Author Topic: I.R.S. given vast new powers under ObamaCare over your privacy and bank accounts  (Read 736 times)

Soul Crusher

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Lost in Taxation

The IRS's vast new ObamaCare powers..



If it seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you're not already on a first-name basis with your local IRS agent?
 

.

National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency's new mission in her annual report to Congress last week. Look out below. She notes that the IRS is already "greatly taxed"—pun intended?—"by the additional role it is playing in delivering social benefits and programs to the American public," like tax credits for first-time homebuyers or purchasing electric cars. Yet with ObamaCare, the agency is now responsible for "the most extensive social benefit program the IRS has been asked to implement in recent history." And without "sufficient funding" it won't be able to discharge these new duties.
 






Enlarge Image




Reuters.
That wouldn't be tragic, given that those new duties include audits to determine who has the insurance "as required by law" and collecting penalties from Americans who don't. Companies that don't sponsor health plans will also be punished. This crackdown will "involve nearly every division and function of the IRS," Ms. Olson reports.
 
Well, well. Republicans argued during the health debate that the IRS would have to hire hundreds of new agents and staff to enforce ObamaCare. They were brushed off by Democrats and the press corps as if they believed the President was born on the moon. The IRS says it hasn't figured out how much extra money and manpower it will need but admits that both numbers are greater than zero.
 



.

Ms. Olson also exposed a damaging provision that she estimates will hit some 30 million sole proprietorships and subchapter S corporations, two million farms and one million charities and other tax-exempt organizations. Prior to ObamaCare, businesses only had to tell the IRS the value of services they purchase. But starting in 2013 they will also have to report the value of goods they buy from a single vendor that total more than $600 annually—including office supplies and the like.

Democrats snuck in this obligation to narrow the mythical "tax gap" of unreported business income, but Ms. Olson says that the tracking costs for small businesses will be "disproportionate as compared with any resulting improvement in tax compliance." Job creation, here we come . . . at least for the accountants who will attempt to comply with a vast new 1099 reporting burden.

In a Monday letter, even Democratic Senators Mark Begich (Alaska), Ben Nelson (Nebraska), Jeanne Shaheen (New Hampshire) and Evan Bayh (Indiana) denounce this new "burden" on small businesses and insist that the IRS use its discretion to find "better ways to structure this reporting requirement." In other words, they want regulators to fix one problem among many that all four Senators created by voting for ObamaCare.
 
We never thought anyone would be nostalgic for the tax system of a few months ago, but post-ObamaCare, here we are.


http://online.wsj.com/article/SB10001424052748704518904575365223062942574.html?mod=rss_opinion_main


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House to prohibit IRS from implementing healthcare law
The Hill ^ | 7/02/12 | Pete Kasperowicz
Posted on July 2, 2012 6:42:06 PM EDT by Libloather

House to prohibit IRS from implementing healthcare law
By Pete Kasperowicz - 07/02/12 01:25 PM ET

The House as early as next week will pass legislation prohibiting the IRS from receiving any money from the Department of Health and Human Services (HHS) to implement the 2010 healthcare reform law.

Passage of the financial services spending bill is especially timely in light of last week's Supreme Court ruling that penalties the government can impose under the law against people who refuse to buy health insurance can be seen as a tax, because it is enforced like a tax.

That finding allowed the individual mandate to stand, and Republicans have already started reorienting their attacks against the law based on the knowledge that it only remains in place because it is an allowable tax.

The bill would have to get through the Senate and be signed by President Obama to become law.

The House will take up the Financial Services and General Government Appropriations Act sometime in July, and possibly next week when it returns from the July 4 recess. (The rule governing debate on the bill was already approved last week.) While the Obama administration requested another $1 billion so the IRS can implement the healthcare law, the bill, H.R. 6020, does not give any new money to the IRS.

Additionally, it "prohibits the IRS from receiving transfers from the Department of Health and Human Services to implement the Patient Protection and Affordable Care Act," according to report language accompanying the bill from the House Appropriations Committee.

The report notes that in 2010, HHS allocated $20 million to the IRS for enforcing the healthcare law "without the Committee's knowledge." It also notes that the IRS received $168 million from HHS to implement the law in 2011, and plans to get another $322 million from HHS in 2012.

