Biden Presidency

[Irish#1]

Goes to show you, "figures don't lie but a liar figures"! END OF QUOTE, REPEAT THE LINE. "figures don't lie but a liar figures"!

Let's go Brandon!

 

[ulukinatme]

They had me at Nancy.

 

[Jiggafini19Deux]

Let's go Brandon!

He should sign this new bill in the Rose Garden with a giant banner with these words hanging behind him.

 

[drayer54]

The man who Trump withdrew for SCOTUS just authorized an FBI raid on President Trump. They better have one hell of a reason or else it looks like the FBI that can’t seem to quite put their nose on the Hunter Biden mystery has been politicized and weaponized by the Biden Administration. They need to put out whatever drove this asap and not by leaking it to lib journalists.

 

[SonofOahu]

Hell of a week for Biden:

1. Bonkers hiring numbers putting us back at full employment
2. Sliced and diced Al Qaeda's leader
3. Passed his signature legislation
4. Beat COVID
5. Stormed LGBTQ (Let's go Brandon Trumpers and Qanon) headquarters

Fuck yeah, sir!

 

[Irish#1]

Hell of a week for Biden:

1. Bonkers hiring numbers putting us back at full employment
2. Sliced and diced Al Qaeda's leader
3. Passed his signature legislation
4. Beat COVID
5. Stormed LGBTQ (Let's go Brandon Trumpers and Qanon) headquarters

Fuck yeah, sir!

Damn right!
I'm excited to see that legislation go into effect so he can raise our taxes which he promised he would never do. All the while, gas is still way too high, prices across the board continue to climb and grocery shelves are less than full.

 

[TorontoGold]

Damn right!
I'm excited to see that legislation go into effect so he can raise our taxes which he promised he would never do. All the while, gas is still way too high, prices across the board continue to climb and grocery shelves are less than full.

Do you currently file taxes with CMT or any carried interest? Or how about passthrough income? If you file with any of those considerations then sure you may be annoyed some loopholes are closing a bit.

You would be happy that corporations who report $100M+ in book incomes but pay 0 US taxes would have to start paying their fair share, right? Do you agree that companies who operate in the US, have tremendous book value, but currently pay zero in taxes should pay their fair share?

If any of the above currently apply to you, I would encourage you to reach out to your CPA. They've likely already been planning for this and can help assist. Deloitte had a easy read article on it all, should calm a lot of the emotion down if it's read through. Impact of Joe Biden's Tax Policies

 

[RDU Irish]

Just like the Affordable Healthcare Act tripled the cost of health insurance I expect the Inflation Reduction Act will not disappoint. The giddiness over this trash and FBI raiding a former president's house for some post it notes are frightening. Fascism and authoritarianism on which side again?

 

[RDU Irish]

Do you currently file taxes with CMT or any carried interest? Or how about passthrough income? If you file with any of those considerations then sure you may be annoyed some loopholes are closing a bit.

You would be happy that corporations who report $100M+ in book incomes but pay 0 US taxes would have to start paying their fair share, right? Do you agree that companies who operate in the US, have tremendous book value, but currently pay zero in taxes should pay their fair share?

If any of the above currently apply to you, I would encourage you to reach out to your CPA. They've likely already been planning for this and can help assist. Deloitte had a easy read article on it all, should calm a lot of the emotion down if it's read through. Impact of Joe Biden's Tax Policies

I always read your posts in a Terrence and Philip voice and a fart sound at every period. Why would anyone care what a Canadian thinks of US tax code?

 

[TorontoGold]

I always read your posts in a Terrence and Philip voice and a fart sound at every period. Why would anyone care what a Canadian thinks of US tax code?

Because I file US tax returns every year, advise clients on their US tax liability and exposure each and every year. Yet we have people from some ass crack town who's main export is opioid addiction complaining about tax issues they can't even understand. You love to see it.

