Originally Posted by JMintzer (Post 2062206)

And the bottom 47% of taxpayers (last year was actually 61%), who currently pay ZERO Federal Income Tax, would have to pony up... It would affect them much more than it would affect "the rich"...

Access Denied

Originally Posted by Ewalsh43 (Post 2062300)

7% :boxing2:

Originally Posted by billthecpa (Post 2062256)

Folks who do not know tax law should stop giving advice. One response said that we are required to report the stimulus payment reported on the 1444-C....and it is required to "properly report our income."
The stimulus payment is NOT INCOME and should not be reported as income. We are simply required to VERIFY the amount received by disclosing it in the tax return as an information item. If IRS sees that you did not receive it....they will add it to your refund....or deduct from your balance due. If you are wrong, they will eventually catch up with it and require you to pay it back. No double dipping allowed!
For the record, CPA's (like me) were going nuts last year when people could not remember whether they received the stimulus, or how much they received. I am already seeing the same problem this year. April 15 can't come fast enough!

Originally Posted by Topspinmo (Post 2062166)

If we had flat tax system with NO exemptions there would be no need for IRS. CPAs or tax lawyers. But, wait the rich would have to pay there fare share then.

Originally Posted by alwann (Post 2062059)

Tax experts:

Do I really have to submit a copy of Notice 1444-C with my return? And, how much longer should I wait for the good folks at the IRS to send it to me? "Call them and ask," you might suggest. Oh, yeah? You try get through their phone system maze.

Originally Posted by thevillages2013 (Post 2062238)

That was in the 1970’s . I’m sure things have changed :bigbow:

Originally Posted by dewilson58 (Post 2062274)

Yes I would.








:ho:

Originally Posted by WindyCityzen (Post 2062327)

Congress has in fact defunded the IRS slowly but surely for years. Audits have dropped precipitously. I had a routine audit of a small nonprofit in 2013 that lasted for years because of staff shortages. The poor agent was helpless. I actually felt sorry for him.

Remember when you could deduct credit card interest, real estate taxes, medical expenses, mortgage interest, etc.?? … all gone. The system is far “flatter” now than ever.

Originally Posted by Babubhat (Post 2062171)

Congress lives on donations from special interests. Never will happen

Originally Posted by daniel200 (Post 2062381)

I don’t know the solution. But a flat tax on income is very beneficial to the rich… Example: Elon Musk who receives no paycheck from Tesla. So his income tax is zero on earned income. He has smartly arranged for all his compensation to be from the valuation of his shares in Tesla. As long as he does not sell his shares, he pays no income tax.

I prefer the European method which relies heavily on the VAT (value added tax). The advantage of this tax is that it taxes everyone including all the “cash” businesses that do not report their cash income by taxing spending and not income.

Originally Posted by blueash (Post 2062065)

If we properly funded the IRS with enough representatives and agents to do the job with which they are tasked... but that is another topic.. 1444C is an informational letter telling you what the IRS did about giving you money because of the impact of Covid. You are required to report what you received whether or not you get the letter in a timely fashion. You do not "submit" the letter, you use it to correctly report your income.
So if you know what you received, you need not await the letter or wait your turn to speak with an overworked IRS phone person.

I know nothing about tax law, nothing. My answer is based 100% on Google. Use at your own risk.