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That's how they catch people. The guy who told you about this, told a number of people. Someday he's going to tick someone off, and that someone will report him. And -- although there is a statute of limitation on IRS auditing of returns, if there is malfeasance, they can go back far longer.
I have faith that this person will be caught eventually, but if I reported them it would be out of pure spite and a desire for bad things to happen to them and to me that is at odds with my own spiritual beliefs.
Quote:
Originally Posted by Gandalara
From the IRS Whistleblower site:
"The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to 30 percent of the additional tax, penalty and other amounts it collects."
See above, plus the sum owed is not large enough to qualify for a reward. Even if I did report them and received a reward I would feel like I couldn't keep the money and would give it to charity.
It makes me cringe, I can't imagine the burden. They don't seem too worried though....
That's probably how they got themselves in that mess in the first place. Not worrying usually means that person usually doesn't plan ahead either. Hence the decision to get that much debt for so little return.
Investors could better save themselves from making investment mistakes if those financial product information/contracts were easier to understand. I don't know if the goal of these companies ARE to confuse the investor but they could write those packets in clearer and much easier to understand "ENGLISH" if they wanted their investors to make better informed decisions. I have taken economics and finance in school and even I don't understand what they are talking about half the time. I don't like to deal with things I don't understand. They also bury the costs of maintaining your account in the tiny print (which is smaller than the SMALL print).
A buddy selling his house made 100k. He was in financial trouble with two car payments, CC bills etc. And couldn't afford the house so he was selling. Took the money from the house sale and turned around plunked 50 k of the 100k on a 90k motorhome. Got in 120k debt hole. Fast forward 8 years later he is completely debt free and starting to build a nest egg.
It makes me cringe, I can't imagine the burden. They don't seem too worried though....
lmw36--
See, I'm inundated with those stories because I went on to law school after graduating. Here, $150,000 of student debt is mainstream - and I've heard anecdotally people going as high as a quarter million. If they don't seem too worried, it's because they've resigned themselves to it... that student debt is going to be around so long that they will start to think it's a pet.
(As for me, I went to a state school for college on a partial scholarship and paid cash... and saved for four years in college... and then earned a scholarship to law school and blew my savings on rent and bills for three years of school... my position is far better than most. But they don't know that...)
A buddy selling his house made 100k. He was in financial trouble with two car payments, CC bills etc. And couldn't afford the house so he was selling. Took the money from the house sale and turned around plunked 50 k of the 100k on a 90k motorhome. Got in 120k debt hole. Fast forward 8 years later he is completely debt free and starting to build a nest egg.
But he had to live in a "motor home"....life is too short for that nonsense
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Jim Cramer