 

[RDU Irish]

Because I file US tax returns every year, advise clients on their US tax liability and exposure each and every year. Yet we have people from some ass crack town who's main export is opioid addiction complaining about tax issues they can't even understand. You love to see it.

You have a very valid point. However, you sell tax services - therefore you benefit from a more complex tax code with more loopholes to advise rich clients on. I am pretty sure you will not be there for the crack town folks facing audits from the 87,000 new IRS agents.

 

[TorontoGold]

You have a very valid point. However, you sell tax services - therefore you benefit from a more complex tax code with more loopholes to advise rich clients on. I am pretty sure you will not be there for the crack town folks facing audits from the 87,000 new IRS agents.

You can spin a more complex or less complex tax code either way. More complex = more advisory work, less complex = straightforward tax planning that can be done (volume). Either way, no legitimate CPA firm builds their practice on compliance work.

IRS is not going to focus on those people at all. It'll be a trivial amount of them, and you can't audit someone that makes nothing. It'll literally just be their W-2. The POS's that run cash businesses with shoddy expensing are the ones who'll be cooked. I don't think anyone has sympathy for someone nickel and diming on their expensing.

 

[drayer54]

Just like the Affordable Healthcare Act tripled the cost of health insurance I expect the Inflation Reduction Act will not disappoint. The giddiness over this trash and FBI raiding a former president's house for some post it notes are frightening. Fascism and authoritarianism on which side again?

The people in black are anti-fascists who support the Inflation Reduction Act.

Don’t challenge words!

 

[drayer54]

We’re a tinpot republic now.

Judge who OK’d Mar-a-Lago raid Obama donor once linked to Jeffrey Epstein

The Florida federal magistrate judge who signed off on a search warrant authorizing the FBI raid of former President Donald Trump’s Mar-a-Lago resort donated to Barack Obama’s …

nypost.com

 

[yankeehater]

You know your Presidency sucks when the supporters are touting an 8.5% inflationary rate as an accomplishment. Not to worry because Joe doesn't even know how bad things are anymore. Yesterday he tried to shake Shumar's hand again five seconds after he just did. His memory is good for four seconds now.

 

[RDU Irish]

You can spin a more complex or less complex tax code either way. More complex = more advisory work, less complex = straightforward tax planning that can be done (volume). Either way, no legitimate CPA firm builds their practice on compliance work.

IRS is not going to focus on those people at all. It'll be a trivial amount of them, and you can't audit someone that makes nothing. It'll literally just be their W-2. The POS's that run cash businesses with shoddy expensing are the ones who'll be cooked. I don't think anyone has sympathy for someone nickel and diming on their expensing.

You rep rich people. Just say it - poor people can kick rocks. Real small business owner trying to live the dream and failing to track his receipts correctly deserves to have his life ruined by the IRS. Lazy losers. Hire a legitimate CPA firm or spend your life in audit hell losers!

 

[ab2cmiller]

You rep rich people. Just say it - poor people can kick rocks. Real small business owner trying to live the dream and failing to track his receipts correctly deserves to have his life ruined by the IRS. Lazy losers. Hire a legitimate CPA firm or spend your life in audit hell losers!

Good lord you are over the top today. You really think that's who the IRS is targeting? They target the people who are doing significant cash business and are intentionally under-reporting receipts by tens/hundreds of thousands of dollars. "Real" small business owners make legitimate attempts to follow the rules and not intentionally hide receipts for tax purposes.

I found out my old mechanic (who did a significant amount of business on the side from his actual job) wasn't reporting any of his side gig on his taxes. I had to send in some info to get a rebuilt title which contained information about the mechanic/shop that did the rebuild work. He tried to pressure me into attesting that I did the work myself. I pay more now to get my cars repaired, but I refuse to give my money to a tax cheat.

 

[TorontoGold]

Good lord you are over the top today. You really think that's who the IRS is targeting? They target the people who are doing significant cash business and are intentionally under-reporting receipts by tens/hundreds of thousands of dollars. "Real" small business owners make legitimate attempts to follow the rules and not intentionally hide receipts for tax purposes.

