Comments on: IRS extends amnesty for tax cheats: Good or bad idea?

By: Globals

Globals — Sat, 03 Oct 2009 02:41:16 +0000

all good things

By: zeke

zeke — Tue, 22 Sep 2009 02:26:08 +0000

Ridiculous! The whole idea that people legally depositing money in foreign banks to avoid the ridiculous US tax on money made outside the US is absurd! If I invest money in Germany, and, am lucky enough to make a profit on that investment, the US government should be enthralled if I bring that money home, and, possibly invest it in the US economy! But no, the socialists here think they have a legal right to tax that money made outside the US! RIDICULOUS! That is why INBEV bought Busch and not the reverse! That is why foreign companies and individuals are buying up US companies and properties instead of the reverse! ENOUGH OF THIS SOCIALIST CRAP! WE NEED TO RID OUR GOVERNMENT OF THESE SOCIALIST DEMOGOGS!!!!!!!!!

By: Homer Simpson

Homer Simpson — Mon, 21 Sep 2009 17:48:41 +0000

How about amnesty for bank robbers if they return the money. I mean if you going to let criminals off, might as well make it for all crimes.

By: Dood

Dood — Mon, 21 Sep 2009 17:09:41 +0000

How about tax cheat and Treasury Secretary Tim Geithner or tax cheat Charles Rangel (he has amended his tax data numerous times after “discovering” that his net worth has doubled)? Do laws only apply to private citizens or what?

By: Robert Tobey, CPA

Robert Tobey, CPA — Mon, 21 Sep 2009 15:11:23 +0000

This short article misrepresents the IRS’s volutary discloure program for off-shore bank and asset accounts giving readers a false impression. If owners of foreign bank and asset accounts voluntarily disclose these accounts, the IRS will not criminally prosecute them. However, these owners, generally, will be subject to a 20% penalty on the highest account value during the period 2003 – 2008 and will have to report the earnings on these accounts for the same period. These earnings will be taxed and interest and penalties will be due top the taxes unpaid for years 2003 – 2008. The program was devised to bring taxpayers (individauls, corporations, trusts, pass-through entities) into compliance. The carrot was no criminal prosecution, the stick is the civil penalty provisions. Clients I am presenting under this program are intentional tax cheaters (I suspect this is the same for other practitioners.), but are people who have inherited accounts about which, prior to this year, were not aware.

By: TaxRule

TaxRule — Mon, 21 Sep 2009 13:56:31 +0000

Bad idea–when you change the law for a special group, and not for others, the confidence in the fairness of the tax system, which is already low, goes down. Enforce all laws, equally, and don’t grant special favors or exemptions for groups with a lot of money or connected lawyers / lobbyists.