When accounting goes unaccounted for
Warren Mayer of Coyote Blog posted this photo of his four pound tax return:
Don’t forget that the picture above is direct result of this:
Tax reform anyone? If you’ve got a tax return that weighs more, feel free to send us the pics (on the scale of course).
[h/t TaxProf]
Maybe! Joe Kristan tells us that the Ways and Means chair is “[proposing] to ‘pay for’ the extension of forty five tax provisions that expire every year or so with an increase on the taxes on hedge funds and private equity funds.”
At the expense of the PE and hedge fund industry no less! Rangs is screwing people in his own back yard to give tax provisions to race car fans? Does this seem especially bassackwards to anyone else?
Tax Update Blog:
Among the 45 provisions are special depreciation rules for “motorsports entertainment complexes” and an “alternative motor vehicle credit for heavy hybrids.” Because heaven knows we need NASCAR and heavy hybrids more than we need private equity investment.
Being the dapper gent that he is, Rangs no doubt has several of his favorite drivers’ jackets hanging up at all of his rent-controlled apartments. You cannot deny the fashion genius of the bow tie/Snickers jacket combo.
Beating on Private Equity to Save NASCAR [Tax Update Blog]
See also: Rangel Identifies $30b of Tax Increases to Pay for 45 Tax Extenders [TaxProf Blog]
And you can bet that it’s going to straight to the vault.
[via @GroverNorquist]
Earlier:
Mitt Romney Unable to Resist the Siren’s Call That Is the Taxpayer Protection Pledge
Pulling off tax fraud is a tough proposition. Hell, even the guys that are good at it get busted.
Plus, despite our low expectations, the IRS has managed to get wise to the filing of tax returns with huge refunds. To try and pull such a stunt will not help your burgeoning criminal career.
Another bad jig (seemingly) would be to attempt filing a tax return seeking a refund for a dead person. Despite what some might consider to be a no-brainer, a couple of guys in California still thought it was worth a shot. Web CPA Reports that Haroon Amin and his partner Ather Ali filed tax returns for 250 dead individuals in 2002 and 2003.
The IRS got wise to some of this but still managed to send out a few checks to addresses controlled by the two men. Mr. Amin pleaded guilty today and faces up to five years in prison where hopefully he can get some help improving his criminal instincts.
Man Pleads Guilty to Filing 250 Tax Returns for Dead People [Web CPA]