"The Committee prohibits further such transfers during fiscal year 2013 in section 106 of this Act," the report states.

The bill would spend a total of $21.5 billion on the IRS, Treasury Department and other related agencies, about 1.7 percent less than the current funding level. The bill increases funding in some areas, such as Small Business Administration business and disaster loans, public safety and education in Washington D.C., and the Treasury Department's anti-terrorism financing programs.

To make up for these increases, the bill makes cuts in several areas, including the executive office of the president.

"The committee is disappointed that the administration's request did not propose additional reductions for the EOP salaries and expenses accounts," the bill report says. "The committee believes that the chief executive of any organization experiencing a fiscal crisis should share in the funding sacrifice along with the rest of the organization.

"Therefore, the committee has reduced the salaries and expenses appropriation for each organization under this heading," it adds.

Specifically, the bill would fund salaries in the executive office of the president at $650 million, down $9 million from the current level. White House salaries and expenses would be cut $2.8 million, and funding for costs related to keeping up the White House would be cut $671,000.

Other executive branch agencies would receive token cuts as well, while the Office of Management and Budget would see funding drop nearly $9 million, to $80.5 million.

The bill would also take a swing at the General Services Administration (GSA), which faced harsh criticism this year for a lavish, 2010 conference in which more than $800,000 was spent. Under the bill, the GSA would face more oversight related to its travel budget, and would be banned from holding conferences that don't comply with relevant laws and regulations.

The GSA would also have to submit quarterly spending reports to Congress, and face restrictions in monetary awards it gives to employees.


andreisdaman

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Lost in Taxation

The IRS's vast new ObamaCare powers..



If it seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you're not already on a first-name basis with your local IRS agent?
 

.

National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency's new mission in her annual report to Congress last week. Look out below. She notes that the IRS is already "greatly taxed"—pun intended?—"by the additional role it is playing in delivering social benefits and programs to the American public," like tax credits for first-time homebuyers or purchasing electric cars. Yet with ObamaCare, the agency is now responsible for "the most extensive social benefit program the IRS has been asked to implement in recent history." And without "sufficient funding" it won't be able to discharge these new duties.
 






Enlarge Image




Reuters.
That wouldn't be tragic, given that those new duties include audits to determine who has the insurance "as required by law" and collecting penalties from Americans who don't. Companies that don't sponsor health plans will also be punished. This crackdown will "involve nearly every division and function of the IRS," Ms. Olson reports.
 
Well, well. Republicans argued during the health debate that the IRS would have to hire hundreds of new agents and staff to enforce ObamaCare. They were brushed off by Democrats and the press corps as if they believed the President was born on the moon. The IRS says it hasn't figured out how much extra money and manpower it will need but admits that both numbers are greater than zero.
 



.

Ms. Olson also exposed a damaging provision that she estimates will hit some 30 million sole proprietorships and subchapter S corporations, two million farms and one million charities and other tax-exempt organizations. Prior to ObamaCare, businesses only had to tell the IRS the value of services they purchase. But starting in 2013 they will also have to report the value of goods they buy from a single vendor that total more than $600 annually—including office supplies and the like.

Democrats snuck in this obligation to narrow the mythical "tax gap" of unreported business income, but Ms. Olson says that the tracking costs for small businesses will be "disproportionate as compared with any resulting improvement in tax compliance." Job creation, here we come . . . at least for the accountants who will attempt to comply with a vast new 1099 reporting burden.

In a Monday letter, even Democratic Senators Mark Begich (Alaska), Ben Nelson (Nebraska), Jeanne Shaheen (New Hampshire) and Evan Bayh (Indiana) denounce this new "burden" on small businesses and insist that the IRS use its discretion to find "better ways to structure this reporting requirement." In other words, they want regulators to fix one problem among many that all four Senators created by voting for ObamaCare.
 
We never thought anyone would be nostalgic for the tax system of a few months ago, but post-ObamaCare, here we are.


http://online.wsj.com/article/SB10001424052748704518904575365223062942574.html?mod=rss_opinion_main



you don't have a bank account so what do you care???