to me. That's the easiest way i just see. That is the ability to manage the pelvic floor. But i'd like to get it from the feet up to and and like the early stance amid stance. So could you maybe kick it off by sharing a little bit about just getting into low position. Level changes what that means from. I mean yes squatting but also like the the stance the phases a stance and the feet. Right yeah so from from squatting standpoint start there is like i sure that everybody almost everybody is listening to. This has has recognized or current before with the people that they work with that. You know there is this kind of forward orientation that a lot of people have so. We're being driven forward from behind Kind of like which look at when you look at gate with that is like a constant falling catching yourself as you go forward. That's necessary for certain things will get later but I think the most important thing to recognize. I is that you know if you exaggerate this. If anybody listening stands up and just like leans forward like for your tibia ghettos and so as you get handed this this more anterior translation of your tibia. Those are movements that are going to be as long as the heels on the ground. those are movements towards middle potion. so i'm as soon as the cal- kenya's breaks your into later phase of propulsion But if tibia isn't isn't vertical on starts to break forward you're moving towards the middle worship propulsion and. That's more of an ira bias general. So let's say like someone comes and they're squatting in noticing a ton of like horizontal pelvic displacement so their hips are going back there chested dumping ford. It looks very much like what she would want. If you're going to have them do a trap or dead lift if they're already biased towards that middle point ocean they're going to continue to follow this to be forward and so they're going to be unable to to have any type of vertical displacement of their elvis down in a squat That's there already in heaven i. Ira bias there. So they're going to follow that forward. Because i are doesn't allow for a lot of what we consider like. General movement qualities suid variation in movement. irs compression i are. Is you know force production. It's not necessarily not necessarily like fluidity of movement or you know. Look people would consider mobility
Understanding 401k Loans
"Half of all. Us workers participate in their employer's retirement plan about fourteen percent of those with 401k's borrow money from them understanding 401k. Loans is important both for those who already have alone and those who are contemplating getting one borrowing limits according to the irs. You can borrow up to fifty percent of your vested. 401k ballons or fifty thousand dollars. Whichever is less if you're vested balance is less than twenty thousand dollars. You can borrow any amount up to ten grand vested means you own it for employer matching funds that can take up to five years you are immediately vested in all funds that you put into the plan interest payments one of the unique features of a 401k. Loan is that you pay interest to yourself when you borrow money such as a home mortgage or an auto loan. The interest is paid to the lender when you borrow money from your 401k. You are the lender all interest paid comes right back to you and goes into your 401k account. Awesome right not so fast. Opportunity cost in the financial world. There's a concept known as opportunity costs opportunity. Costs is the loss of potential gain when one alternative is chosen over another in other words. It's what you would have received. Had you done something other than what you did. For example if back in the year two thousand you bought a carton of cigarettes instead of investing the money and amazon. The opportunity cost is sixteen hundred dollars what that can't be right. A carton of cigarettes today is about seventy five dollars adjusted for two percent annual inflation in two thousand. It costs fifty dollars in two thousand one share of amazon stock. Cost one hundred dollars today. It's worth thirty two hundred dollars when you borrow money from your 401k. The opportunity cost is the investment return. You would have earned. Had you left that money where it was over time. Investment earnings become earnings on earnings or compound interest something albert einstein dubbed. The eighth wonder of the world
"irs" Discussed on SML Planning Minute
"Welcome to security mutual life insurance company of new. York's snl planning minute where we share concise and proper woking financial ideas for individuals families and business owners security mutual the company. That cares. hello. This is bill. Rinaldi with another addition of security mutuals. Snl planning minute in today's episode. The irs announces its so called dirty dozen tax scams for twenty twenty one the internal revenue service recently announced its dirty dozen tax scams. Twenty twenty one with the twist this year. The biggest emphasis is on an increase in pandemic related scams like the theft of economic impact payments. Aside from that there are three other general categories of scam this year number one personal information scams which include phishing ransomware and what is known as phone fishing with a v. number two bake charities and senior or immigrant fraud and number three schemes persuade taxpayers into unscrupulous actions. So here is the complete list number one. Economic impact payments. The irs has observed an increase in the number of attempts to steal direct payments. Made his part of pandemic relief. They've advise people to be wary of unexpected phone calls text messages and emails. As maybe expected the irs advises us to ignore random phone calls and delete any suspicious text messages or emails particularly those enquiring about bank accounts or requesting to verify data. They also urged people not to respond to or open any such correspondence number. Two fraudulent unemployment claims. There has been an increase in scammers. Who use stolen information to apply for fake unemployment benefits. The irs says that you could end up receiving a form ten ninety nine g for unemployment payments that you never asked for and then receive number three tax related phishing scams. Fishing is a common scam where someone uses fake emails and fake websites to try and get personal information from you. The emails are made to look as legitimate as possible and are often used. As a way to collect financial account information the information is then used to collect benefits in your name for the benefit of a scammer number four social media scams tricksters have become an adept at using social media scams to facilitate tax related identity theft. Social media. accounts are a way for them to get access to your friends and family. They then use these connections to link to things like fake charity's number five impersonator phone calls slash vichy fishing by phone. That is by. Voice is known as fishing more often than not these calls threatened the victim with arrest deportation or license revocation unless victim pays what is in fact a fake bill such as a tax bill number six ransomware ransomware has been in the news a lot lately and with good reason. But it's not just a concern for multi-billion dollar corporations. With enough access criminals can find weaknesses to infect a person's computer then demand payment to free up the systems and get you back up and running number seven fake charities natural disasters bring out the best in some people and the worst in others scammers know how to explain generous people through the use of fake charities. A fake charity can be used to steal from people who are only trying to help and the irs reports that there has been an uptick in fake cove nineteen charities this year number eight immigration slash senior fraud elder abuse takes many forms and scammers often look at senior citizens as relatively easy prey. Thus senior citizens tend to get targeted more often criminals also like to target people with limited english proficiency number nine quote offer in compromise mills. Compromise mills are organizations that will work with a tax payer to settle a tax debt. Generally in the right circumstances they can arrange the payoff attacks dead at a reduced amount but some of these organizations charge high fees to people who may not qualify for compromise from the irs. Note that the irs has an online calculator to see whether someone might qualify for a negotiated compromise number ten unscrupulous tax. Return preparers according to the irs. Well a pay. Tax return. preparer is primarily responsible for the overall substantive accuracy of your return and by law is required to sign the return and include their preparer tax identification number or p. t. i n. on it so called ghost prepares our people who charge fees but avoid any responsibility by not signing the return number eleven unemployment insurance fraud. Unemployment insurance is the source for two of the twelve common scams in this case the concern is individuals who act in coordination with or against employers and financial institutions to get unemployment assistance to which they are not entitled. An example of this would be a situation where an individual returns to work but fails to report the income with the hope of continuing to receive unemployment benefits number twelve promoted abusive arrangements. The irs has recently seen uptick in what are called quote abusive arrangements. This is where a promoter sometimes referred to as a syndicator sets up tax shelters that are in fact fraudulent. These arrangements can take many forms including charitable gifts of what are known as conservation easement misuse of business tax credits and abusive captive insurance arrangements. The irs ends its discussion of this list. With some advice multi factor. Authentication is a good way. To protect online accounts. One example of how multi factor authentication works is to require a security code sent to a mobile phone in addition to the username and password. This in theory should make it more difficult for a scammer to steal your information. This podcast is designed to provide general information regarding the subject matter covered and is believed to be current as of the data publication. It is not intended to serve as legal tax or other financial advice related to individual situations because each person's legal tax and financial situation is different security mutual and its agents may not give legal or tax advice. This information is not approved endorsed or authorized by the irs. Reliance on the information should be undertaken only after an independent review of its accuracy and where applicable in consultation with your tax legal or other professional advisors regarding.
