Monday, February 11, 2013

What's Going On at the IRS?

An EPJ reader emails:
My accountant's son comes over to do bookkeeping in my office once a week

So I'm talking to him today on my corporate's(due March 15th) and ask him how it's going and he says:

"You know Steve, it's not going well. The IRS keeps postponing the final approval on key forms for the filing, the work is backing way up on us and there's nothing we can do about it."

Me: "Really? Why do you think that is?"

"Well, obviously it's just a guess...but all of the forms they won't approve this year are the same exact forms they've used for years and on that basis the only guess we could make is that they don't want people filing right now, maybe because of cash flow?"

I know that sounds kooky as hell....but as a matter of interest I thought I'd send it your way.


  1. what do you mean cash flow problem? not enough...too much, etc.

  2. I tried to file two weekends ago and one of the forms I'm using is on that list of postponed approvals. Basically, the message sent after my e-file was that it could be until sometime in March when the IRS will accept my return!!! This is freaking nuts!!

    If it was the other way around, we'd be getting charged interest and having our bank accounts frozen. I want penalties levied!! Steven T. Miller owes me some coin!!

  3. Often times while a form may not change, the calculations and rules behind it do. Physical forms are not the issue anymore. Its the electronic forms and the means for them to handle and test the data being put into them for calculation errors.

  4. I smell an ObamaCare (tm) rat.

  5. I don't think the USG can have a cash flow problem. If they need money, they issue notes, the bernakie buys them, not a problem. The USG will eventually have the problem Argentina has. Prices of things will go up due to money creation. Why don;t prices go up now after years of QE?

    Wish I knew.

    First you have to know the demand for US dollars. World trade expanded a lot with China becoming a producer, eastern Europe entering world trade (lots of Audi's are built in Slovenia), Vietnam and other southern aisan countries entering the dollar market for world trade. Second, many people such as me, hold dollars when they get them. Everything is scary, real estate just had a dive, equities returned nothing since 2000 - thirteen years of zero return. Cash has suffered from inflation, but no losses like the 2008 panic. A 30% drop over a few months in almost every asset other than cash.

    1. Welcome to Japan. The lost decades.

      The cost of the central planning is lack of productivity or growth. It seems like a good time to export more war. Perhaps this time, they will make it official.

  6. I e-filed on Jan 31 and my return has yet to be accepted, supposedly because I claimed an education credit for being a full-time college student.