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IRS can NOT seize bank accounts or charge interest on obamacare "penalties'

 
Anonymous Coward
User ID: 11929805
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07/07/2012 03:41 PM
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IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
[link to apnews.myway.com]

The law, however, severely limits the ability of the IRS to collect the penalties. There are no civil or criminal penalties for refusing to pay it and the IRS cannot seize bank accounts or dock wages to collect it. No interest accumulates for unpaid penalties.

So how can the IRS enforce the mandate? Scary letters and threats to withhold tax refunds.

The law allows the IRS to withhold tax refunds to collect the penalty, and most filers get refunds. This year, 77 percent of the 135 million individual income tax returns processed by the IRS qualified for a refund. The average refund: $2,707.

For those who don't qualify for a refund, a stern letter from the IRS can be effective, even if it doesn't come with the threat of civil or criminal penalties, said Elizabeth Maresca, a former IRS trial attorney who supervises the Tax & Consumer Litigation Clinic at the Fordham University law school.

"Most people pay because they're scared, and I don't think that's going to change," Maresca said.
Anonymous Coward (OP)
User ID: 11929805
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07/07/2012 03:42 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
Step 1) Set your deductions so that you owe a little every year instead of being owed a deduction. This is always an excellent plan anyway as it prevents the gov't from earning interest on YOUR money while you wait for your refund.

Step 2) Throw bullshit "scary" letter from IRS in trash, or, whipe ass with it first.

Simple.
Straight Pride

User ID: 19275185
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07/07/2012 03:46 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
why not focus on the 20 new tax hikes included in obamacare.
Anonymous Coward
User ID: 1539112
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07/07/2012 03:49 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
Step 1) Set your deductions so that you owe a little every year instead of being owed a deduction. This is always an excellent plan anyway as it prevents the gov't from earning interest on YOUR money while you wait for your refund.

Step 2) Throw bullshit "scary" letter from IRS in trash, or, whipe ass with it first.

Simple.
 Quoting: Anonymous Coward 11929805

Step 1 I wholeheartedly agree with. When I worked for 3 years preparing individual tax returns, this was one of the things that people just didn't do. They wanted the big refund check in the spring, but they didn't understand that if they hadn't been withheld that money, they could have earned interest on it by investing properly.

That being said, Step 2 is inaccurate. Anything you get from the IRS is something you should read, understand, and call them about. They work with people to make payment arrangements, and I have set up repayments as low as $10 per month for people to pay back owed taxes with interest but WITHOUT penalties, which are usually the worse of the two.
Anonymous Coward (OP)
User ID: 11929805
United States
07/07/2012 03:54 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
Step 1) Set your deductions so that you owe a little every year instead of being owed a deduction. This is always an excellent plan anyway as it prevents the gov't from earning interest on YOUR money while you wait for your refund.

Step 2) Throw bullshit "scary" letter from IRS in trash, or, whipe ass with it first.

Simple.
 Quoting: Anonymous Coward 11929805

Step 1 I wholeheartedly agree with. When I worked for 3 years preparing individual tax returns, this was one of the things that people just didn't do. They wanted the big refund check in the spring, but they didn't understand that if they hadn't been withheld that money, they could have earned interest on it by investing properly.

That being said, Step 2 is inaccurate. Anything you get from the IRS is something you should read, understand, and call them about. They work with people to make payment arrangements, and I have set up repayments as low as $10 per month for people to pay back owed taxes with interest but WITHOUT penalties, which are usually the worse of the two.
 Quoting: shame_spiral


You're right that you need to read the letter and make sure you don't actually owe them for anything else.

But, if all you owe them is your ObamaCare penalty, wipe your ass with the letter and flush it. Do NOT pay.
Anonymous Coward
User ID: 9214352
United States
07/07/2012 04:03 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
Step 1) Set your deductions so that you owe a little every year instead of being owed a deduction. This is always an excellent plan anyway as it prevents the gov't from earning interest on YOUR money while you wait for your refund.

Step 2) Throw bullshit "scary" letter from IRS in trash, or, whipe ass with it first.

Simple.
 Quoting: Anonymous Coward 11929805

Step 1 I wholeheartedly agree with. When I worked for 3 years preparing individual tax returns, this was one of the things that people just didn't do. They wanted the big refund check in the spring, but they didn't understand that if they hadn't been withheld that money, they could have earned interest on it by investing properly.

That being said, Step 2 is inaccurate. Anything you get from the IRS is something you should read, understand, and call them about. They work with people to make payment arrangements, and I have set up repayments as low as $10 per month for people to pay back owed taxes with interest but WITHOUT penalties, which are usually the worse of the two.
 Quoting: shame_spiral


You're right that you need to read the letter and make sure you don't actually owe them for anything else.

But, if all you owe them is your ObamaCare penalty, wipe your ass with the letter and flush it. Do NOT pay.
 Quoting: Anonymous Coward 11929805


Don't flush it - it will clog the toilet. Just throw it in the fire.
Anonymous Coward (OP)
User ID: 11929805
United States
07/07/2012 04:27 PM
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Re: IRS can NOT seize bank accounts or charge interest on obamacare "penalties'
Don't flush it - it will clog the toilet. Just throw it in the fire.
 Quoting: Anonymous Coward 9214352


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