The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: The Cost Basis Crisis||Date: 7/1/2006 9:17 AM|
|Author: TMFPMarti||Number: 87636 of 121172|
[TCMP] audits are nothing but a government fishing expedition.
Absolutely. The whole purpose of them is to gather data that can be used to highlight compliance problems in the law as well as areas in which taxpayers are playing fast and loose so limited audit resources can be best directed.
The government should have to prove we've done something illegal--and that includes having done this deliberately and not simply as a result of a mistake. And when we do successfully prove everything, or more likely, when our errors net out to close to zero, what do we get for our troubles? Nothing. Certainly not reimbursement for our costs. Deductability doesn't even begin to cover the costs.
There was a proposal some years ago both to reinstate TCMP's and to pay the taxpayers' expenses of these special, and expensive, audits. I think it's a terrific idea since the taxpayer is being targeted at random rather than because of suspicion of wrongdoing. It didn't go anywhere in Congress, though.
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