The 'Liberal Leaning' Media Has Passed Its Tipping Point
"We're talking about governor cuomo's resignation and i was just mentioning. That governor cuomo has been playing dirty politics for a long time. But i want to be fair and of course some republicans play dirty politics two. I'm not just confining this to the democrats and i know a lot of liberal counterarguments to what i'm saying would be well. Trump had that famous click on the boss a few years ago when that was horrible. But i'm not here to defend donald trump. What i'm here to point out is the disparity between the way that the media hammers and investigates trump. And how the media never hammered and never investigated cuomo and this. We we see this time and time again with conservatives hounded for things that the left gets a pass on how about this whole tax scandal that came out with trump a few months ago when everyone was up in arms saying that he paid only seven hundred fifty dollars and federal income tax. Meanwhile very few people know this. There was an irs report that was leaked that indicated that jeff bezos the richest man in the world elon. Musk the second. Richest man in the world and george soros all had multiple years where they paid zero dollars and federal income tax. The scandal is not that this happens. The scandal is that it's legal and the scandal is again that they will hammer trump and conservative republicans for things that they will not hammer the left for. Because if you are useful to the media they will protect you they were. They will overlook just about anything that you
"irs" Discussed on GovExec Daily
"The same problem right. The civil service system has not been wholly modernized in twenty years. Yes it's There have been incremental changes to it improvements to it exceptions to it A couple that we talk about in the article that commissioner resulting and i wrote but at the end of the day we are dealing with an old system. Now lots of people will take exception to that including like good friend. Tony rear news president of the national treasury employees union. Who will say you can do anything you need to do. Under that system. And i'll concede that point. You can get what you need done under that old system. But i have to tell you it is so slow and so painful and so convoluted and so complex And i'm happy to give you a few examples but You tear your hair out so Suffice it to say if the ideas to staff the irs up they help close the tax gap using existing rules. Even the most flexible of those rules is gonna take time. It's going to be complicated. It's gonna take lots of mother. May i with oh. Pm and at the end of the day. I'm not sure we're going to be better off. So i go whole hog here. And as as charles. Roddy and i recommend give. Irs the same legislative. Fix that you've given the banking regulators. We did that ten years ago during the financial crisis. Let them run with it and hopefully that will. There's still going to take time. Ross is there is no easy overnight fix but it's gonna take time anyway and why not start with a clean slate so that you can hire quickly pay accordingly opa employees accountable and get the irs to where it's going to need to be not where it used to be. Yeah we'd certainly noted that the staff decline has been over a period of years. So the idea that it could be a fixed.
IRS Warns of Child Tax Credit Scams
"You're eligible for the federal child tax credit, some scammers maybe try to cheat you out of your money. We told you a little bit about that story a moment ago, and here's more from ABC is Rebecca Jarvis, a text message with a link to apply for the child tax credit an email asking to click and claim your economic stimulus payment. These are fake. According to the IRS. Cybercriminals, actively trying to scam entitled Families Out of this money were seen scammers trying to take advantage of the American public by attempting to gain information using Phone calls EMAILS cats messages through social Media, the better Business Bureau, also with an alert child tax credits are coming, and so are the scammers and cybersecurity firm Domain tools reporting it's found nearly 50 sites pretending to be part of the government's American rescue plan, which includes the child tax credit. If you were searching for, you know American relief plan, you may come across one of these sites domain tools, saying while many of the sites have since been taken down. These are still active, all with a similar design and all not ending in dot gov. A major red flag. These sites still safe enough the identity information the sites asking for your social security number and driver's license or state ID number to apply, They'll be able to steal someone's refund. Checked and also, you know, log into, uh Any sort of bank account information. GM a tried contacting the sites for each either no response. Or we couldn't get through to reach a person, the IRS stating it does not contact taxpayers via email, text message or social media platforms to request personal or financial information for verification or any information related to the child tax credit.
With EIP 1559, Has ETH Become Ultra Sound Money?
