A few things you may have missed this weekend while getting caught up in the Linsanity in New York:
Bad news for a lot of the country this week. Forbes reported that IRS agents are currently auditing one out of every eight millionaires. Things aren’t any better for the middle class, either, where 30 million taxpayers will pay alternative minimum tax (AMT) this year. The only winners were the very poor, who courtesy of Mitt Romney, learned that there’s a “safety net” in place to protect them. Romney wasn’t kind enough to disclose the location of said net, but I’m sure the poor appreciated the heads-up nonetheless.
IRS computers sent off a letter to a British Lord indicating he owed $13 million in taxes, penalties and interest. The Lord offered to ship Arsenal star Thierry Henry back to the U.S; “call it even.” [i]
You’re in Good Hands With Allstate. Unless Allstate is your employer, that is. In that case, you’re screwed.
The only thing standing between you and an extra $1,000 in payroll tax savings is bipartisan agreement. Of course, since at this moment in our country’s history Republicans and Democrats can’t agree that water is wet, I wouldn’t go spending that money just yet.
Last week, I neglected to discuss the promulgation of proposed Foreign Account Tax Compliance Regulations (FATCA) regulations, largely because they’re longer than the Old Testament. To summarize, however, it’s another big step towards combating non-compliance by U.S. taxpayers using foreign accounts.
If you’re a product of the 80’s, as I am, then I dare you to find a better way to waste seven minutes of your life than this video. Long live Johnny Lawrence.
[i] Not an actual offer.