IRS gets major power to request private tax info after Supreme Court decision Rebecca Chen - Yahoo Finance How much can the IRS snoop in your business without you knowing? A lot more now, after a recent Supreme Court decision that is raising privacy concerns among experts. Last month, the highest court in the nation unanimously sided with the IRS in Polselli v. Internal Revenue Service, solidifying the tax agency's ability to ask for documents or financial records of those associated with a delinquent taxpayer without notifying that third party. The decision reinforced the tax agency's capacity to get information under wraps, experts say, and gives the IRS too much power and too few limits on how that information can be used. /jlne.ws/42EfXzk
It was a unanimous decision, pretty rare these days. https://www.supremecourt.gov/opinions/22pdf/21-1599_l5gm.pdf
I think the key words are "delinquent taxpayer". So if you can't pay your taxes and fall seriously behind, it sounds like the IRS is being granted the ability to check your resources to see if you have the ability to pay or not.
It:'s the delinquent taxpayers that really drive the IRS nuts. In many cases, whatever profits there were, are no longer collectable. Presumably, many of these are folks who can't step away from the " one armed bandit". Does that ring a bell with anybody here? Also results in 1) "Estimated Tax Payments" for traders due January 15 (before the money is gone) 2) idiots like Maxine Waters blabbering on about how there is no tax revenue problem, but the IRS just has to do a better job of collecting.
%% YES + IRS looks for patterns also; in many ways. Each business,has an average profit pattern ;with huge losses, may provoke an audit. 10-15% giving may provoke an occasional adit, but that's life. WORST risk reward ratio is smarting off or disrespectful an IRS agent-LOL WHO was that dark, dark NY Us rep clown that said low taxes = racism; + got censered by US house for underpayin' his taxes LOL,