Community Discussions
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The case for a land value tax is overwhelming
Main Post: The case for a land value tax is overwhelming
Top Comment:
Rough translation: enough millennials are finally getting on the ladder that now feels like a good time to fuck em a bit more.
Expected implementation: Curved distribution that means your average person, in an average house in an average area is hit the hardest. (See student loan distribution)
Bonus feature: old boy with his thousands of acres is able to re-categorise it as"agricultural" (he has a couple of sheep that roam about) and that reduces the tax in real terms to basically nothing.
Not cynical or anything...
FG pledges €40bn plan using €10bn of Apple tax case windfall to extend Help to Buy to 40k until 2030 and Rent Tax Credit by 50% : irishpolitics
Main Post: FG pledges €40bn plan using €10bn of Apple tax case windfall to extend Help to Buy to 40k until 2030 and Rent Tax Credit by 50% : irishpolitics
CRA duped in $40M bogus tax refund case. Why did it take a big bank to notice? : canada
Main Post: CRA duped in $40M bogus tax refund case. Why did it take a big bank to notice? : canada
Won’t use QuickBooks in case of IRS Audit
Main Post:
Every year my parents cry to me that they cannot assemble their business income and expenses to provide their tax preparer.
Every year I offer to teach them Quickbooks and provide monthly bookkeeping.
Every year they flatly refuse to use any bookkeeping methodology whatsoever “in case they’re ever audited.”
Every year I refuse to help them sort through, categorize, and manually tally their crumpled receipts.
Am I the asshole? Is there any shred of merit to their fantasy that only having boxes of receipts is somehow more defensible than quickbooks in an audit?? If they’re cheating on their taxes why beg me to add up their receipts? I’m so frustrated and angry at this stupid cycle, please make it make sense to me. Even if you’re the same kind of crazy as them, please explain.
Top Comment:
You can tell them I had a client audited who had nothing but receipts. They had reported losses for a few years. The IDR wanted a ledger with all the information quickbooks would contain, dates, vendors, amounts, categorized by type. They couldn’t provide that. The auditor decided they clearly weren’t running a business and disallowed all losses. No amount of arguing we did helped.
An auditor will expect formal books. They want receipts to go with the reports. They can choose to disallow any expense without adequate records.
We only got part of the tax relieved on appeal.
Taxpayer was screwed. Maybe it would have gone better if there was profit but that auditor was stubborn as hell.
What is the best way to store your tax documents in case of future audit and/or social security benefit dispute?
Main Post:
Hi everyone. I'm trying to decide how I want to save my tax documents in case of future audit and/or social security benefit dispute. I've thought of five options, but each option seems to have one or more downsides, and so there doesn't seem to be a "perfect solution". Therefore I'd like to hear from as many people as possible about which option they think is best and why.
Option 1: Hang on to physical hard copies of everything.
Downside 1: It's possible to accidentally lose them.
Downside 2: After several years, the amount of records can start to add up and it can become inconvenient to always have to make room for them. (technically there's no statute of limitations for certain types of tax fraud, including failure to file a return, so in theory you could be accused of that 20+ years down the line)
Option 2: Store scans of everything on a flash drive.
Downside 1: Even easier to lose a flash drive compared to losing physical hard copies of something.
Downside 2: Flash drive can become corrupted unexpectedly and you could lose everything unexpectedly.
Option 3: Store scans of everything on your laptop.
Downside 1: Obligatory "you can lose it" downside that I'm obligated to list for every method that isn't cloud storage. But it's probably harder to lose a laptop compared to either a physical folder or a flash drive.
Downside 2: Laptop can crash. Probably easier to recover lost files from a crashed laptop vs. a corrupted flash drive, but there's a risk that whatever technician you hire to recover it could steal copies of your tax docs as they're recovering them.
Option 4: Store scans of everything on cloud storage.
Downside 1: Risk of your cloud storage being hacked and the hacker getting copies of your tax docs.
Option 5: Store scans of everything on cloud storage BUT redact sensitive information such as social security number prior to uploading them.
Downside 1: The entire point of saving these documents is to help with an audit or social security benefit dispute, and I'm wondering if redacting sensitive information such as SSN will completely negate the legal standing of the files and make them inadmissible in either an audit or social security benefit dispute scenario.
So anyway, I feel like there's no good option here, and I'm wondering which one you think is best. Thank you for your help!
Top Comment: You’re overthinking this. Scan them to your local HDD and then immediately upload them to a cloud based storage.
Judge in Hunter Biden tax case calls president's pardon statement an attempt to 'rewrite history'
Main Post: Judge in Hunter Biden tax case calls president's pardon statement an attempt to 'rewrite history'
Top Comment:
I would love to know what the judge thinks about Trump’s pardons
Singtel Loses Landmark $640 Million Australian Tax Case
Main Post: Singtel Loses Landmark $640 Million Australian Tax Case
Top Comment:
They can use the money I’ve paid them for some virus scanner addon I never asked for
What is the case “for” Disney retaining it’s self-governing special status?
Main Post:
Link to the Reedy Creek Development District wiki
Outside of the timing, is there any argument for why Disney should keep this privileged status? It appears that Disney operates like the Vatican, with senior Disney employees acting as town supervisors?
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