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Thread: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

  1. #31
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    It's not that simple.

    Berkshire doesn't actually owe back taxes per se. They're referring to deferred tax assets, in my line of work known as DTAs. Some of these are timing differences between GAAP and Federal Tax that may or may not come due based on certain conditions. Furthermore, treatment of certain items may result in creation of permanent DTAs. What the article, and others like this one:
    NetRight Daily Warren Buffett

    Are saying is that the firm's consolidated return is being audited and some of these DTAs may not withstand scrutiny resulting in a tax adjustment. Merely because Berkshire may have a billion in DTAs does not mean they owe a billion.

    It's one thing to not declare income like Wesley Snipes and another to have tax treatment of items reduce one's tax bill and when audited may not be allowed. Granted, this is somewhat of a complex subject that I really can't expect people to grasp, but it's nowhere as simple as the article you posted makes it out to be.

    As for Tim's problem, the author himself admits he forgot about it too. Expats actually have this problem on such a regular basis that every big four firm has a expatriot tax department. There's a girl in my office right now who does that as her entire job.

    For those who owe, we should simply garnish their wages. After all, we do employ them.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #32
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by obvious Child View Post
    It's not that simple.

    Berkshire doesn't actually owe back taxes per se. They're referring to deferred tax assets, in my line of work known as DTAs. Some of these are timing differences between GAAP and Federal Tax that may or may not come due based on certain conditions. Furthermore, treatment of certain items may result in creation of permanent DTAs. What the article, and others like this one:
    NetRight Daily Warren Buffett

    Are saying is that the firm's consolidated return is being audited and some of these DTAs may not withstand scrutiny resulting in a tax adjustment. Merely because Berkshire may have a billion in DTAs does not mean they owe a billion.

    It's one thing to not declare income like Wesley Snipes and another to have tax treatment of items reduce one's tax bill and when audited may not be allowed. Granted, this is somewhat of a complex subject that I really can't expect people to grasp, but it's nowhere as simple as the article you posted makes it out to be.

    As for Tim's problem, the author himself admits he forgot about it too. Expats actually have this problem on such a regular basis that every big four firm has a expatriot tax department. There's a girl in my office right now who does that as her entire job.

    For those who owe, we should simply garnish their wages. After all, we do employ them.


    Pre sa is different? Is that like kind of being pregnant? Buffett is fighting about owing these taxes. You either owe them or you don't.

  3. #33
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by xpiher View Post
    Good. While I don't agree with how our current tax code is implemented if you don't pay you should experience a harsher penalty than is currently being enforced. This one sounds reasonable
    I have a great idea-if you don't pay income taxes you don't get a passport or a right to vote

    (oops, there goes the DNC ever winning another presidential election)

  4. #34
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by Arbo View Post
    Actually, that works for me. Anyone who can afford to travel abroad can afford to pay their taxes. If I have to pay mine, everyone else has to pay theirs. It's a win-win.

  5. #35
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by DiAnna View Post
    Actually, that works for me. Anyone who can afford to travel abroad can afford to pay their taxes. If I have to pay mine, everyone else has to pay theirs. It's a win-win.
    I would think that a judgement or conviction of tax evasion could bring such a penalty... simply owing money should bring nothing more than the already existing interest and monetary penalties.
    there should be no sanctioned punishment, in the form of rights infringements, unless there is a crime ...and due process is employed to convict.

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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by apdst View Post
    What's next? If you can't afford to pay your taxes, you shouldn't be able to afford a place to live? You shouldn't be able to cross statelines? Own a vehicle? Have kids?

    This is how tyrrany begins.
    Yes, of course, that's exactly what's next. First a bill that proclaims anyone who cannot pay their taxes will be immediately evicted and their homes and personal possessions confiscated and sold. Next there will be a bill that says if you cannot pay your taxes you will be locked inside your state of residence, have your vehicles impounded and be sterilized against your will. Any children you currently have at the time will be immediately sold, and the proceeds applied against your back-taxes.

    I can see it all so clearly now.

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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by DiAnna View Post
    Yes, of course, that's exactly what's next. First a bill that proclaims anyone who cannot pay their taxes will be immediately evicted and their homes and personal possessions confiscated and sold. Next there will be a bill that says if you cannot pay your taxes you will be locked inside your state of residence, have your vehicles impounded and be sterilized against your will. Any children you currently have at the time will be immediately sold, and the proceeds applied against your back-taxes.

    I can see it all so clearly now.
    < looks at sarcastic post>

    <looks at politicians in office>



    yeah.... some of the stuff isn't much of a stretch for our leaders to shoot for

  8. #38
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by Thrilla View Post
    < looks at sarcastic post>

    <looks at politicians in office>



    yeah.... some of the stuff isn't much of a stretch for our leaders to shoot for
    Little by little, they get us accustomed to it...

  9. #39
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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by Thrilla View Post
    < looks at sarcastic post>

    <looks at politicians in office>



    yeah.... some of the stuff isn't much of a stretch for our leaders to shoot for
    If you can support the silliness in the post I quoted, have at it! Me, I find it difficult to adopt a "sky-is-falling" attitude because folks who owe more than $50,000 in taxes will have to vacation in Aspin instead of Cabo or Paris.

    But if they do indeed get around to imprisoning folks in their own state, sterilizing them against their will, and selling their children, I'll humbly admit that you were right.
    Last edited by DiAnna; 04-08-12 at 10:55 PM.

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    Re: Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers

    Quote Originally Posted by DiAnna View Post
    If you can support the silliness in the post I quoted, have at it! Me, I find it difficult to adopt a "sky-is-falling" attitude because folks who owe more than $50,000 in taxes will have to vacation in Aspin instead of Cabo or Paris.
    you don't have to be rich to be 50 grand in the hole with the IRS....it's not uncommon for a self employed person to be in arrears during the first few years of business.
    .. i've heard many of my compadres tell tales of owing alot more than that.. and they aren't even close to "rich".

    passports are also used to travel for business.... and travel for business is more common than vacation travel.

    this law is ignorant, unjust,too broad, and will ensnare many people who are innocent of any crimes.
    it is not a crime to owe taxes.... it is only a crime to evade taxes.


    other than that, the only silly things you said in your post was about selling kids and forced sterilization.... the rest are punishments that are applied in many jurisdictions for various crimes.

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