I found out my old mechanic (who did a significant amount of business on the side from his actual job) wasn't reporting any of his side gig on his taxes. I had to send in some info to get a rebuilt title which contained information about the mechanic/shop that did the rebuild work. He tried to pressure me into attesting that I did the work myself. I pay more now to get my cars repaired, but I refuse to give my money to a tax cheat.

Essentially this x 100000

Poor people will almost never trigger an actual audit. If your only source of income is employment, it's automatically referenced to the W-2 with the W-2's your employer filed. Typically the employer will undergo the audit before any sort of reassessment is done. That eliminates about 95% of poor people. If you're struggling to run your self employed business, the other 5% will be given tons of relief since the government can't exactly get water from a stone with these people. If they even did anything wrong it'll be a trivial late filing fee at most.

Almost all IRS audits are triggered based on other filings than personal tax filings.

1. Corporate tax returns, pretty self explanatory.
2. Property tax bills, buddy is paying $7K in prop taxes but says he's only making $40k a year?
3. Sales tax filings, Company XYZ is claiming a credit for taxes paid but Company ABC doesn't show it on their tax filing. Boom, cooked.
4. Bank records, woah this guy is making $4.9K deposits every two weeks, but only makes $40k a year?
5. Scope, "audit" concepts are based on material thresholds and buddy making $40k in employment income has almost a 0 probability of turning up anything to meet a threshold.

Poor people will almost never ever fit one of the above. Idk just a dumb Canadian whose assisted on numerous IRS audits.

 

[RDU Irish]

Essentially this x 100000

Poor people will almost never trigger an actual audit. If your only source of income is employment, it's automatically referenced to the W-2 with the W-2's your employer filed. Typically the employer will undergo the audit before any sort of reassessment is done. That eliminates about 95% of poor people. If you're struggling to run your self employed business, the other 5% will be given tons of relief since the government can't exactly get water from a stone with these people. If they even did anything wrong it'll be a trivial late filing fee at most.

Almost all IRS audits are triggered based on other filings than personal tax filings.

1. Corporate tax returns, pretty self explanatory.
2. Property tax bills, buddy is paying $7K in prop taxes but says he's only making $40k a year?
3. Sales tax filings, Company XYZ is claiming a credit for taxes paid but Company ABC doesn't show it on their tax filing. Boom, cooked.
4. Bank records, woah this guy is making $4.9K deposits every two weeks, but only makes $40k a year?
5. Scope, "audit" concepts are based on material thresholds and buddy making $40k in employment income has almost a 0 probability of turning up anything to meet a threshold.

Poor people will almost never ever fit one of the above. Idk just a dumb Canadian whose assisted on numerous IRS audits.

Sounds like we don't need to double the IRS headcount then. We got it all covered.

 

[TorontoGold]

Sounds like we don't need to double the IRS headcount then. We got it all covered.

Absolutely not. I'm working on an audit right now that has been ongoing for 2 years that is being constantly delayed by the IRS. They have no manpower.

I'll take your non-response to everything else as your acceptance that poor people won't be targeted.

 

[RDU Irish]

Good lord you are over the top today. You really think that's who the IRS is targeting? They target the people who are doing significant cash business and are intentionally under-reporting receipts by tens/hundreds of thousands of dollars. "Real" small business owners make legitimate attempts to follow the rules and not intentionally hide receipts for tax purposes.

I found out my old mechanic (who did a significant amount of business on the side from his actual job) wasn't reporting any of his side gig on his taxes. I had to send in some info to get a rebuilt title which contained information about the mechanic/shop that did the rebuild work. He tried to pressure me into attesting that I did the work myself. I pay more now to get my cars repaired, but I refuse to give my money to a tax cheat.

