Thursday May 26, 2011
IRS is demanding entire years of data from small business.
Meta data is information contained in on line digital data banks. Amazon knows what you buy from them.
Now the IRS wants to take al of a firm's data and snoop through it to their satisfaction. This of course will reveal all the firm's customers and their purchases.
Now critical thinking dept, why does the IRS want this, as part of the audit of the small business? I doubt that. It is more likely that the IRS wants to compare purchases with income reported by those very customers. Example, your business buys $50,000 worth of items and services from an oil field supply firm. But your business reports a loss to the IRS, I can imagine the IRS suspecting you have failed to report all your income.
This snooping will never end as long as we have a complex tax system allowing Big Brother endless snooping privileges. And it is only going to get worse with the $14 T budget deficit we have.
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