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<blockquote data-quote="bacha29" data-source="post: 5804562" data-attributes="member: 58386">Right now under current law there is an estimated 500 billion dollars of federal income tax owed but yet to be collected because the IRS does not have the budget or the manpower to audit complex returns including those who have cash stuffed in tax haven countries like the Cayman islands.For people like you and me who are subject to payroll withholding, backup withholding and estimated taxes there is no escaping it. However for people who have the advantage of things like carried interest, capital loss carryover, NOL, S-Corps. deferred compensation off shore bank accounts etc, the result is often little to no tax liability or if there is one collection and enforcement is difficult if not impossible. Again you and I being subject to withholding along with the IRS favorite tool that being the correspondence audit and it&#039;s power and ease of collection where for others not subjected to withholding it&#039;s like getting blood from a rock.....now that&#039;s the unfair part. If fact I&#039;ve got sitting right here in front of me my 2023 ES40 and the check that goes with it to be mailed out tomorrow. &nbsp;.</blockquote>

[QUOTE="bacha29, post: 5804562, member: 58386"] Right now under current law there is an estimated 500 billion dollars of federal income tax owed but yet to be collected because the IRS does not have the budget or the manpower to audit complex returns including those who have cash stuffed in tax haven countries like the Cayman islands. For people like you and me who are subject to payroll withholding, backup withholding and estimated taxes there is no escaping it. However for people who have the advantage of things like carried interest, capital loss carryover, NOL, S-Corps. deferred compensation off shore bank accounts etc, the result is often little to no tax liability or if there is one collection and enforcement is difficult if not impossible. Again you and I being subject to withholding along with the IRS favorite tool that being the correspondence audit and it's power and ease of collection where for others not subjected to withholding it's like getting blood from a rock.....now that's the unfair part. If fact I've got sitting right here in front of me my 2023 ES40 and the check that goes with it to be mailed out tomorrow. . [/QUOTE]

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