CARES Act $300 Above-the-Line Deduction

Discussion in 'Sound Off' started by scubajay, Apr 7, 2020.

  1. DirtySteve

    DirtySteve

    Messages:
    11,042
    Likes Received:
    12,080
    I didnt read the link....are the penalties different for avoidance vs evasion?
     
  2. Lund Explorer

    Lund Explorer

    Messages:
    8,035
    Likes Received:
    11,906
    Location:
    Mecosta County
    There are NO penalties for a person who takes a valid deduction to "avoid" paying taxes.

    The penalties for tax "evasion" which is the act of not reporting income includes many different penalties including possible time in the Gray Bar Motel.
     
    November Sunrise and capper like this.

  3. Nitro225Optimax

    Nitro225Optimax

    Messages:
    6,869
    Likes Received:
    5,472
    Location:
    Fenton, MI
    Ahem. I am educated. I am one class away from finishing a Masters of Accountancy. The implication of claiming a charitable deduction that was not actually made and isn't substantiated and then just claiming "my dog ate it" is in fact...tax evasion.

    If in fact the donation was made, then you are correct, it would be tax avoidance and perfectly legal. There is honor and integrity in the way one conducts their own business.

    The reality is that the IRS will dedicate far little resources to the issue. However, the IRS will probably flag a handful of returns and audit those filers, just to discourage tax evasion.
     
  4. Lund Explorer

    Lund Explorer

    Messages:
    8,035
    Likes Received:
    11,906
    Location:
    Mecosta County
    EXCUSE ME!!!

    Here's a helpful hint. The next time try replying to a specific post if you are trying to make a point.

    Will you be working towards taxation too?