Showing posts with label tax returns. Show all posts
Showing posts with label tax returns. Show all posts

Monday, November 27, 2017

Obamacare’s Revenge: The IRS Will Not Process Your Tax Return Unless You Tell Them Whether You Have Health Insurance Or Not

This article was originally published by Michael Snyder at The Economic Collapse


obamacare


Yes, this is a true story. I was completely shocked when I learned about this too, and this just underscores the importance of repealing the individual mandate immediately. Shortly after taking office, President Trump issued an executive order which was intended to move the IRS away from enforcing Obamacare’s individual mandate, but now the IRS has found a way around that executive order. According to the official AARP website, the IRS has announced that it will not process any tax returns from individuals that are not willing to disclose whether they currently have health insurance or not…


The Internal Revenue Service won’t process individual tax returns in 2018 unless taxpayers indicate whether they have health insurance coverage or an exemption.


The move, announced last month, reverses course from this year, when the IRS said it would not require filers to indicate on 1040 tax forms whether they had health insurance. Filers were still required to have medical insurance or pay a penalty, but the IRS accepted and processed returns even if taxpayers didn’t indicate coverage status.


So what this means is that you will not get your refund until you tell the IRS if you have health insurance.


And if you don’t have health insurance and you don’t qualify for an exemption, you could be hit with a very painful financial penalty.


Of course purchasing health insurance in some parts of the country is enough of a penalty as it is. For example, I recently wrote about a family of four in Virginia that is now facing the prospect of paying $3,000 a month for health insurance.


Talk about being between a rock and a hard place.


And it also turns out that the IRS is going back and sending threatening letters to those that didn’t indicate if they were covered or not on previous tax returns. Here is more from the AARP


IRS spokesman Bruce Friedland said it followed a review of IRS procedures.


“The IRS has determined that ‎it is more burdensome for taxpayers to allow them to file an incomplete tax return and then have to manage follow-up letters and potentially amend their return,’’ Friedland said. “Identifying omissions and requiring taxpayers to provide health coverage information at the point of filing makes it easier for the taxpayer to successfully file a tax return and minimizes related refund delays.”


In September, the IRS started sending letters to about 130,000 taxpayers who didn’t address the health care requirement on 2014 and 2015 tax returns.


So if you left that section of your tax return blank in previous years, you should be expecting a letter in the mail very soon.


At this point, many of you that are reading this article are probably starting to get very angry. After all, didn’t President Trump sign an executive order earlier this year that was going to end enforcement of the individual mandate?


Unfortunately, that was not the case at all. In fact, Politico is reporting that the Trump administration “is still dutifully enforcing Obamacare’s individual mandate”…


The Trump administration is still dutifully enforcing Obamacare’s individual mandate, despite early signals it might undermine the unpopular linchpin of the health care law.


Weeks after the close of tax season, the IRS continues to process penalties from potentially millions of taxpayers who refused to purchase health insurance last year.


That’s even though hours after taking office on Jan. 20, President Donald Trump issued a vaguely worded executive order instructing federal agencies to waive or defer parts of Obamacare that would “impose a fiscal burden” on states, individuals or health care providers.


Enough is enough.


Obamacare should have been repealed on the very first day of the Trump administration, but unfortunately the RINOs in Congress are going to keep blocking any effort to do that. Elections really matter, and in 2018 we need to kick out the RINOs and put in new leaders that are fully committed to a 100% repeal of Obamacare.


We also need to do something about the IRS.  They have always been a rogue agency, but now they have gotten completely and totally out of control. I am running for Congress in Idaho’s first congressional district, and I believe that we should completely shut down the IRS.


The status quo is simply not acceptable. Obamacare is financially crippling families all across America, and we should be absolutely disgusted that Congress has not found a solution to this problem even though they have had almost an entire year to get something done.


Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.



GetPreparedNow-MichaelSnyderBarbaraFixMichael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream


If you want to know what is coming and what you can do to prepare, read his latest book Get Prepared Now!: Why A Great Crisis Is Coming.


Wednesday, November 15, 2017

Americans ‘Should Assume’ Their Tax Returns Can Be Hacked From The IRS, Expert Says

Americans ‘Should Assume’ Their Tax Returns Can Be Hacked From The IRS, Expert Says

Image source: Flickr / Creative Commons


Nov. 15, 2017


No one’s financial information is safe from hackers at the Internal Revenue Service — not even President Trump’s.


That’s according to fraud investigator John Powers, who suspects Trump’s tax returns have been stolen from the IRS. Powers also believes that expert hackers could take anybody’s data from the agency if they wanted it.


Discover How To Become Invisible In Today’s Surveillance State!


“Considering Trump’s risk profile, the determination of his detractors, and the current state of cybersecurity, it’s almost inconceivable his tax returns haven’t been hacked—successfully—by someone with more experience and expertise,” Powers wrote in Wired on Sunday.


“After all, American taxpayers should assume their personally identifying information is already in the hands of criminals and then act accordingly, as former IRS commissioner John Koskinen recently told reporters.”


Koskinen said: “Our estimate is a significant percent of those taxpayers already had their information in the hands of criminals.”


Powers is a certified fraud investigator who has coordinated investigations with the FBI, U.S. Attorney’s Office, the Department of Homeland Security, and the Securities and Exchange Commission (SEC). He has had 20 years of experience and now heads up Hudson Intelligence in New York.


Powers noted that:


  • The IRS awarded a contract to Equifax for fraud protection services. Equifax is the credit bureau that lost data from about 145 million people to hackers earlier this year.

  • Fraudsters were able to steal data from about 100,000 taxpayers and $30 million by hacking an IRS tool for students seeking financial aid.

  • A Louisiana private investigator named Jordan Hamlett may have come close to stealing Trump’s tax returns – and he wasn’t even an expert hacker.

Powers surmises that hackers have seen Trump’s tax returns but haven’t released it because there is nothing there.


“Maybe the tax returns just aren’t that juicy,” he wrote.


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