"What's going on guys. It is thursday august fifth. And today we're talking about the ip fifteen fifty nine and whether it turns a theory 'em ether specifically into ultra sound money. I however let's do an update on the infrastructure bill where we left off yesterday. Was that a group of republican and democratic senators. Were coming together to offer. An amendment to the crypto tax reporting provision the goal of the amendment would be to specifically exclude non-custodial actors like miners from the new. Irs definition of broker as applied to the crypto industry. It's short so. I wanna read the whole thing but before we do i should also note that senator ted cruz also offered an amendment. His amendment would scrap the provision entirely. Which why think crypto would love to see most in find especially politically viable hence us focusing on the widened to llamas amendment. Here's the amendment. As written purpose to revise the rule of construction with respect to information reporting for brokers and digital assets and for other purposes on page two four three seven strike lines nine hundred twenty one and insert the following definition of broker. Nothing in this section or the amendments made by the sections shall be construed to create any inference that a person described in section six. Oh four five. C one d of the internal revenue code of nineteen eighty-six as added by this section includes any person solely engaged in the business of a validating distributed ledger transactions be selling hardware or software for which the sole function is to permit a person to control private keys which are used for accessing digital assets on the distributed ledger or see developing digital assets or their corresponding protocols for use by other persons provided that such persons are not customers of the person developing such assets or protocols so basically this is explicitly excluding validate irs hardware and software developers minors etc
What's Really Behind SEC Chairman Gary Gensler's Crypto Speech
"What's going on guys. It is wednesday august fourth and today we are picking up where we left off yesterday and asking. What's really behind. sec. Chair gary crypto speech. So on yesterday's show. I gave the full debrief about the state of the infrastructure. Bill for those playing. Catch up the eleventh hour last week. A provision was put into the five hundred fifty billion dollar infrastructure bill that would change tax reporting requirements around crypto the authors claim that it would generate twenty eight billion dollars in unpaid crypto taxes and the mechanism for that was changing the definition of broker to include effectively. Anyone involved in facilitating crypto transactions. The problem is that while custodial facilitation is what actual brokers do and traditional financial systems in blockchain systems many actors including minors validates etc could be considered facilitators. Especially when you remove as this definition did the custodial requirement and that's the problem these actors are non-custodial and don't even have access to the information. This new definition of broker would require them to collect and share with the irs meaning if this new broker definition were applied ipso facto most actors in crypto ecosystems would be operating illegally so the crypto industry went to work on this yesterday show was largely about how seemingly effective the nascent crypto lobby has been and how we're seeing allies on both sides of the aisle lineup to change the language in this bill. We made a little progress in the bills. Specific language over the weekend but are now trying to get the rest of the way there via amendment as this happens the designer of the provisions. Ohio's rob portman keep saying that it's totally not about minors. Invalid eaters wallet developers and that we should all effectively chill out because of course it's not for them opponents of the provisions. Keep saying cool than just say that. In the bill not just in tweets and speeches in fact he again defended in tweets yesterday calling it a common sense provisions and not really addressing this specific criticism at all.
Justice Department says IRS must give Trump's tax returns to Congress
"Must give former President Trump's tax returns to Congress, according to an opinion from the Department of Justice, it said a House committee has a valid legislative purpose in going after Trump's tax returns. The former commander in chief has long refused to hand over his tax documents. I'm Lisa
Justice Department Says IRS Must Give Trump's Tax Returns to Congress
"Former President Trump's tax returns to Congress Lisa Taylor with more. That's according to an opinion from the Department of Justice, It said a House committee has a valid legislative purpose in going after Trump's tax returns. The former commander in chief has long refused to hand over his tax documents. I'm Lisa
Justice Says IRS Must Give Trump Tax Returns to Congress
"The long legal showdown over Donald trump's tax returns appears to be over the justice department says the treasury department must give the former president's returns to a house panel when trump was in office treasury chief Steven Mnuchin refused to hand over the returns saying house Democrats wanted them for partisan reasons the house ways and means committee sued saying it needed the records for a probe into whether trump complied with tax law while presidents have long release their returns trump said he couldn't do to an IRS audit he's carefully guarded details about things like relationships with foreign creditors and the government's Sager mag Connie at the White House
IRS Issues 1.5 Million Tax Refunds to People Who Collected Jobless Aid
"And refunds are on the way for Americans who pay too much tax on their jobless benefits. Paper refund check should start arriving today. For those taxpayers impacted by the jobless benefits rule change about 1.5 million Americans could receive about
Conservatives Need to Draw the Line to Curtail Ubiquitous Porn
"And i i really believe that the porn example is a pretty good. I think there's broad agreement here that we need to curtail. The spread of ubiquitous hot high-speed pornography in our culture. There were two laws passed for this in the nineteen ninety s with a republican house and a democrat senate democrat president the communications decency act which we actually argue a lot about now because of its section to thirty provision for big tech and the child online protection act. The cd was gutted by the supreme court and the copa. The child online protection act was held up in the courts as well but there was overwhelming support for this. I talked to a lot of young conservatives. As do you young conservatives in particular really want to curtail this stuff. And i i think. Beginning with obscenity as a way to kind of sh- finally have some limits. Some standards here is a great way to begin. There's no first amendment protection for it. And it's a recognition that liberty requires the suppression of of certain appetites and liberal education requires the cultivation of certain virtues and a conservative society needs prudence. We need to be able to say yeah. Words means something we can kind of know things in and we can kind of guide how we're going to govern ourselves and we really can't tell the difference between drag wing story our in church on sunday or a porn star and political speech than we can't tell the difference between between anything and we can't govern ourselves but just fascinated that really sharp people whether david french ben dominic That they would fall for this. I mean it seems to be kind of pure libertarianism. that in in seconds falls apart. I mean we just said it right. You know if you wanna bring. Let's bring in the racist. We wanted to be a big ten. I don't have to agree with them. But bring them in. No listen speaking of buckley when he founded national review in the fifties He specifically said that we're not going to let the john birch irs in. He understood that there are. We wanted to be as big a tent as can be but we have to draw the line. If pita can't do that everything falls
Democrat Presidents Have a History of Promoting Propaganda
"I want to remind you of a few things. Those of you who listened over the years and have read some of these books I've written over the years. This is not the first administration. To try and take out their political enemies and criminalized Politan. Woodrow Wilson was the first they create a whole propaganda machine. And he used a man by the name of Bearnaise. You know, like the like the sauce anyway, His name was Bearnaise. He wrote a book called Propaganda. But before that, he spoke about it. He wrote about it and Propaganda wasn't a bad word back then. And so what? And so Wilson decided to use him and Some of the surrogates. Propaganda. For what he wanted to do in World War one, the League of Nations race and the rest of it because Wilson One of the founding fathers of the so called Progressive movement was a racist in the sensation ist who Resegregated, the military And he supported the Klan. A Democrat, A so called progressive Franklin Roosevelt used propaganda use the IRS. He used the FBI to intimidate, silence his opponents and send some of them to prison. One of the greatest presidents we've ever had just asked the Democrat Party. Lyndon Johnson. And I'm skipping over a few.
