IRS Delays Abound
The next time you get audited, or receive some inquiry or other in the mail from the Revenooers, and they unilaterally set a date for your response, see how you end up if you ignore the deadline or otherwise stonewall.
But apparently what’s good for the goose is just irrelevant if you’re the gander – the IRS in this instance.
Did you get a load of IRS Commish John Koskinen’s testimony before Congress last week, in which he bleated, in response to inquiries as to the whereabouts of various documents Congress has been asking for over the last year, that “What they want is something that’s going to take years to produce.”
Just to produce all of the emails from Lois Lerner (which Congress has asked for) could end up going into next year, says Koskinen.
Try that on them the next time they demand your info, and arbitrarily hammer you if you aren’t in a position to produce it immediately.
Adding insult to injury, a smirking Koskinen went on to plead that IRS has faced no challenge greater than the significant reduction in their budgets over the last several years.
We hear IRS continued to operate at near post-sequestration levels, with fiscal 2014 funding less than one percentage point above fiscal 2013 levels.
How can they possibly squeak by on such a meager allowance?
And we love this one – Koskinen says that IRS will continue working to maintain as high a level of telephone “service” as possible, though he remains concerned that the average level of phone “service” may drop below 70%.
Anybody who has ever tried to telephone these blokes will attest to the fact that use of the word “service” to describe what IRS produces in response to an endlessly-ringing telephone is a fairy tale, to say the least.
And if you hit age 70-1/2 in calendar year 2013, make sure you withdraw your first year “required minimum distribution” from that IRA by April 1 – recall that IRS graciously grants you a few extra months to get your grubbies on that first year distribution. Starting with year two, you must withdraw the dough by December 31.
And finally, this week, comes a little absolution to President George H.W. Bush who was unmercifully hammered when he broke his “read my lips: no new taxes” campaign promise. Seems the John F. Kennedy Library Foundation will be granting the 41st president the 2014 Profile in Courage Award for making the politically difficult choice to increase taxes just a few years into his term.
Bodes well for Obama, don’t ya’ think. With his track record of failures to deliver, he could qualify for a whole barrel full of prizes.
CONSULT YOUR TAX ADVISOR – This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation.
Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He may be reached at 831-7288, welcomes comments at firstname.lastname@example.org, and invites readers to consider his other commentary at http://blog.nolo.com/taxes.