Tax Roundup, 10/15/2012: no more procrastination edition. Also: how not to stay in touch with your ex.

October 15th, 2012 by Joe Kristan

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Today is it for extended 2011 1040s. File your return today, if you haven’t done so.  Get your 8879 to your preparer, e-file yourself,  send it certified mail, return receipt requested, or use an authorized private delivery service with the return addressed to the proper service center street address.  There are no more extensions available!

Related:  The End of Procrastination Season Is Upon Us  (Russ Fox);  TODAY IS “THE DAY”! (Robert D. Flach).

 

Brutal Assault on Reason Watch: 

Kay Bell, Top 10 tax moments in VP debate

Patrick Temple-West,   Essential reading: Biden and Ryan dispute economic toll of raising the top tax rates, and more

TaxGrrrl,  What The VP Debate Taught Us About Romney/Ryan – and Didn’t Tell Us About Tax

Joseph Henchman,   Biden, Ryan Give Tax Policy Rationales (Tax Policy Blog)

Donald Marron,  Five Things You Should Know about Mitt Romney’s “$5 Trillion Tax Cut”  (TaxVox)

Richard Morrison,   Chart of the Day: The Gains of the 1% Don’t Come at the Expense of the Middle Class  (Tax Policy Blog):

 

Peter Reilly,   Romney Wants No Estate Tax – Case For 2012 Mega Gift Remains Compelling:

When you break down possible outcomes on the political scene, they all argue for at least looking at your assets and sitting down with a planner to see if there is something worth doing.

Peter sees value in large-scale family gifting, no matter how the elections turn out.

Janet Novack,  The Forbes Guide To Estate Planning

 

Jim Maule,  Taking Tax Money Without Giving Back: Another Reality :

It is not surprising that, although they come at the problem from different angles and propose different solutions, both this commentator and the writer of this report consider taxpayer financing of private sector sports enterprises to be a very bad idea.

Brian Strahle, Non-Big 4 Firm SALT Professionals:  GOT LEVERAGE?

And, of course, Robert D. Flach came through with a Buzz this weekend.

 

So much for any chance of reconciliation.  A Fort Atkinson, Iowa man probably scored no points with his ex-wife while looking for tax refunds in all the wrong places.  Now Gene Jirak will serve a 45-month sentence for filing false refund claims.  From KCRG.com:

Prosecutors say Jirak devised a scheme by filing two tax returns claiming he was entitled in each return to a refund of over $50,000. Authorities say Jirak filed the first tax return as an amended joint return, using his ex-wife’s name and Social Security number and forging her signature.

Well, if he had a refund coming, maybe he should have asked for her signature.  Well, maybe because he didn’t have a refund coming.  Court documents show that Mr. Jirak attempted to get refunds under the absurd “1099-OID” theory, which, as much as I can make any sense of it holds that we all have big accounts in our name at the U.S. Treasury that we can tap by filing the right tax forms.    The judge wasn’t persuaded.

Acting as his own lawyer, Mr. Atkinson was convicted of five counts arising from the transaction.  Amazingly, he actually received a check from the IRS for $69,139.07 (still a few flaws in the old refund claim review system, I guess).  According the the indictment, his poor relationship with his ex caused things to go awry:

On or about March 9, 2009, defendant GENE JIRAK presented the Treasury check for deposit at Viking State Bank & Trust in Decorah, Iowa.  At the time the check was presented, it bore a forged endorsement signature [of his ex-wife].  When Viking State Bank & Trust determined [the] endorsement was forged, the bank returned the Treasury check to the IRS.

The Moral?  Don’t use ridiculous tax theories to claim tax refunds.  Oh, and forging your ex-spouse’s signature is never a great idea.

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