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MAGA’s $72 million refund- some new info
Posted on 9/29/20 at 12:22 pm
Posted on 9/29/20 at 12:22 pm
Found this article interesting on many fronts.
First, that who knew there was a special committee that reviews refunds over certain amounts.
Second, I’m not sure he actually even got the entire amount yet or if he did that it’s not sitting somewhere sitting and waiting on the final adjudication.
Third, they are auditing whether he is entitled to the refund not if he did something illegal apparently based on the laws in the books at the time he claimed the refund.
So once again the 4th branch of govt had decided that it’s going to make news as opposed to just reporting the facts in clear and concisely with UN emotional facts.
If they sent him a check but it was “tentative” I would think his accountants would recommend that he not spend or doing anything with it-in case it has to go back. Perhaps deposit it into an escrow account or some sort.
Bloomberg
First, that who knew there was a special committee that reviews refunds over certain amounts.
Second, I’m not sure he actually even got the entire amount yet or if he did that it’s not sitting somewhere sitting and waiting on the final adjudication.
Third, they are auditing whether he is entitled to the refund not if he did something illegal apparently based on the laws in the books at the time he claimed the refund.
So once again the 4th branch of govt had decided that it’s going to make news as opposed to just reporting the facts in clear and concisely with UN emotional facts.
quote:
Whenever there is a proposed refund of more than $2 million for individuals and $5 million for corporations proposed, the committee staff reviews it before payment by the IRS.
Part of the rationale for such reviews is to make sure tax laws are working the way Congress intended.
In Trump’s case, the IRS initially sent an audit of the refund to the joint committee in 2011 and an agreement was reached in 2014. But an expanding audit meant that the IRS resubmitted the refund documentation for review in 2016, where it has sat unresolved since then, the Times reported.
Trump received what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the IRS, the Times reported.
If they sent him a check but it was “tentative” I would think his accountants would recommend that he not spend or doing anything with it-in case it has to go back. Perhaps deposit it into an escrow account or some sort.
Bloomberg
This post was edited on 9/29/20 at 12:25 pm
4
Posted on 9/29/20 at 12:23 pm to Covingtontiger77
Nobody feigning outrage about this gives two hoots about such petty details.
Posted on 9/29/20 at 12:24 pm to Covingtontiger77
quote:
an agreement was reached in 2014. But an expanding audit meant that the IRS resubmitted the refund documentation for review in 2016, where it has sat unresolved since then, the Times reported.
How incompetent can the IRS get before it is fixed?
Posted on 9/29/20 at 12:27 pm to gthog61
quote:
How incompetent can the IRS get before it is fixed?
Right or wrong i will give them leeway that MAGA being president now does seem to complicate the decision on this. And it doesn’t sound like it’s the IRS per se, but rather the special committee that reviews refunds of this size.
Now if the committee and the IRS would release a letter outlining as such and stating that given the tax payers current position they would be withholding final judgement until such time as the payor is not POTUS I think that would be a good idea.
This post was edited on 9/29/20 at 12:28 pm
Posted on 9/29/20 at 12:31 pm to gthog61
quote:
How incompetent can the IRS get before it is fixed?
Sounds like this one is on the JCT, not the IRS.
This post was edited on 9/29/20 at 12:32 pm
Posted on 9/29/20 at 2:11 pm to Covingtontiger77
quote:
First, that who knew there was a special committee that reviews refunds over certain amounts
Three times in my professional career I've had a client refund go to JCT. Once for individual, two for corporate. All three were in regard to NOL carrybacks. The individual one wasn't really "audited". The two corporate ones did have an audit as part of the process.
JCT doesn't really "audit". It just kind of reviews the file with a second set of eyes to make sure nothing got missed. Then, JCT kind of records that information for historical purposes. JCT is pretty involved in legislation on the tax code, so they use that historical knowledge in proposing and reviewing tax legislation.
The individual I had, JCT review took 4 weeks. The two corporate cases were closer to 6 weeks each. I haven't had any of these since 2017.
I can completely understand why JCT doesn't want any part of this Trump refund process, and why it might be just easier for them to sit on it instead of approving it or sending it back with comments. But, tough shite. That's their job, they need to get on with it.
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