Results 1 to 11 of 11

Thread: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investigators

  1. #1
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investigators

    I had heard rumbling about this earlier, but Bloomberg is now reporting it. It seems that, in order to enhance actual tax revenue collections, IRS use of 'private contractor' tax investigators will be authorized.

    In a nutshell, these 'private contractors' essentially become bounty hunters of those who have not paid ( or have underpaid ) taxes due. According to the rumblings these 'private contractors' will be paid based on a percentage of the additional tax money that the IRS is able to collect from 'cases' that the 'private contractors' have brought to IRS attention.

    Obviously, just like bail bond bounty hunters, these 'private contractors' tax bounty hunters are likely to focus on investigating particular individuals that offer a high value target. So if dancers happen to soon run across otherwise normal acting strip club customers who suddenly seem inordinately interested in how much money they earn per night, keep the possibility in mind that a tax bounty hunter may be scoping you / your club out !

  2. #2
    God/dess Deogol's Avatar
    Joined
    Dec 2003
    Posts
    5,493
    Thanks
    120
    Thanked 50 Times in 35 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    Club customer? That's not how you do it. You go wholesale by sharing the bounty with the club owners or some manager with access to everyone's names.

    ... Tip Well ...

  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    ^^^ I hadn't stopped to think that it would indeed be theoretically possible for a less than super-scrupulous club manager to wind up working in 'kahoots' with a newly approved income tax bounty hunter to 'exploit' the club's dancers tax situations for their mutual enrichment !!! Nasty possibility to say the least !!!

  4. #4
    Veteran Member Camillian's Avatar
    Joined
    Mar 2008
    Location
    NW
    Posts
    266
    Thanks
    20
    Thanked 33 Times in 28 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    They'd be better off going after the clubs.
    Last edited by Camillian; 01-20-2010 at 04:42 PM.

  5. #5
    Veteran Member Camillian's Avatar
    Joined
    Mar 2008
    Location
    NW
    Posts
    266
    Thanks
    20
    Thanked 33 Times in 28 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    The clubs that charge high fees and give no receipts, that is....

  6. #6
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    ^^^ not necessarily. The clubs typically have high priced attorneys and accountants to 'defend' their financial reporting ... whereas dancers do not. The clubs may have very complex business structures i.e. (public) corporations, holding companies etc. whereas dancers do not.

    Where any bounty hunting operation is concerned, 'turning a profit' involves balancing the potential amount of gain ( in this case additional income taxes ) against the potential cost of investigation. And while it might be possible for certain clubs to be eventually discovered as underreporting their incomes, the costs of such discovery will be far higher than the costs of discovering that dancer with social security number X from a club's file of 'applications' did not file a tax return last year ! In the latter case, all that is required is a 5 minute records check request to the IRS versus many thousands of dollars worth of potential additional tax revenue.


    While I'm a bit reluctant to give anyone ideas by posting this, some smart new tax bounty hunter will undoubtedly think of it on their own. Want to earn $1 million next year ?

    - pick any city that requires dancer's licensing i.e. Vegas, Atlanta etc.

    - go down to local sherriff's offices and examine the official dancer's license records to obtain names, addresses, social security numbers etc.

    - request the IRS run a computer records check against those social security numbers and compile a list of those who did not file tax returns ... or who filed tax returns for unseemingly small amounts of income

    - invest a few hours of PI time on the most likely dancers to come up with a 'top 100' dancers list, and then spend a bit more PI time to determine which clubs they work at

    - request club records of dancer schedules using IRS authority

    - submit a 'claim' to the IRS that each of the 'top 100' dancers has significantly underreported their incomes for each of the past three years

    - after those dancers fail to prove that they did NOT earn as much as you and the IRS 'estimate' they did, the dancers are forced to settle for perhaps $ 15k per year over three years in unpaid income taxes ... of which you as the tax bounty hunter are paid 1/3rd

    - after paying out $5000 in investigative expenses per 'top 100' dancer, 'pocket' a $10,000 profit per dancer * 100 = a cool million bucks !

    ~
    Last edited by Melonie; 01-21-2010 at 05:26 AM.

