- cross-posted to:
- globalnews@lemmy.zip
- cross-posted to:
- globalnews@lemmy.zip
The U.S. Internal Revenue Service is seeking to use an infusion of funding to keep up with the ever-evolving tax maneuvers of the ultra-rich — while staving off frequent political attacks.
A pair of U.S. Internal Revenue Service agents are attempting to interview a billionaire they suspect of cheating on his taxes. But across the table from the agents is a formidable entourage of esteemed tax professionals hired to defend the billionaire. They include white-shoe attorneys — each of whom knows more about their own arcane corner of tax law than just about anyone on earth — along with highly specialized accountants and economists.
Neither of the two IRS agents has a law degree. Complex arguments from the billionaire’s entourage fly over their heads. The IRS agents are outmatched by a team whose combined years of experience in tax law and accounting exceed their own by over a century.
This stark example, laid out by former IRS officials in interviews with the International Consortium of Investigative Journalists, isn’t a hypothetical so much as a glimpse into the agency’s regular challenges in auditing the United States’ highest earners. These battles often come down to experience and expertise. The IRS has been losing, former officials said.
…
A historic push is now underway to change this dynamic. In mid-2022, the Inflation Reduction Act delivered the IRS a historic $80 billion — in part, to bulk up the agency’s divisions that audit millionaires, billionaires and large corporations. After years of pitiful enforcement rates against wealthy taxpayers, the agency is embarking on an unprecedented push to step up its capabilities and hone its ability to take on the ultra-rich.
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And, of course, Republicans want to take away their funding. Can’t imagine why.
Set up a commission on what they manage to claw back, should attract some top talent.
oh when I saw the title I thought it was a meme showing people sleeping or something, this unit exist? Poor guys, they are 2 without knowledge :-(
Those two guys? Thunder and Lightning. [ kisses bicep ]
A Rundown reference? In the wild??
2 guys? Didn’t read the article or even finish the summary, I guess?
You know, I have an idea.
Volunteer tax auditors
Can’t defund me if I do it for free. Anybody with me to drain and potentially jail a few billionaires?
But across the table from the agents is a formidable entourage of esteemed tax professionals hired to defend the billionaire. They include white-shoe attorneys — each of whom knows more about their own arcane corner of tax law than just about anyone on earth — along with highly specialized accountants and economists.
I don’t know if there’s much volunteers could do. But, with enough people and some good organization who knows.
Would be a brilliant movement and a way to actively fight those greedy bastards. Would need people well-versed or quick at learning.
If this is the case, why has this IRS team not brought in bigger guns? Hire some tax experts and some attorneys to face these billionaires.
why has this IRS team not brought in bigger guns
Because their political masters keep kneecapping their ability to do so.
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I’m assuming funding
Funding controlled by the elite who have all the reasons to be more lax with millionaires and billionaires…they think the middle class should pay for everything, we’re the one’s who are “too stupid to be rich”…
…Which they just gave $80 billion to, to go after the millionaires and billionaires.
People here are complaining that they’re not doing a thing they want, in the article specifically about them finally doing the thing they want.
Nothing can ever, ever be good or positive - we get it - but find something else to shit on maybe? Or read the article first…?
Lol. This team is drawfed by the team the IRS has that specifically targets all the poor folks only because that can’t afford the litigation. Fuck the IRS.
All of the increase in funding is to go after people who make $400,000/yr or more.
God damn what sad sacks some of you are
IRS can’t/won’t do shit about the real tax offenders.
They are there for the illusion of a fair/balanced market.
“Why is this an entirely empty building?”
Lol, bullshit. The IRS has lawyers, they have smart people. Rich people can hire others too. If you make the laws so asinine and complex that it takes a consortium of lawyers to figure it out, then you have failed the basic concept.
Do not be mad that people are playing your game. And beating you at it. Be mad that the game exists. It is also well known that the IRS specifically targets many people too poor to afford and representation because they are easy money that will pay a fine, even if unjust or wrong, versus fighting it.
Like a small bully of a child. Loves to enforce their rules against those weaker than them, but cries for mommy when someone finally stands up to them.
You’ve got it completely wrong.
The consortium of lawyers isn’t there to figure out how to pay taxes correctly. The consortium of lawyers is there to exploit rules and manipulate assets in such a manner as to make it difficult to tax a wealthy individual’s worth, or allow them to avoid taxation as much as possible. Furthermore, the lawyers are there to drag out and defend against any IRS investigations in order for that wealth to continue accumulating and that any fines or judgments are less than the cost of engaging in such efforts.
That’s exactly what I said. The rules exist and the game is played. Don’t be mad that the game is played. If it was illegal to stall an investigation, they wouldn’t be. If it wasn’t legal to claim a million different deductions, they wouldn’t. But it legal and it is used.
You can hate how the game is played when the players exploiting it paid to have the rules written for them.
Not at all. Because that is the major part of the game. The US is not some democracy. It’s an oligarchy run republic. Affirmation of things like citizen’s united and freely allowing unlimited money lobbiests confirms it.
If you don’t like how the system works, then revolution is needed to change it. Trying to say the rules aren’t being used fairly means nothing. Laws don’t have morals or ethics. If it is the rule, it’s the rule. Use it and abuse it. Or change the rule.
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As the article states, there are laws limiting the pay of federal employees. The IRS can’t match the $500k salaries the corporate tax lawyers get.
Wonder why they never thought of that?! You must be a genius to have come up with such a novel idea as this!!
We’re talking about the country that legalized bribery decades ago lol
It’ll come trickling down, any day now
The unit couldn’t be reached for comment as they’re all off on Caribbean cruises
I don’t think that’s fair, I’m sure there are plenty of people in the bureaucracy of any government that simply want to do a good job in service of their country.
But as the article suggests they are generally outmatched by the best lawyers and accountants money can buy, all working solely with the objective of saving their master as many taxes as possible. And then backstabbed by corrupt politicians who cut their funding and dismantle legislation at the will of big money lobbyists, who are also working to save their masters as much money as possible.
Yes. Government workers are overcompensated. Right.
Folks see Thomas and Alito and forget about the thousands of GS employees who actually have to follow the rules.
