And what will you do with your windfall?

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And what will you do with your windfall?

Postby Judge Roy Bean » Mon Jun 05, 2017 9:18 pm

Looks like upwards of $175M may be distributed to preparers.

"Not only is the IRS barred from charging PTIN fees to tax preparers in the future, the Court also ordered that the IRS has to provide "a full refund of all PTIN fees paid." The Court specifically referenced a refund to the "class" since the suit was brought as a class action suit. The class consists of "all individuals and entities who have paid an initial and/or renewal fee for a PTIN"


Adam Steele, et al. v. United States of America, Case No. 1:14-cv-01523-RCL

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Re: And what will you do with your windfall?

Postby Famspear » Mon Jun 05, 2017 9:51 pm

Wow, that's it. With the refund of my annual PTIN fee, I'm gonna buy a beach front property in Costa Rica and retire....

:)
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Re: And what will you do with your windfall?

Postby Famspear » Mon Jun 05, 2017 10:09 pm

The decision was handed down on June 1 in the U.S. District Court for the District of Columbia. Twenty-two page opinion.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: And what will you do with your windfall?

Postby Number Six » Mon Jun 05, 2017 11:59 pm

I'm curious what the likely refund amounts will be for preparers. I didn't see any links in a quick search.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)

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Re: And what will you do with your windfall?

Postby Famspear » Tue Jun 06, 2017 4:51 am

Number Six wrote:I'm curious what the likely refund amounts will be for preparers. I didn't see any links in a quick search.


I checked my records. The payment requirement started in the fall of 2010. I'm missing the data for one year, but it looks like this:

fall 2010 (for PTIN for 2011): $64.25
fall 2011 (for PTIN for 2012): unknown, probably about $63 or $64
fall 2012 (for PTIN for 2013): $63.00
fall 2013 (for PTIN for 2014): $63.00
fall 2014 (for PTIN for 2015): $63.00
fall 2015 (for PTIN for 2016): $50.00
fall 2016 (for PTIN for 2017): $50.00

So, we're looking at about $416 or more.

EDIT:

Allegedly, there are about 700,000 people affected. If only half of those people paid the fees for the entire seven years, the U.S. Treasury would be looking at refunds of about $145,600,000 (i.e., about $416 per person x 700,000 x 50% = $145,600,000). I suspect that more than half of the 700,000 have been practicing for the past seven years, so the amount could well be higher than that.

This is assuming that the Court is going to make the Treasury refund all the amounts, all the way back to the beginning. I don't know what the decision will be on that.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: And what will you do with your windfall?

Postby Famspear » Tue Jun 06, 2017 5:04 am

Oh, wait, I forgot about the lawyers' share.

OK, I won't be retiring in Costa Rica. I'll be retiring in Dime Box, Texas.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: And what will you do with your windfall?

Postby Famspear » Tue Jun 06, 2017 5:08 am

Or, maybe Bugtussle, Oklahoma.

Or, I could retire in Mamou, Louisiana.

Or maybe in Hell, Michigan. I hear Hell is lovely this time of year.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

Famspear
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Re: And what will you do with your windfall?

Postby Famspear » Tue Jun 06, 2017 5:15 am

Maybe I won't retire in Hell, Michigan. Maybe I'll just drive through there some time.

You haven't lived until you've been through Hell.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: And what will you do with your windfall?

Postby Number Six » Tue Jul 04, 2017 4:12 pm

Chunk (chump?) change. Reminds me of the $36 a month I am collecting from a scammer through a collection agency after they get their 25%.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)


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