Today in let's-make-asinine-statements-in-regards-to-tax-policy-news, Arkansas Governor Mike Beebe recently told a large crowd that, “[a]nyone standing in the way of [the wind] industry, frankly, they’re unAmerican.” Right. Because anyone that opposes federal tax dollars being redistributed into the hands of specific corporations and industries are clearly communists. [The Cabin via David Brunori]
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The IRS Is Sitting on Your Checks
- Caleb Newquist
- June 14, 2010
We haven’t come across a single person that is happy about cutting a check to the United States Treasury. In fact, some people would like their CPAs to stick their beard trimmings in with checks and include a note that says, “Here’s my money. Shove it. Oh, and enjoy the scruff.”
You would think that – after washing their hands for 20 minutes – someone at IRS would rip open your letter to find your check and drop everything to make the deposit. “Thank God! Everybody! We’ve got the Johnson check! I’ve got to get to the bank ASAP to make sure we can cover our glorious new pens.”
But this is not the case. No, the IRS doesn’t have a sense of urgency that you might have when you get a check in the mail. The Service’s resident mother-in-law, the TIGTA let’s us know how about their latest disappointment:
TIGTA found that the IRS is generally scanning checks and accurately posting checks to taxpayer accounts. However only 13 percent of the 770,504 payments reviewed by TIGTA payments were deposited the next business day through the Treasury Department’s Financial Management Service. As a result, the IRS lost $695,115 in interest on the payments that were not promptly processed. TIGTA found that the IRS is generally scanning checks and accurately posting checks to taxpayer accounts. However only 13 percent of the 770,504 payments reviewed by TIGTA payments were deposited the next business day through the Treasury Department’s Financial Management Service. As a result, the IRS lost $695,115 in interest on the payments that were not promptly processed.
And that’s your interest, American Taxpayers, sayeth J. Russell George, “When payments are not promptly processed, taxpayers lose the benefit of the interest earned that is credited to the Department of the Treasury.”
The TIGTA obviously understands that it was painful for you to cut that check in the first place, so the quicker it gets cashed, the sooner you will be doing your part – earning interest for every man, woman and child in this great land.
Plus, the sooner the money is out of your account, the less likely you’ll be to continue stewing about the unfairness of it all, only to conclude that quitting your job to attend rallies or participating in virtual marches may be the only way to help you to feel better.
The IRS Needs to Process Paper Checks More Quickly, TIGTA Finds [TIGTA PR]
Full Report [TIGTA]
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One of the Guys That Wrote the Mother of All Corporate Tax Textbooks Has Died
- Caleb Newquist
- April 27, 2011
James Eustice, who co-authored Federal Income Taxation of Corporations and Shareholders with Boris Bittker, died yesterday at 77. He was a Gerald L. Wallace Professor of Taxation Emeritus at NYU and counsel at Cooley LLP.
This epic book is more appropriately referred to as a “treatise” but it probably served as your primary source of information for your corporate tax classes.
For anyone not familiar with B&E, it’s quite the impressive piece of work and would be an excellent weapon of choice in a tax nerd duel. I personally never assaulted anyone with my copy but it did come in handy when I had trouble sleeping in grad school.
Anyone else with fond memories of B&E are invited to share them.
Death of Jim Eustice [TaxProf Blog]
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Our Thank You Captain Obvious Tax-Related Quote Of the Day
- Adrienne Gonzalez
- April 16, 2012
“All taxes have to be paid by somebody at some point,” said Steve Wamhoff, legislative […]