Radicals Like D.A. Vance, A.G. James Are Purposely Persecuting Trump and Allies
"Look at the situation in New York, New York. With the radical left wing. In my view, unethical District Attorney Manhattan advance Charges the CFO of the trump companies. With some minor tax issues, and they had him up. She it's $3 million using a car. He didn't report that And a few other goodies that they get as corporate executives. Every corporate executive in this country, you better go back and amend your tax returns. Normally what the IRS does a slap you on the hands they could pay interest in the penalty. You don't you're not charge not indicted. I didn't have this. Latisha. What's her ass? The attorney general of New York, who runs for office. Saying she wants to take down Donald Trump that she will use her office. Not only doesn't she recuse herself, she's not disbarred Nothing. Nothing. And then Rudy Giuliani. His law license is temporarily suspended because the New York lawyers and and others their judges. Didn't like the way he represented his client during the last election and in Washington, D. C. Not to be outdone says Well, we're going to have to do it, too, because he has a lot of license here until that's resolved. Incredible.
Senate Nears Pivotal Vote on Bipartisan Infrastructure Deal That’s Still Unwritten
"Reporting. Is the week ahead for lawmakers on Capitol Hill to iron out the details of a bipartisan infrastructure bill and a separate democratic spending packages. ABC is Elizabeth Scholesy from Washington. Senate Majority Leader Chuck Schumer has now set a deadline next week for a crucial test vote on the bipartisan deal. Negotiators of the $1.2 Trillion bipartisan infrastructure deal are still scrambling to put their agreement into writing. To show how they fund the almost $600 billion in new spending. One key way to pay for the plan. Increasing IRS tax enforcement appears to be on the chopping block. As senators seek to secure the 60 votes needed for the
Russia's New Nauka Module Readied for Launch to International Space Station
"I want to start with the russian multipurpose laboratory module which is i believe called naga for short. But it's it's a it's the new russian module For the irs. They've been working on for years. It's actually ready for launch supposed to launch on july twenty first. This is a big deal. Eight days later it will dock at the airport of these leads. The service module at the iss so the being added to the russian segment of the iss and in fact the cosmonauts are in the process of dumping some old stuff off the i s to make room for it in particular There is a docking port called peers. That there they. They did a seven hour long space walk last month. Who was the second spacewalk to disconnect peers from the space station they disconnect this docking module. Because it will be replaced by the new multipurpose lab module so peers gets disassembled or like disconnected. And it's going to be attached to the progress. Seventy seven cargo ship. And then they're going to deorbit those guys and they burn up in the atmosphere and that's the end and then knock a arrives and then they'll the cosmonauts will need to do another space walk to plug it all in and install everything there but then they will have a new russian science module and the iss will expand even further for the first time in a little while. So that's interesting on its own. I think the russians haven't had a dedicated science modules. So now they're they're gonna have their own dedicated science module. There's also i think a really interesting piece of hardware on this module and that is something called the era e. r. a. stands for european robotic arm. That's pretty good
"irs" Discussed on Sway
"Amusing and would so he had half a billion dollars over five hundred million dollars of income at defined by the irs. In two thousand sixteen instead seventeen and he wipes it all out through interest expense and it's perfectly legal otherwise except it's a remarkable thing that he borrows his assets to create leverage. So that he can supercharge has returns. And then we are subsidising his borrowing in reducing his borrowing costs for that so that he can write it off on taxes. I mean that's just something people should understand. Yeah as donald trump would say that's brilliant and one of the billionaires. told you. Violation.
"irs" Discussed on Sway
"Murdoch larry page. We have all their information And we have many more. We have thousands of people. We may report on some of these people. What we wanted to do was illustrate this in a very careful. Way with some specific examples We're going to be doing stories all year on various aspects of it and will name many many more people but only in what we consider to be responsible ways that are in the public interest. Okay all right so more possibly to come. But let's talk about two sources of data here for calculation of wealth grows you noted you're using estimates from forbes the income tax payments paid by the wealthiest americans. You're using irs documents that you obtained and received anonymously correct correct. And you don't know where they came from. We're we're really not commenting on that or discussing that in any detail nine. We're going to be very careful Well we want to protect the source and sources but We don't know an enormous amount And we're not going to explain what we do know. The most important thing about this is that this information has been verified in countless ways. I don't wanna bust your chops to hear about some of the stuff. People have an issue because apparently it's illegal to take this information from the ours is not illegal for you to have it. Yeah bussed away we we talk about journalistic standards. Yeah i'd love to. I'd love to. Because i think people should understand who are questioning the way. They're attacking the story. Is they got hot information. Essentially as if a pawn shop or something like that. What kind of corroboration have you done to feel confident in these numbers. Sure so accuracy in corroboration that these facts were of paramount importance to us so the first thing we did was go through an enormous amount of public material to see whether the numbers matched up and we were very paranoid and we thought you know somebody could have assembled data millions of lines data way. One of the things was that. Pass the smell test from minute one. It had information that really only Select entities might have. But you know that's not enough for us as the smell test but so we then went to private sources. Only those private entities would know and ran selective pieces of information by them and that also was verified and in the end we pretty easily surmounted information on fifty individuals and by that point we had a high level competence but that was not enough so then we assembled the information on. Jeff bezos elon. Musk and michael. Bloomberg and carl icahn. We presented that to as many people who would accept it and gave them the information and said we're going to publish this What you have to say about it. and no one disputed the veracity of the numbers and no one since we published as disputed. That numbers either yet is out in your article. Contemplative scenario where the source was a state actor that might be hostile to american interests. And the quote that you have here is two things we have long held at. These motives are irrelevant. The information is reliable which you just said. And the editors also said in your note. Providence is not essential accuracy which is essentially. You said the same thing twice so talk about this issue of what if the sources nefarious. Because in this case it's not misinformation as correct information possibly stolen information surely answer specifically in. Generally the first specific thing to say is that we don't know the provenance but the inspector general for the irs came out Many months ago and said that the solar winds hack which was a russian providence hack of huge amount government data. You probably know much more about it than i do. that they didn't access irs materials. I just want allegedly right. That's what they say. Yeah so let me go to general comment that go back to a specific comment. Generally we do not care about the providence of information when i in my reporting career i've been a reporter now for almost thirty years. God love me. I have always put it through the prism of whether it is true. And whether it is newsworthy. And i've been in business journalism and so it's been very clear to me from the beginning that everybody who talks to me is biased and has an agenda. No one talks to me. Because i'm charming handsome. I wish it were the case But no they're trying to move