| Topic: |
Politics > Politics-USA |
| User: |
"Tuttles Almanac" |
| Date: |
04 Apr 2006 08:02:26 PM |
| Object: |
IRS Offshores Tax Return Information |
Is your tax-return info for sale?
http://money.cnn.com/2006/04/04/pf/taxes/newregulations/?cnn=yes
WASHINGTON (CNNMoney.com) - In proposing
changes to the rules governing how and when tax
preparers may seek permission to use a client's
tax-return information for non-tax purposes, the IRS
tried to strengthen privacy protections while
acknowledging the interests of the tax-preparation
industry.
The IRS also proposes requiring tax preparers to seek
consent before outsourcing the preparation of their tax
returns abroad, which is the case for more than 1
million taxpayers, said Steven K. Ladd, CEO of
accounting software developer Copanion, in testimony
at the hearing.
The IRS proposed changes would lift that "affiliated"
restriction, meaning tax preparers -- with your consent
-- could share or sell your tax return information with
any company for the purpose of marketing products to
you.
Consumer groups warn that lifting the affiliated
restriction will put consumers at greater risk of identity
theft, deceptive marketing and coercion.
But more broadly, they strongly oppose the sharing of
tax information for anything other than tax return
preparation.
_________________________________________
What's new for 2006?
The AMT tax will increase.
The phaseout of the limitation on personal exemptions
and itemized deductions will be reduced by 1/3.
The maximum amount of elective deferrals under a
salary reduction that can be contributed to a
qualified plan increases to $15,000.
However, for SIMPLE plans, the amount is $10,000.
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| User: "" |
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| Title: Re: IRS Offshores Tax Return Information |
04 Apr 2006 10:28:46 PM |
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Tuttle's Almanac wrote:
Consumer groups warn that lifting the affiliated
restriction will put consumers at greater risk of identity
theft, deceptive marketing and coercion.
But more broadly, they strongly oppose the sharing of
tax information for anything other than tax return
preparation.
Geez.. what thing next will they think of to screw the american
tax-payer?
They are proposing to *sell* our tax information? This stuff is getting
totally out of control.
Trying to find some silver lining in this, I can think of two hopeful
indications:
1) They haven't sold our tax info to the infamous Nigerian based
identity fraud rings -yet.
2) With all of the outsourcing of jobs and wealth trend continuing,
most americans will soon be earning too little to have their tax
information worth selling, anyway.
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