Jokes is on them - since they didn't report anything they got no payola from the PPP and had to go bankrupt. And then those that did do it all right but didn't maintain payroll got nothing or had to pay it back .... and go bankrupt in the process.

I think I saw it is estimated they can raise $120B by spending $80B for the 87,000 agents - anyone care to put a value on cost to taxpayers for additional accounting/defense and how many hours of work needed to deal with it? Doesn't seem like a very high ROI affair to me. Removing carried interest would probably make multiples of that but we can't upset our billionaire donors can we Dems?

And I have done VITA - it is quite disgusting how many people are net receivers with incredibly simple returns and still bitch about taxes.

 

[RDU Irish]

Absolutely not. I'm working on an audit right now that has been ongoing for 2 years that is being constantly delayed by the IRS. They have no manpower.

I'll take your non-response to everything else as your acceptance that poor people won't be targeted.

EITC recipients are audited at about the same rate as the top 1% of taxpayers. Having that money that has already been spent called back many years later can be devastating for those folks. The top 1% in the worst case might have to sell one of their Picassos. Not always their fault - the tax code is confusing AF. Then again there are scammers and they seem to get away with it more than not. Huge portion of our tax code is largely voluntary.

I am right there with you that people should be entitled to a fair and speedy trial which should apply to IRS interactions as well. 2 years is not speedy - if they can't finish a fight, they shouldn't start it.

 

[Irish#1]

Good lord you are over the top today. You really think that's who the IRS is targeting? They target the people who are doing significant cash business and are intentionally under-reporting receipts by tens/hundreds of thousands of dollars. "Real" small business owners make legitimate attempts to follow the rules and not intentionally hide receipts for tax purposes.

I found out my old mechanic (who did a significant amount of business on the side from his actual job) wasn't reporting any of his side gig on his taxes. I had to send in some info to get a rebuilt title which contained information about the mechanic/shop that did the rebuild work. He tried to pressure me into attesting that I did the work myself. I pay more now to get my cars repaired, but I refuse to give my money to a tax cheat.

Where am I going to get my nails done?

 

[ab2cmiller]

Where am I going to get my nails done?

I’ll give you the number of my old mechanic, his wife may do nails.

 

[Jiggafini19Deux]

This is the phase I'm in.

 

[ab2cmiller]

This is the phase I'm in.

I haven't seen a lot of news items or social media activity trying to state that Biden is somehow the "mastermind" of this whole thing. However, many people have stated that for something of this level of significance would've almost certainly meant that Biden was aware of this operation. Biden has denied any knowledge. Maybe that is true, but it would seem unlikely.

 

[GoIrish41]

I haven't seen a lot of news items or social media activity trying to state that Biden is somehow the "mastermind" of this whole thing. However, many people have stated that for something of this level of significance would've almost certainly meant that Biden was aware of this operation. Biden has denied any knowledge. Maybe that is true, but it would seem unlikely.

The president should have no knowledge of federal criminal or investigative proceedings. That is the way it is supposed to be and almost certainly is in the Biden administration. That his predecessor didn’t follow the norms of government and corrupted the institutions should not leave anyone with the impression that it’s normal for the DOJ to ask permission of the president to investigate anyone.

 

[drayer54]

I’ll be damned. The Inflation Reduction Act, which does nothing to influence inflation has actually worked! Days later it just went away! 0%!!!

 

[Bishop2b5]

Any day now I fully expect the Ministry of Plenty to announce a 50% overproduction of boots and razor blades last quarter, and to inform us that the recent decrease in our weekly chocolate allowance from 40 grams to 35 was actually an increase from 30.

 

[Irish#1]

The president should have no knowledge of federal criminal or investigative proceedings. That is the way it is supposed to be and almost certainly is in the Biden administration. That his predecessor didn’t follow the norms of government and corrupted the institutions should not leave anyone with the impression that it’s normal for the DOJ to ask permission of the president to investigate anyone.

There is no way someone didn’t tell Biden they were raiding Trump’s place.