markets and move their position and convince me of their Of their position to make money. You're essentially saying everybody has an agenda. Yeah but just because you're bias doesn't mean raw and here. I think that no one can accuse us of being responsible stewards of this enormously. Valuable and precious and sensitive material and we published. I think we published six names right. Although one can compare speaking of. Jeff bezos national inquire the sex that he did were accurate he did write those very awkward sex. They got them apparently through the brother but nonetheless they publish them and you could make that argument. They're accurate but is that correct. Well then you come to the newsworthy side of the equation. And i like to think that. What the wealthiest person in the country contributes to american society through a tax system that we all need to contribute to is a little bit more newsworthy than a crotch shot. I that's just. Maybe that's me. Yeah but i think that this crosses the public interest threshold and it's not just me. I don't make decisions on my own. We have a careful Venting system at propublica. I'm working with two brilliant colleagues. Paul kill and jefferson's thousand and then of course we have editors and then we all it goes up and we have lawyers. We all made a determination that this serve the public interest. And i would be very shocked to have someone to make an argument aside from maybe the wall street journal editorial page that there isn't a public interest in understanding that the wealthy are outside of the taxes that they pay zero in taxes that they have legal mechanisms. I wanna emphasize this is all legal. We're not making any accusation in this story of illegal behavior. This is this system that we have. And i think we have a notion in this country. We certainly have an ideal in this country that everybody pays their fair share. And that's kind of founding myth of the united states. And what we wanted to say. It's as mythical as george washington cutting down the cherry tree. It doesn't exist and let's step back. What are the consequences of not paying taxes. Well roads and bridges are crumbling and philanthropy. Doesn't fix bridges. There are collective problems that government and only government can solve and government needs to be funded. Okay so i would. Just go with some of the responses elon. Musk sent you a question. Mark which seems about right for him. I often question that was. That was a shockingly character and then nothing else often curses next just so you now to the curses coming next. So you haven't heard back from at all nothing else nope nope. No one of my favorite response was carl. Icahn who i've dealt with. He won't he sort of stumbled and wobble detect for a short time period. Then your team's interview with him. The billionaire basically group rich people poor people and apple altogether saying quote. You have no income. You don't pay taxes. They seem confused by the suggestion that a rich person to pay taxes. No matter what can you tell me anything else about these conversations. Carl was great is incredibly charming and was totally perplexed by the concept of needing to pay taxes so essentially what channels you texas. He was very kind of.
"irs" Discussed on Let's Get Civical
"You you like minister. Short minister of gala. Yeah i'm definitely the department head of bloody. Marys hersher for sure so i mean although it might seem like we have already done we actually have it. I think the six hundred and three fire bit was just a surprise to all of us so now. Let's officially turn our attentions to fun. Facts on facts when sometimes when facts about the irs and this again is coming from the mental floss article. I was talking about. So i one from lowly agents to presidents. Those on the inside are often to seduced by the agency's power. Franklin roosevelt used the irs to target enemies. Like the publisher william randolph hearst. While richard nixon famously wielded it to investigate his democratic opponents under fbi director j edgar hoover the irs the nwa c. p. and civil rights leaders like mlk j. according to the investigative journalist david burnham quote in almost every administration since the irs is inception the information in power of the tax agency have been mobilized for explicitly political purposes of. We know it to be true. Irs brings people down. That's for sure sees next fun fact. you think. The head of the nation's tax collecting agency would be on top of his finances. No well in one thousand nine hundred fifty. Two josue new on junior was found guilty of failing to report eighty six thousand and personal income. So joseph newman was the head of the irs at the time included in this was eighteen hundred dollars. He'd one. After betting truman would win the presidency and nineteen forty eight. Wow so homeboy. Had of the. Irs was found guilty of failing to report taxes. This one think we all know they included in any way for years with authorities tried to nail the fame chicago gangster al capone but nothing stuck so they turned to the irs. Who put an agent named frank wilson on the case. Capone didn't have a bank account or financial records and was careful to leave. No paper trail the task. Monumentally difficult for wilson and his team after sifting through more than two million documents wilson finally came across payments to capone that hadn't been listed as income and this led to capone's arrest on tax evasion charges and an eleven year prison sentence which he served partly in my favorite place on earth. How much lower that actually might have done all of years. I'm not sure if he did all eleven but he did do a since alcatraz on alcatraz is it in it or on it in it. Oh i don't know it's an island. I feel like you would say on alcatraz or act at on out at alcatraz could be at interesting next one fact. The tax code is more than seventy five thousand pages long. You could say a bit wordy and there's a reason more people are relying on tax software and other services. The tax code is so complex. It makes warren peace. Seemed like a beach. Read this article and it's always changing between two thousand one and two thousand twelve for example. The code was amended four thousand six hundred eighty times or more than once a day. Fuck off it's too many tiles. That's too many times next month. Back with fewer staffers resources due to budget cuts the. Irs is performing audits on less than one percent of all tax returns. The exception is those individuals making than one million dollars who have about a ten percent chance of being audited since the irs knows it can make more money from errors on wealthy tax payers returns and then last fun fact so these are some of the legal challenges tax laws so legal challenges to the irs and national tax laws have been quite colorful over the years in one thousand nine hundred. Eighty four a wichita man named arthur port argued that income tax amounted to quote involuntary servitude and was illegal under the thirteenth amendment. Love and for trying in nineteen. Sixty-nine gladwin lamb claimed his income was not taxable. Because it didn't come in the form of gold or silver and more recently tax. Protesters like larkin. Rose have rallied around. What's called the eight hundred sixty one argument named after the section of tax code that outlines sources of taxable income and which claims that only income that comes from quote international commerce or foreign possessions can be taxed. One famous case was actor wesley snipes. Who cited the eight sixty one argument when explaining why he didn't pay taxes between nineteen ninety nine and two thousand and four sweet. Wesley went on to serve three years in prison for tax of asia. Trying that's amazing day trying to evade look my old thing y- like i feel tax evasion. Never works i feel if they got capone. There eventually gonna get you especially for making a lot of money like if you're trying to carry money. Irs is iras garidi. They won. They want a piece of the pie alway and eventually they get their pie but that is the end of our fun facts. And that's the end of our i r s at the sold. That's the history of the irs. And all things. I read her shattered -solutely absolutely and like always if you like what you heard. You can find us on twitter and instagram at. Let's get cynical please rate us reviewers subscribe to us. We love you so much and we will see you next wednesday. Good bye enactor. And jimmy gorlic. Standup are both brooklyn base comedians. Who started watching survivor. Over the pandemic pay leader. I started with season one and watched straight through. And i just finished season. Twenty seven and i'm jenny. I've watched twenty first together..
