 |
Clark Howard: Coming Clean with the IRS
02-14-2019, 09:58 AM
|
#1
|
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,465
|
Clark Howard: Coming Clean with the IRS
I just started listening to his radio show. A caller, who had not paid taxes in 3+ years, wanted to know what the IRS will do if he contacts them and comes clean.
Clark said (paraphrasing) if it's not in the $100K range, they'll set up a payment plan that's affordable. It's not that big of a deal.
I recall my DB getting audited and it was a big deal. He was an average earner $90K, he worked in sales. His house was a nightmare of receipts and ppwk all over the place. He was sweating bullets and his CPA was helping get through. This was some years ago. Maybe things have changed.
We always overpay. Now DH has consulting LLC, we prepay the full next year (not in quarters). I have this memory of my DB and fear the IRS.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
02-14-2019, 10:02 AM
|
#2
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
|
My MIL/FIL have a number of businesses and have been audited 3 times in the last 10 years. It is always a huge pain and while they haven't found any actionable issues, takes up a lot of time (and $$$) to deal with. I would do everything possible to avoid that pain...
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
|
|
|
|
|
02-14-2019, 10:09 AM
|
#3
|
|
Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,855
|
|
|
|
|
|
02-15-2019, 07:14 AM
|
#4
|
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,465
|
 Quote:
Originally Posted by Spock
|
Great resource! Thanks! Audits seem so much more stressful. That gov.doc basically says if you're at fault in filing, there's a remedy if no other criminal charges. So if you intentionally don't file for several years, IRS will work with you.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
|
|
02-15-2019, 08:03 AM
|
#5
|
|
Administrator
Join Date: Apr 2006
Posts: 21,947
|
I can see the practical benefit of having people come clean, but it's hard for me to work up much sympathy for people who don't pay their taxes.
__________________
Living an analog life in the Digital Age.
|
|
|
|
|
02-15-2019, 08:14 AM
|
#6
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
|
I used to see my take home paycheck to be half what I made--after 401K, insurance and taxes. My SIL had an independent garage and he spent cash like it was burning a hole in his pocket--working hard to avoid any kind of tax.
But when he died of multiple myeloma at 50 years old, he left his wife and 3 kids homeless and suffering. Paying taxes and taking care of business honestly is a big part of being legitimate. And I have little regard for those that try to beat the system.
|
|
|
|
|
02-15-2019, 08:27 AM
|
#7
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 7,912
|
Why is this thread titled "Clark Howard"?
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
|
|
02-15-2019, 08:48 AM
|
#8
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,309
|
Quote:
Originally Posted by jazz4cash
Why is this thread titled "Clark Howard"?
|
+1 It really helps to have titles that reflect the substance of the issue.
Is Clark Howard the subject here?
-ERD50
|
|
|
|
|
02-15-2019, 08:54 AM
|
#9
|
|
Moderator
Join Date: Nov 2015
Posts: 12,956
|
If the OP would like, or if someone has a good suggestion, we can certainly update the title. I'm not sure at first glance here how to title this thread as it seems to be a little bit of a stream of consciousness.
Taxes, underpayments, overpayments, etc.?
|
|
|
|
|
02-15-2019, 09:29 AM
|
#10
|
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 49,724
|
How about "Clark Howard: Coming Clean with the IRS"
__________________
Numbers is hard
|
|
|
|
|
02-15-2019, 10:05 AM
|
#11
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,309
|
Quote:
Originally Posted by REWahoo
How about "Clark Howard: Coming Clean with the IRS"
|
I kind of like "a little bit of a stream of consciousness". 
( From Aerides earlier post, if that was lost.)
-ERD50
|
|
|
|
|
02-15-2019, 11:10 AM
|
#12
|
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,207
|
Quote:
Originally Posted by Gumby
I can see the practical benefit of having people come clean, but it's hard for me to work up much sympathy for people who don't pay their taxes.
|
+1
I have to admit that I really can't understand that mindset. But then, I also can't understand why some people park in front of the door at a convenience store, instead of parking in the marked parking spots. It must be the "J" in my INTJ personality.
Quote:
Originally Posted by REWahoo
How about "Clark Howard: Coming Clean with the IRS"
|
I vote for this one! 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
|
|
02-15-2019, 02:16 PM
|
#13
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 24,890
|
Quote:
Originally Posted by Gumby
I can see the practical benefit of having people come clean, but it's hard for me to work up much sympathy for people who don't pay their taxes.
|
I have an idiot nephew who has been sued by the State of Maryland five times (last time we looked) for nonpayment of taxes, which he eventually did pay. In addition to late fees, court costs, etc. It wasn't that he was trying to hide it (that kept him out of jail) but he just ignores the bills until he can't anymore.
One has to wonder what people like that are thinking - do they think it will just go away?
Oh well, back to the original topic. Whatever that was.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
02-16-2019, 08:08 AM
|
#14
|
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,465
|
Quote:
Originally Posted by REWahoo
How about "Clark Howard: Coming Clean with the IRS"
|
Ok, can you change the title? He provides all kinds of advice and thought if it changed direction, we'd stay in the Clark Howard way of thinking. I like the way he approaches complicated issues respectfully and is never judgemental. I should have said that in my initial post. Maybe "Advice from Clark Howard?" He covers safe ways to pay bills online, CC deals, how seniors get baited into giving their savings away, CCR's, long term care insurance...etc. The IRS advice surprised me.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
|
|
02-16-2019, 08:13 AM
|
#15
|
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 39,415
|
Quote:
Originally Posted by Rianne
Ok, can you change the title? He provides all kinds of advice and thought if it changed direction, we'd stay in the Clark Howard way of thinking. I like the way he approaches complicated issues respectfully and is never judgemental.
|
He can't, but one of the moderators can.
Done
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
| Thread Tools |
Search this Thread |
|
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
