SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Affinity4Investing who wrote (5788)4/3/2024 12:46:42 AM
From: Privately   of 5810
 
Hi A4I
Fancy meeting you on this board.

Just to stick my nose in your conversation:

The simple (quasi-official) answer about why you have to submit all the data required in your tax return is that 'the law requires the taxpayer to sign and submit a complete return. It is not for the IRS to sort through all the data they have to try to figure out your return for you' (said in front of me by someone fairly high up in the IRS answering a question at a conference several decades ago). Not sure the service would embrace that position publicly today, but ....

FWIW - The IRS gets lots of data from lots of sources - but it has never been able to match it all up. They desperately want to be able to, but they simply don't have the systems and infrastructure to do so. I saw a paper some years ago during a discussion of giving the IRS more funding (seems to be a constant topic of discussion), that the IRS could only "match" less than 50% of the data they received (or think they have received), and I am sure they get a lot more data today. I would hope that has gotten better, but wouldn't bet money on it.

I was on the phone with an IRS third level support person in mid-2022 trying to resolve an issue for my 94 y.o. mother in law and the gal admitted that they hadn't even finished opening all the returns/documents that were submitted in 2021. I don't know whether that it is true, but it was her explanation on why my MIL's account was messed up.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News