Taxation & Estate Planning

Obama Wins!! How does that affect your IRS Problem??

By Darrin Mish

Well…Barack Obama won the presidency and no matter how you feel about that; one thing's for sure. Things are going to change. That was his campaign slogan right? How will that 'change' impact the IRS and their ability and willingness to collect delinquent taxes? I'm glad you asked. It is very likely that due to the worsening economy and rising deficit that IRS collections will continue to increase. The federal government has dramatically increased hiring in the areas of border enforcement and the Transportation Safety Administration. Since the IRS is actually the agency responsible for the collection of federal government revenue, it only makes sense that one of the first priorities of an Obama administration would be to increase hiring of IRS collection personell. This course of action even fits with the campaign rhetoric that the rich should pay their share. So don't be surprised if IRS collection continues to accelerate to unprecendeted levels in an Obama administration. To be fair, John McCain would have likely done something very similar. Take a look at the special video that I prepared addressing this situation:

Full post as published by IRS Problem Solver Blog on November 05, 2008 (boomark / email).