this post was submitted on 27 Feb 2024
265 points (97.5% liked)

News

22897 readers
4464 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

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.

all 34 comments
sorted by: hot top controversial new old
[–] FlyingSquid@lemmy.world 48 points 6 months ago

And, of course, Republicans want to take away their funding. Can't imagine why.

[–] zqwzzle@lemmy.ca 25 points 6 months ago

Set up a commission on what they manage to claw back, should attract some top talent.

[–] Magister@lemmy.world 11 points 6 months ago* (last edited 6 months ago) (2 children)

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 :-(

[–] ryan213@lemmy.ca 10 points 6 months ago (1 children)

Those two guys? Thunder and Lightning. [ kisses bicep ]

[–] reddfugee@lemmy.world 1 points 6 months ago

A Rundown reference? In the wild??

[–] ripcord@lemmy.world 1 points 6 months ago

2 guys? Didn't read the article or even finish the summary, I guess?

[–] EffortlessEffluvium@lemm.ee 10 points 6 months ago (2 children)

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.

[–] skuzz@discuss.tchncs.de 1 points 6 months ago

Would be a brilliant movement and a way to actively fight those greedy bastards. Would need people well-versed or quick at learning.

[–] BobGnarley@lemm.ee 4 points 6 months ago (2 children)

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.

[–] TurtleJoe@lemmy.world 5 points 6 months ago

All of the increase in funding is to go after people who make $400,000/yr or more.

[–] ripcord@lemmy.world 1 points 6 months ago* (last edited 6 months ago)

God damn what sad sacks some of you are

[–] Bocky@lemmy.world 4 points 6 months ago (3 children)

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.

[–] kent_eh@lemmy.ca 7 points 6 months ago* (last edited 6 months ago)

why has this IRS team not brought in bigger guns

Because their political masters keep kneecapping their ability to do so.

[–] kurwa@lemmy.world 5 points 6 months ago (1 children)
[–] RedditWanderer@lemmy.world 4 points 6 months ago (1 children)

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"..

[–] ripcord@lemmy.world 1 points 6 months ago

...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...?

[–] bhamlin@lemmy.world 1 points 6 months ago

"Why is this an entirely empty building?"

[–] TechNerdWizard42@lemmy.world -1 points 6 months ago (1 children)

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.

[–] RememberTheApollo_@lemmy.world 3 points 6 months ago (1 children)

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.

[–] TechNerdWizard42@lemmy.world -2 points 6 months ago (1 children)

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.

[–] RememberTheApollo_@lemmy.world 2 points 6 months ago (1 children)

You can hate how the game is played when the players exploiting it paid to have the rules written for them.

[–] TechNerdWizard42@lemmy.world -1 points 6 months ago

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.

[–] Zuberi@lemmy.dbzer0.com -1 points 6 months ago

IRS can't/won't do shit about the real tax offenders.

They are there for the illusion of a fair/balanced market.