"irs" Discussed on Let's Get Civical
"Businesses slash self-employed the third one large and mid sized ses and then the fourth one tax exempt and government entities will love it. It was the most sweeping change at the irs since the nineteen fifty three reorganization great. So that's that's getting us into the twenty first century. Basically and i feel like we're still as the two thousands keep chugging along. I'm sure we'll see. I'm sure i think we're due for another reorganised. Do especially after kobe and like when they came out with all of the lake it was the first time the federal government had actually really recognized like self employed. People are ten ninety nine people who actually like. It's not an insignificant portion of the like gdp or revenue or just like the human the the work force in the united states and finally like. Oh these people actually matter to so it's still interesting so i'm hoping that since they were able to recognize that fairly successfully for cova that going forward that there will be more thought to the two that bracket of people. Yeah it's it's funny. It's funny the way the irs deby's la really makes me wanna laugh out loud. Sometimes i go and trust so the. Irs is a the internal revenue service is a government entity as such they. Have you guessed it building downtown building. They haven't been building i love. And there's a structure. I love a place that i can visualize my mind. And that's where they are. They have a physical structure And so we're going to talk a little bit about the building where it came from. It's kind of it's interesting. I feel like. I really out of time researching this part. So this is all coming from the general services administration which sidebar. If you haven't listened to our general service action episode we do. We've done suit go. Listen that's also a great one because like what is the general services administration. I'm not gonna tell you here but there is an episode. Very interesting administration does a lot of random stuff they do a lot of. They have their hands in everything they do. They've got a finger in every pot and that's why they're called general services because you just nobody like just generally operate generally just generally generally generally speaking we service. We service generally speaking around. If you need us yeah just give us a call gaul. Pick up a phone. A president great. You need services you need people. You need money for your monitor. No no no. Here's a building. There's a living building debbie building. We have them. Do you need one gray. So prior to getting back to the harris building prior to the redevelopment of the federal triangle and like put a pin in that. Because we're gonna talk about. The federal triangle is a second so prior to the redevelopment of the federal triangle the site of the irs building was occupied by washington's first theater. Excellent started when the arts start in the art as absolutely should on them for two hundred years yes yes. The washington theatre opened in eighteen thousand four and offered a medley of entertainment including song dance.
"irs" Discussed on Clark Howard Show
"So this is a mess. New report about the irs poured it on by the motley fool that the irs still has over a million tax returns for various reasons could not be filed electronically and had to be filed by paper that they still haven't even gotten to open yet people that were do refunds or waiting for those refunds. And you may remember. We had the problem that we talked about on our show <hes>. Back in late summer where people were getting. Notices for non-payment of tax bills with penalties and interest and the letters are very <hes>. For computer generated letter pretty unfriendly and the irs. Finally stop sending out those notices because the problem was that point. Just general male bay had somewhere round twelve million pieces of mail. They had not opened the. Irs is dealing with a massive shortage of employees and then on top of it has the second problem of so many workers working remotely. There's been no one to open mail the motley fool estimates. There's still three million letters that have been sent to the irs. In addition to tax returns that has not been opened. So if you had an issue with the irs where you are sending money and you send them money and they never have acknowledged receipt that check you sent his never cleared. This is what's going on and so when you send money to the irs. I'm going to recommend until this backlog has worked off before the <hes>. Chaos that exists right now in the irs. Before it's over. I'm going to recommend that you spend a little extra money when you send an item to the irs. You can send it and away known as certificate of mailing. I don't need to censor defied mail or anything like that. But if you send certificate of mailing it is an item of proof stamp by the post office. The you have actually sent a communication of the irs and it doesn't matter that they have not opened. It will be an item proof that you did the part you were supposed to do and sent that to the irs. The other thing you can do is if you have a need to pay not a desire but a need to pay the irs money you can set up an electronic account with the irs where you have an electronic account where you pay them much like you'd pay an electronic bill pay you do that same thing with the irs. And then there's no issue that you didn't pay on time that the irs thinks that you are now attacks deadbeat you electron ecclesia paid and not only. Is there proof. Well i guess on the bad part they would have your money immediately and you wouldn't have your money anymore. I guess the one advantage to them not opening all these envelopes. Is you still have your money for an extended period of time.
"irs" Discussed on KQED Radio
"In cash the IRS typically uses information from prior returns to verify identities says Jenna host plant of the urban Brookings tax policy center that kind of information often serves as a backstop as a way of sort of identifying people look for people without returns the Irish relies on much simpler information Brian Krebs editor of krebsonsecurity dot com was among the first to notice that fosters could steal these coronavirus payments with only a few pieces of identifying information I was a little shocked to see that there are a number of things that they requested the very few things that were required and the only thing that I could tell that were required well our name date of birth social security number address and then you had to have a phone number and that was pretty scary to me a longtime reporter on computer security Krebs says that this information is readily available for fraudsters urination people think is confidential and secret is available for sale on a significant portion of the US population in a number of places in in the underground and in many cases we're not even talking about the dark web we're talking about just out on the internet and and it's a couple Bucks it's about what it costs for you know caramel macchiato at Starbucks both holds plant and former IRS commissioner mark Iverson estimate that millions of Americans fall into this category millions of America's most vulnerable here host but again vulnerable in the sense that firm variety reasons their income is very low it is too soon to know for sure whether this kind of fraud is under way and that would scale Mike Chapple a professor of information technology at Notre Dame says it's a good bet that this kind of fraud is already happening he points to an incident in twenty fifteen with an iris system where people could obtain their previous tax return transcripts online that system was more secure because it asked for more information in order to verify identity there were three hundred and ninety thousand cases that the IRS inspector general found of fraudulent access to that system so no fast forward five years and we're using an even weaker system to control access not just information but the payments the IRS didn't address this specific vulnerability but told NPR that it is actively working on combating scam artists prioritizing investigations into those who prey on vulnerable taxpayers IRS criminal investigation chief don fort said in a statement that they are tracking the dark web following message boards and anticipating the schemes of criminals mark Iverson was the IRS commissioner between two thousand three and two thousand seven he says that the IRS is doing the best they can under trying circumstances you're always the trade off between speed and security a priority for the federal government is trying to get these direct payments out the door as quickly as possible which is going to lead to some vulnerabilities he said they're limited in terms of our technical strength which is then you're already in the contract and they have so many different things they're doing right now I miss what is still the filing season Iverson now with the line group which provides specialty tax services advises those who are seeking coronavirus direct payments and are not familiar with computers to find help from someone they trust.
