July 23, 2018

Utah Man Discovers Liberty Tax Not as Effective as Maury Povich in Determining Paternity

Do you remember how Greg went to Liberty Tax to get his taxes done? No? Fine, read this. Surely you remember this at least:

You didn't think Greg just put on the outfit for absolutely no reason, did you? He actually had them do his taxes. Poorly, at that.

Well, let's say Greg wasn't totally impressed with how the nice lady who assisted him that day couldn't come up with a price right away (among other things):

It was apparent that she was messaging back and forth with “the main guy,” and based on my experience, I don’t think they have an actual fee schedule. I think the main guy just pulls a price out of his butt and messages it to the nameless lady.

(Let’s get you primed for this. It’s a joint tax return, two dependents, itemized deductions, a Schedule D, and two Schedule Cs (one’s a bit involved, the other’s very simple). All documentation was clean and provided during the initial meeting.)

After sitting and chit-chatting with nameless lady for a bit, she must have finally gotten the price from the main guy and said that it was going to cost $602. I said politely, yet quite involuntarily, something like, “Are you &%$#ing kidding me?!” And she immediately – I mean immediately – replied, “But we can give you 50 percent off.” She wasn’t billing and ducking. She was billing while ducking.

That's sort of a pain… but what's more of a pain than that pain? The fact that Liberty Tax sort of forgot Greg has two kids.

Jody Padar offered to double check Greg's return and even she didn't notice the glaring error because who the hell expects a tax preparer to screw up on that? NO ONE, that's who:

No, wait. Check this out: They had me fill out an intake sheet which asked me to list my dependents, including their social security numbers. I don’t have those memorized, so I asked the lady – who was putting my information into the computer – if I could see my 2012 return so that I could copy my kids’ SSNs from one document that I provided them to another document that I was providing them. Seemed like busy work to me. Turns out it was.

Now, I’ve mentioned that I suck at taxes, but the first time I double-checked their work, I didn’t even bother to check to make sure they included my kids as dependents BECAUSE NOBODY MAKES THAT MISTAKE. Jody didn’t notice it at first, either. Why? BECAUSE NOBODY MAKES THAT MISTAKE. Turns out, the main reason I didn’t get the child tax credit was because, according to Liberty Tax, I was childless.

Well, by the time Jody checked, the return had already been filed. Liberty Tax refunded the money Greg paid and Greg will need to file an amended return. It could be worse, I suppose. Greg could have been caught breaking into Liberty Tax to steal his underpants receipts back.

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Going Concern is Not Immune to the Michael Jackson Circus

1.michael_jackson_71246050015.jpgWe’ve been able to avoid the whole Michael Jackson debacle up until now. We couldn’t, in good blogging conscience, avoid this particular story.
The estate of Michael Jackson is probably going to have to turn over at least $80 million to the IRS and they get to cut the line right to the front to collect.
“As in a bankruptcy case, Jackson’s creditors will jockey for first crack at his fortune. But the estate’s initial obligation will be to pay the late star’s taxes, said Beth Kaufman, a Washington-based attorney specializing in estate tax issues. ‘There is no question that the U.S. government has first priority,’ she said.
Oh, and the Service is not going to take the royalty rights to She Loves You or I am the Walrus either:

To settle his tax bill, the executors of his estate may have to sell or borrow against lucrative but hard-to-value assets or ask the IRS for a multi-year extension. That could allow the estate to pay the tab over time with earnings from Jackson’s share in rights to songs by the Beatles and his own music — prized properties whose value will likely make the estate’s tax bill only bigger. “The government is not going to take a Beatles record as payment. They want to be paid in cash,” said Roy Kozupsky, a veteran estate lawyer in New York who has worked on behalf of several wealthy clients.

Reportedly, Jackson still made $40 million a year from his ownership of the recordings. This will no doubt make the calculation of the tax bill more complicated and thus, we’ll continue to be saturated with all the excruciating details about this story that we just don’t want to hear.
Death and taxes: Big IRS bill looms for MJ estate [AP via TaxProf Blog]

UBS Names Needed so We Can Pay for Healthcare Otherwise We’ll Have to Print More Money

obama_point.jpg“Rich people, I want your money.”
No, seriously. Hand it over.
We’ve covered the failure (so far) of the IRS to get UBS to name names on 52,000 Americans and we’ve heard some good suggestions but maybe chocolate isn’t what the Service is interested in.
The House passed a pricey healthcare proposal yesterday and B to the O wanted it to be “budget neutral” which means, “We’re in a deep hole you clowns. Don’t make it deeper.”
Charged with said task, they went to a cocktail party got to work and came up with a solution that they super-duper rich will foot the bill via taxes. That means, IRS, get your shit together, because Nancy Pelosi has had enough of rich people, that aren’t her, not paying their fair share of taxes. Swiss bank account holders beware, here are the gory details that you’ll be getting in on if your name gets dropped:

Under the $1.2 trillion plan passed by the Democratic-controlled House of Representatives, the wealthiest 1.2 percent of U.S. households would have to pay an additional $540 billion in taxes over the next 10 years via an income surtax of between 1 and 5.4 percent. For the super-elite, those in the top 10th of 1 percent (and presumably the type of taxpayers who have Swiss bank accounts), that works out to an additional $280,000 a year in taxes on an average annual income of $2.3 million a year, according to the Tax Policy Center.

So basically it looks as though the IRS needs to close the tax gap because…wait for it…there’s shit to pay for! We’re not slapping healthcare on the Federal Reserve credit card, no, no. Right here and now we start paying for stuff out of our own pockets. So get on these Swiss banks and get the names because they’re avoiding their patriotic duty.
Obama’s self-defeating war on the wealthy [James Pethokoukis/Reuters]