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Sucessfully staying quiet?

Topic closed. 42 replies. Last post 6 years ago by Todd.

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BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
Magnolia, Delaware
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Posted: February 16, 2011, 10:36 am - IP Logged

Also Joker, Don't forget where the ultimate fault would belong! The state that the win occurred in! Remember the states that have lotteries are the ones who do the withholding for the IRS and ultimately transfer those funds on to the Treasuary Department in the persons name and SS number so their income tax account will be credited correctly as not to end up with an unjustified tax audit!

Keep dreaming the impossible dream, it just may come true! Thumbs Up


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    Posted: February 16, 2011, 10:52 am - IP Logged

    Also Joker, Don't forget where the ultimate fault would belong! The state that the win occurred in! Remember the states that have lotteries are the ones who do the withholding for the IRS and ultimately transfer those funds on to the Treasuary Department in the persons name and SS number so their income tax account will be credited correctly as not to end up with an unjustified tax audit!

    Are you a tax consultant, or did you just stay at a Holiday Inn Express last night?....lol

      BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
      Magnolia, Delaware
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      Posted: February 16, 2011, 1:23 pm - IP Logged

      No to both....... lol

      Keep dreaming the impossible dream, it just may come true! Thumbs Up

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        NY
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        Posted: February 17, 2011, 3:54 am - IP Logged

        If you only knew the IRS can only go back 3 years! As long as no other years before or now show any fraud in their filings! And since the money wasn't withheld at the time of disbursement to no fault of their own the 3 year limitation for an audit for that year will hold up in a court of law! The IRS is SOL and if you have any doubts just as your accountant or the IRS if you like!

        It's 3 years to *assess* the tax, and there's an exception for cases of fraud which extend it to 6 years. If the tax was assessed the IRS has 10 years to begin efforts to collect it. The statute of limitations for criminal charges is also 6 years.  Figure all of those periods run from the date the return is due or filed, which could be as much as 15 months after the income is collected.

        It seems pretty clear that this person committed tax fraud by knowingly filing a false return. If he reported the income and claimed the money had been withheld, that means the IRS assessed the tax. If he filed anytime after 2/17/2001 he's not out of the woods yet.

        The IRS now has enough computing power that even small discrepancies get noticed. 25 or 30 years ago if you worked part time for a large company and simply threw away the W-2 the IRS would probably never notice. Do it today and  they almost certainly will.

        I'm guessingthe story is BS, though. The witholdings would have been about 16k, which is a large chunk of change to lose track of even without computers counting the money. There's enough record keepimng that I find it hard to believe nobody would catch the mistake. Plus we're supposed to believe the guy would do it and then tell somebody named Joker.

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          NY
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          Posted: February 17, 2011, 3:56 am - IP Logged

          There are some Jackpot winners that want to be known they want the attention and the notoriety.....unfortunately it will be very hard stay anonymous because like someone stated someone in your family will know and tell their friends.........my hubby comes from a large family he said he was going to tell his family that he got a settlement whether they believe it or not that's on them but that's our story and we are sticking to it...LOL.....Wink

          If he wins let me know. For a modest fee I'll run him over with my a rental car so his story has some credibility.


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            Posted: February 17, 2011, 3:26 pm - IP Logged

            It's 3 years to *assess* the tax, and there's an exception for cases of fraud which extend it to 6 years. If the tax was assessed the IRS has 10 years to begin efforts to collect it. The statute of limitations for criminal charges is also 6 years.  Figure all of those periods run from the date the return is due or filed, which could be as much as 15 months after the income is collected.

            It seems pretty clear that this person committed tax fraud by knowingly filing a false return. If he reported the income and claimed the money had been withheld, that means the IRS assessed the tax. If he filed anytime after 2/17/2001 he's not out of the woods yet.

            The IRS now has enough computing power that even small discrepancies get noticed. 25 or 30 years ago if you worked part time for a large company and simply threw away the W-2 the IRS would probably never notice. Do it today and  they almost certainly will.

            I'm guessingthe story is BS, though. The witholdings would have been about 16k, which is a large chunk of change to lose track of even without computers counting the money. There's enough record keepimng that I find it hard to believe nobody would catch the mistake. Plus we're supposed to believe the guy would do it and then tell somebody named Joker.

            First of all, my real name isn't Joker.....

            Secondly, why in the world would my friend and co-worker for 8 years lie about such a thing? You don't know him from Adam, yet you doubt his story based on some tax calculation you made?

            He's a down to earth guy, and has nothing to gain by telling me this. If anything, it makes him look bad, so there goes that theory of yours. He didn't have to tell me this. He could've easily said he won and that's all, but he trusts me and maybe felt a little guilty and/or scared that they may eventually find out. It may have been a way for him to share it with someone he trusted like me, in order to release some of the pressure that was building up....I don't know, but one thing i do know is that common sense would tell you that it's not something anyone would share because there is nothing beneficial in doing so.