"irs" Discussed on Newsradio 970 WFLA
"Here and how to get the IRS out of your IRA so what it does is gives a very simple layman's overview of the tax cut and jobs act as well as the passage recently of this new secure app which got rid of that the stretch IRA which again about the time we expire is about the time money will be inherited by our children who are about to retire so they'll be in their highest wage earning years and one of things I teach is if you look at what the secure act is going to cost over the next ten years which is about fifteen point seven billion the number of people that will be passing over these next ten years that will force their their inherited IRA's upon their children and grandchildren to be liquidated under the new rules of ten years also generate they predict about fifteen point seven billion so think about that on the backs of boomers and retirees with the greatest of intentions to leave this money to the next generation to leave this world better than the way we found it is going to be who carries the burden of the price tag to pay for all these other promises in what's called believe it or not and you can't make this up the secure act focus anything but secure for those that have worked hard and saved hard in tax deferred accounts like IRA's and four oh one case like I write about my books don't become the government's perfect taxpayer because that's not a title that you want to take home so what I want to teach you is what you can do we have an entire tax team we have a thirty four year certified tax master staff CPA's folks that instead of telling you how much you owe strategize from a retirement perspective and a tax rate regulated perspective of how much tax you have to pay so instead of telling what you will tell you how much less you have to pay quite a difference in by going to taxes save dot com in requesting that analysis I'll give you that guy taxes in your retirement how to protect yourself if you work hard for your money we look at some of the said look check I I'm I'm already those that are retired to share with us look I'm already concerned about having to reduce my retirement some of you said here I'm not sure if I'm going to be able to reach retirement and many people are puzzled that it's a higher predictability if you're trying to figure out if you can retire or maybe one spouse RT is once trying to figure that out by just getting rid of on necessary taxes you see what I talked about recently was that the contract Congressional Budget Office regard this is not having a Bernie Sanders an officer Joe Biden or somebody with this green new deal pushing all these crazy promises basically to buy votes this is just based on where we are running about a trillion dollar deficit per year in other words we're spending a trillion more than we're taking in yeah we're taking in about three and a half trillion were spending about four and a half trillion this prediction of this study is that will be over paying a deficit of about two point one trillion in the next ten years or less that's assuming no war no recession no increased interest rates and get that point the government's gonna have to step in and create what's called a value added tax a vat tax which has been very popular in Europe folks of somewhere around twenty to twenty five percent and a payroll tax increase of another fifty percent which puts payroll taxes going from about fifteen to twenty three almost twenty four percent so the time to protect your tap future tax on your money is in twenty twenty to go to Texas a dot com that's taxes save dot com request the saving tax optimization plan analysis is it coming out of my new book about to release my eighth book and it's giving you kind of a head start on learning what that is and then teaching you and I'll talk about after this break how you can design right alternative income sources so that you can have upside without the downside not this crazy you know market fluctuation like we've been seeing over these last couple weeks for up a thousand down a thousand a thousand down a thousand and people not realizing in a one week recently people lost over ten percent and then the market came back in one day five percent will folks if you lose ten percent you've got to make a Levin point one percent just to get back to even the people as of now still aren't many aren't back to even well we'll talk about how you can do that but also make it all.
"irs" Discussed on Pat Gray Unleashed
"'cause let's say you've been friends for while and you know you're tired of talking to you don't wanna talk to for a while since talked to so what you do unless you do wanna talk to but you've moved had your friends still has the old address well that's a new one then let's say you were maybe move again your friends still has the original address but gosh darn been able to catch up almost like lamb we wanna we wanna talk we want to hook up sure be friends again but it just hasn't hooked up and then finally everything gets clicked back together again you find you find you like never left because your buddy wants to catch up does ashley does they find you wonderful that's how good the irises oh yeah i wanna go on record saying i love the irs you know you know who else is not as good as the irs the va bad if they could only become like the irs they might step up natura two but probably not but look did you know that the va says that they'll give our veterans three hundred whole dollars for their burial services three hundred whole dollars for their burial services i now some some don't get the whole three hundred you at twenty thirty you buy get a hundred though one can figure out exactly how they decide who gets what but three hundred is the max now you as knows well as i do funerals cost at least seven grand and most of them cost a lot more than seven thousand dollars shameful shameful that the va only gives three hundred dollars.
"irs" Discussed on Planet Money
"Ears not covered by the trial and that amount to six hundred thousand dollars when he added fines still after years of flouting the law larry williams left the courtroom that day a freeman oh my gosh you don't know out good help later says the experience changed that we thought about taxes i understand that the tax protest argument is wrong or if it's correct it isn't going to be validated any court of law so it doesn't matter to losing battle so you got to buckle up to the bar and your taxes do you feel any guilt i don't understand the question that that you should have been paying taxes i did pay i paid a lot of money in taxes it's true he did eventually the us system for collecting income tax a lot of it is based on trust while people think of the irs watching our every move the truth is the irs only has the resources to audit the tiny tiny fraction of all the returns that they get the whole system is based on what sometimes called von terry compliance which means is up to each person to figure out what tax rules apply to them and calculate how much they're supposed to pay one consequence of that is people like larry who will dig through our super complicated tax code and all these old court cases looking for any argument that will let them legally not pay their income tax especially because of the whole thing ends up in court you can just say i didn't know eventually the irs got so fed up with hearing all these terrible arguments that they made a list of them and put them up on their website when i checked this morning there were forty four of them it's actually now illegal.
