Discussion:IRS Could Use Mortgage Data to Pursue Tax Evaders

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Revision as of 17:38, 2 September 2009

Discussion Forum Index --> Basic Tax Questions --> IRS Could Use Mortgage Data to Pursue Tax Evaders
Discussion Forum Index --> Tax Questions --> IRS Could Use Mortgage Data to Pursue Tax Evaders

Wiles (talk|edits) said:

2 September 2009
[1]

WTH! Is this new information for the IRS?!? Has the IRS forgot about economic reality audits? This is like me telling my son to wipe after he does #2s.

I have no interest in joining the dark side, but the IRS could gather 50 well-seasoned tax preparers, pay them $200K each, and these guys and gals would reap 100x their costs in additional tax revenue.

Kevinh5 (talk|edits) said:

2 September 2009
I've often wondered why the IRS can't see what we, as tax pros see. It would be so easy to find audit targets just by looking at the tax returns.

Jimi (talk|edits) said:

2 September 2009
I thought that would have been a basic part of the DIF score.

Death&Taxes (talk|edits) said:

2 September 2009
Even before Economic Reality audits, 'how are you paying for this' was often a question asked, but usually on Schedule C audits. So if Mr. White Collar worker seems to paying far more mortgage than he and wife can afford, where should we look for unreported income? I am curious what the rest of you do when you see this? I often ask how far behind they are on credit cards etc.

I think the more important fact garnered here is that people are not filing when they discover that their pile of mortgage interest does not wipe out tax liability.

Kevinh5 (talk|edits) said:

2 September 2009
"but I gave $10,000 to the church, why didn't that wipe out my $10,000 tax bill?"

Southparkcpa (talk|edits) said:

2 September 2009
I met an enrolled agent at a function and in industry speak he asked me "Do you have any clients that don't eat"?

While my practice doesn'thave that, I understood his point perfectly. kevins point is spot on.

You see a tax return and shake your head.

What about all the "off the book" employees etc....

A random spot check of employees at most small restaurants would uncover millions!

Irsfixer (talk|edits) said:

2 September 2009
If the IRS put me in charge of IRS Collections - it would be a dark dark experience for many.
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