            Maybe common sense isn't part of your critical thinking.....

             

             

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              NY
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              Posted: February 17, 2011, 7:23 pm - IP Logged

              First of all, the comment about your name was, of course, a joke, but I'm sure the guy is greatful that his trusted friend who decided it's a good story to share on the internet isn't really named Joker.

              "common sense would tell you that it's not something anyone would share because there is nothing beneficial in doing so"

              Yet he shared the story with you and you shared the story here. 

              "Maybe common sense isn't part of your critical thinking....."

              Maybe. OTOH, you're the one who just exlained the possible benfits of telling you and then said there's no benefit in sharing the story with you

              People lie about all sorts of things when it offers no tangible benefit. I've got no idea what would make him lie about it, or confess it, but since he did tell you, the only question is whether it's true or not.

              I could apply my own thinking, but Occam offers a simple, ready to use tool that works well. Is it more likely that he lied for some unknown reason, or that the lottery screwed up the paperwork and the payment, your friend took advntage of that to commit tax fraud, that the lottery and the IRS both failed to catch the mistake after he filed the fraudulent return, and he decided to confess it to at least one friend while apparently saying that he's "walking on eggshells wondering when they're going to realize"?

              I guess your thinking is that your tax frauud friend is too honest to lie to you, so  the long series of events is the more likely explanation. Fair enough. As I said, I was only guessing that the story isn't true.


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                Posted: February 17, 2011, 9:06 pm - IP Logged

                First of all, the comment about your name was, of course, a joke, but I'm sure the guy is greatful that his trusted friend who decided it's a good story to share on the internet isn't really named Joker.

                "common sense would tell you that it's not something anyone would share because there is nothing beneficial in doing so"

                Yet he shared the story with you and you shared the story here. 

                "Maybe common sense isn't part of your critical thinking....."

                Maybe. OTOH, you're the one who just exlained the possible benfits of telling you and then said there's no benefit in sharing the story with you

                People lie about all sorts of things when it offers no tangible benefit. I've got no idea what would make him lie about it, or confess it, but since he did tell you, the only question is whether it's true or not.

                I could apply my own thinking, but Occam offers a simple, ready to use tool that works well. Is it more likely that he lied for some unknown reason, or that the lottery screwed up the paperwork and the payment, your friend took advntage of that to commit tax fraud, that the lottery and the IRS both failed to catch the mistake after he filed the fraudulent return, and he decided to confess it to at least one friend while apparently saying that he's "walking on eggshells wondering when they're going to realize"?

                I guess your thinking is that your tax frauud friend is too honest to lie to you, so  the long series of events is the more likely explanation. Fair enough. As I said, I was only guessing that the story isn't true.

                I really doubt that by telling me, it would be beneficial other than just a friend lending an ear. That's not what i meant by beneficial.

                 

                On the other hand, had he told me that he paid all of his required taxes, and a month later I found out by some mysterious way that he did not, then the correct assumption would be that he was lying for a reason. He didn't want to look bad as a tax evader.

                 

                 

                 

                  AuntiePat's avatar - animaniacs10
                  Just outside of Cleveland, OH
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                  Posted: February 24, 2011, 9:18 am - IP Logged

                  Because it allows us to fantasize that there is actually a chance that we might win.

                   

                  I've known three lottery Jackpot winners over the past 35 years and only one remained anonymous--and he was the biggest F-U of them all.

                    AuntiePat's avatar - animaniacs10
                    Just outside of Cleveland, OH
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                    Posted: February 24, 2011, 9:23 am - IP Logged

                    My previous pst was referring to this insightful post. 

                     

                    We are preoccupied with what our reactions to winning the lottery might be because it keeps the hope alive that we MIGHT, against astronomical odds, win.

                      AuntiePat's avatar - animaniacs10
                      Just outside of Cleveland, OH
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                      Posted: February 24, 2011, 9:24 am - IP Logged

                        THIS sucks--am not able to cite (or 'Reply To') the original post that I was referencing--Todd must have some time limit on this.

                        Gleno's avatar - Lottery-001.jpg
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                        Posted: February 24, 2011, 10:10 am - IP Logged

                        The States should respect winner's privacy and keep their identities unknown to the public.

                          Todd's avatar - Cylon 2.gif
                          Chief Bottle Washer
                          New Jersey
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                          Posted: February 24, 2011, 10:49 am - IP Logged

                            THIS sucks--am not able to cite (or 'Reply To') the original post that I was referencing--Todd must have some time limit on this.

                          After a month of no activity, such inactive posts are automatically locked.  You can easily reference an old post by posting a link to it.  Instructions are in the help forum if you're not sure how to do that.

                           

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