"irs" Discussed on Planet Money
"Support for planet money and the following message come from td ameritrade like the economy investing can seem complicated until it's explained in simpler terms that's how td ameritrade approaches investing by learning more about you and your goals before crafting a plan it's that simple to schedule a complimentary goal planning session today visit td ameritrade dot com slash podcast fifty years ago this week to civil rights leaders were killed one you know dr martin luther king junior and one you may not this week on coats which the final days of the lives of two men devoted to fighting for justice find it on npr one or wherever you get your podcasts we reached out to the irs they declined to comment on larry's case but you can imagine things from their side maybe the first year larry doesn't file as taxes they don't notice there's a lot of people filing taxes he's just one return among millions but then he does it the next year and the year after that if you're the irs you're like wait i see what's going on here dear larry williams then the irs starts writing letters and of course jim would write letters back to their letters and jim south not a problem and then then the battle really began the irs started taking money out of his bank account legal arguments back and forth his lawyer jim saying don't worry don't worry we got this and then jim died out of the blue.
"irs" Discussed on VIBES-LIVE
"Ubuntu the yeah nine i the irs yeah which your bill.
"irs" Discussed on Let's Talk Bitcoin!
"But second when we originally got involved in this case we actually brought a motion to intervene on behalf of my law partner jeffrey burns and we wanted to make it clear that he had nothing to hide in the way of tax compliance so he identified himself as soon as we did that the irs withdrew the summons as to mr byrne's only and then argue that our motion was mood because he had already been identified so in order to prevent the irs from repeating that conduct we didn't identify our our clients when we did this again that makes sense that so sleazy that's what we thought we also argued by the way they didn't get any of mr burns burns's information all they got was his name yet they withdrew the summons we argued if they say they desperately need all this information about every coin base customer how come as soon as we identified echoing base customer they withdrew the summons without getting any of the information while blesses conner depressing to be perfect beyond us but i hope you've got a really easy fight head of yuli soda away but the irs is a very powerful organization so we are certainly confident in our position but it's you know that we up to the court we think we're going to bring strong arguments we are hopeful that other organisations will come in and fight for these privacy rights so we're we think we're right here and think we ever stronger arguments so hopefully will prevail in the end will thanks for coming on our explaining all of their sleigh as has been simmering land amac doesn't seem to have really gotten the attention that i feel it should have and certainly i think we've learned a lot about the irs self just from how this thing has unfolded.
"irs" Discussed on Let's Talk Bitcoin!
"It says that the ira should use this john doe of procedure when facts are known to the irs that are of such a nature as to be reasonably suggestive of the possibility that the corrects tax liability with respect to that transaction may not have been reported clearly the iris doesn't have any specific knowledge here at certain choline base customers are not reporting the correct tax liability it's just grasping at straws it has not offered any facts to suggest that this possibility exists and that's why we are so adamant in opposing their enforcement predicts how should the us ensure that people are paying their taxes on cryptocurrency what would you think is a reasonable solution for them i think a reasonable solution would be to have the the companies such as coin base gemena i other exchanges and other businesses they're involved with potentially tax incurring cryptocurrency transactions to have to provide the same records to the irs that that that investment adviser for example have to provide you know i have an account for example with merrill lynch i get copies of the appropriate tax reporting documents from merrill lynch and those are provided to the irs right now the ira's doesn't have the same requirements for cryptocurrency exchanges so i think the onus is on the irs to promulgate the necessary regulations that allow it to get the information that it needs rather than preceding by summons when there's absolutely no basis for doing so it's it's you know it's sort of the interplay between the government and privacy under the irs summons procedure unless the government shows it as a basis suggesting taxavoidance it can invade the privacy of us taxpayers why don't they do that.
"irs" Discussed on Let's Talk Bitcoin!
"Criticising the irs because in 2014 the irs issued its guidance as to the taxation of cryptocurrency transactions and that guynn's is incredibly convoluted and difficult and burdensome on the individual taxpayer and so the treasury department said you need to clarify this so taxpayers know what they're dealing with rather than clarify their guidance they issued the summons and said we need information on billions of coin base users then and i don't know if you're aware of this but several us congressmen including powerful committee chairman in the house and the senate in may of this year wrote a letter to the irs and said wait a second you still having clarified you're guidance and now you're asking for millions of documents and we don't see how you could even possibly use those documents were really trouble by this and you need to clarify your guidance yet what does the iris do they continue to pursue this enforcement preceding and they've done absolutely nothing to clarify their taxation guides so i do think that the iris is unfairly branding cryptocurrency users is somehow engaging in various activity and i believe that there are altahri motives for the irs to do so said there's a couple of things here for one in what is really interesting is as you say that this reminds me of the sfa's cold the crypto wars at the start of the 90s way the nsa was really pushing keep strong photography a military classified technology in the face of tremendous pressure for reclassified as commercial technology and ultimately it was reclassified as commercial technology by the clinton administration and that led to the dotcom boom because admit that we could transact through the internet and this whole argument resurfaced again around the decryption of cell phones and the need to put back doors in cell phone so that law enforcement to gain access to the contents of them to track terrorists but of course a problem is if you put that back door in there.
"irs" Discussed on Let's Talk Bitcoin!
"Announcing for the product case effectively asking troll all the money itself i mean netflix shows a total lack of understanding of blood trade based as it sounds like they have no idea what the talking about i think that's generally correct one of the arguments we made and you know i don't know if you're aware of this but the irs has been packed previously and obviously if hackers new at the irs had private keys for millions of choline base users the irs would be a prime target for that and the irs has not indicated that it has any ability to protect itself from future hack similar to the one that it was already a victim it sounds like this is a complete jug today to be honest well i can offer comment as to whether it's a complete joke but i i will say this is an unprecedented use of the john doe summons procedure the purpose as outlined by the us congress of the john though summons procedure is where the irs has identified specific taxavoidance and it just can identify the potential taxpayers who've engaged in that illicit conduct and perhaps the most typical use of the john doe some procedure is when the irs determines at a law firm or a company is promoting illegal tax shelter when the irs learns that they don't know who the law firms clients are with the company's clients are but they know for a fact that there are taxpayers who are using illegal tax shelters so the only way that they can identify the users of these illegal tax shelters are to issue this type of john doe summons to the law firm or the company and asked them to identify their clients in contrast there's nothing inherently illegal about someone who buys and sells virtual currency that's why i find this summons so offensive and why i think that this is a clear example of massive government overreaching now this effectively equates the use of cryptocurrency two text.