  7. #7
    God/dess threlayer's Avatar
    Joined
    Aug 2003
    Location
    Syracuse
    Posts
    5,921
    Thanks
    369
    Thanked 419 Times in 290 Posts
    My Mood
    Fine

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    Quote Originally Posted by Melonie View Post
    ^^^ not necessarily. The clubs typically have high priced attorneys and accountants to 'defend' their financial reporting ... whereas dancers do not. The clubs may have very complex business structures i.e. (public) corporations, holding companies etc. whereas dancers do not.
    ...
    ~
    Great example of how corporations and their government-given rights have so much over the common person. Why the HELL would anyone rational person back politicians who favor big corporations over the private citizen? Seems like a smart populace would haver a lot of traitors to stone. The fact that we don't is testament to actual power big corporations have over us.
    Quote Originally Posted by Melonie View Post
    ^^^ ...
    the dancers are forced to settle for perhaps $ 15k per year over three years in unpaid income taxes ... of which you as the tax bounty hunter are paid 1/3rd

    - after paying out $5000 in investigative expenses per 'top 100' dancer, 'pocket' a $10,000 profit per dancer * 100 = a cool million bucks !
    ...
    ~
    That $15 k settlement per dancer in your example is to the IRS, not to the investigator. At 15% of the settlement fee, the investigator would LOSE $2250 - $5000 = - $2750.

    Assuming the government settles for 10%, the club pays the lawyers, and the investigator loses, only the lawyers and the dancer wins in this example, bu tboth the dancer and the inverstigator take a cash loss.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  8. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    ^^^ $15k per year settlement for each of the past 3 years of underpaid taxes = $45k total per 'top 100' dancer ... of which the tax bounty hunter would receive 1/3rd or $15k !

  9. #9
    God/dess Paris's Avatar
    Joined
    Nov 2002
    Location
    Oregon
    Posts
    6,345
    Thanks
    168
    Thanked 801 Times in 419 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    The customers always ask how much we make. Its annoying and rude, and most dancers with experience have learned how to brush off these questions with nonchalant answers like "Not nearly enough" or "That depends on you baby!"

    These bounty hunters won't get very far in the strip clubs, they'll only nab the inexperienced girls, and that won't net them much at all. If that was my job (tax bounty hunter) I'd start looking into the people with medical marijuana licenses in California. As of recently, there is no limit on how much they can grow for "personal use".


    Promote yourself and earn more money! This is a business that is owned by strippers for strippers. Let's make that money!


  10. #10
    Senior Member
    Joined
    Mar 2005
    Posts
    166
    Thanks
    79
    Thanked 42 Times in 30 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    How about somebody investigating the bounty hunters? In case you missed this story:
    'Dog' Chapman hit with $2M in tax liens
    http://pacific.bizjournals.com/pacif...9/daily66.html
    Last edited by 1st_samurai; 01-22-2010 at 10:54 PM.

  11. #11
    Senior Member
    Joined
    Mar 2005
    Posts
    166
    Thanks
    79
    Thanked 42 Times in 30 Posts

    Default Re: Bloomberg news - Obama to authorize IRS use of 'Private Contractor' tax investiga

    Quote Originally Posted by Melonie View Post
    I had heard rumbling about this earlier, but Bloomberg is now reporting it. It seems that, in order to enhance actual tax revenue collections, IRS use of 'private contractor' tax investigators will be authorized. !
    My sources seem to say the opposite. See "IRS Wraps Up Private Collection Program": http://www.webcpa.com/news/IRS-Wraps...m-53022-1.html

Similar Threads

  1. Replies: 0
    Last Post: 03-21-2011, 08:26 AM
  2. Replies: 12
    Last Post: 04-20-2010, 10:57 AM
  3. Replies: 0
    Last Post: 08-30-2009, 05:43 PM
  4. Replies: 23
    Last Post: 11-25-2008, 09:53 AM
  5. Tax Policy Center on Obama and McCain’s tax plan
    By Zia_Abq in forum Member Boards
    Replies: 34
    Last Post: 09-17-2008, 03:10 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •