Tax
Jun. 22, 2022
The 100% tax audit rate
You must also assume the auditor is the Lord Almighty. If you do not believe in the Lord Almighty, substitute the phrase “an omnipotent, omniscient ruler of the universe.”
Taxpayers engage in ordinary income tax planning; capital gains tax planning; and estate tax planning hoping to reduce their ultimate tax liability. Most do so with the best of intentions, relying on high quality advice from a tax lawyer or accountant.
However, some (though very few) people engage in tax planning with a different frame of mind. They rely, in part, on the belief that the government (federal and, where applicable, the state...
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