Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/2/2013 (1 year ago)

Catholic Online (www.catholic.org)

Sumner Redstone on the hook for $1.1 million, plus penalties and interest.

Don't forget to file your returns or else the IRS will come after you, even 41 years later. That's what's happening to Sumner Redstone, 89, who the IRS says owes 1.1 million, plus interest dating back to 1972.

The IRS might have one of these for you, dating back a few decades.

The IRS might have one of these for you, dating back a few decades.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/2/2013 (1 year ago)

Published in Politics & Policy


LOS ANGELES, CA (Catholic Online) - Imagine getting a bill from the IRS for $1.1 million in taxes, plus penalties and interest. The issue concerns the transfer of stock in the Redstone family's National Amusements Inc, which was transferred to his son Brent and daughter Shari.

The IRS claims the transfer was a taxable gift and Redstone says it was the result of a court settlement and therefore was "ordinary business."

Redstone, who is now 89, transferred the stock in 1972 following a lawsuit by his late brother Edward. Edward, who was upset with the family, threatened to sell some of his shares to outside investors. A court agreement allowed him to transfer those shares to his children as well as Sumner's children.

The greater issue is that the IRS is reaching back 41 years to claim money. The move is simply unprecedented. While statutes of limitations protect people from such cash grabs, the IRS claims there is no limitation because the proper returns were never filed. Without a return, there is no statute of limitations.

Still, even without a statute, for the IRS to go back 41 years is astounding.

Redstone, fortunately, is worth $4.9 billion, so he can probably afford the bill. However that's not the point. What matters is that the IRS thinks nothing of reaching back as far as needed to chase people who may have forgot to carry a 1 or who in their youth, didn't bother with their taxes.

What happens with the increased digitization of records? The time is coming when every person will be audited by computer and every mistake will be caught. Every penny must be paid. There will be no loopholes, no exceptions, and no time.

The IRS has also gone after the estate of Edward Redstone, sacking him with a similar bill. Edward died in 2011, however his estate remains. Attorneys representing the estate have also filed suit against the IRS.

There should be no reluctance to pay one's fair share to the IRS. Tax dollars sustain the government, maintain our infrastructure, and provide services that we all know are vital to a healthy economy. However, when tax dollars are squandered and the IRS has the ability to reach as far back as it wishes and lay claim to any amount of money it wants we enter a situation where the IRS becomes an agent of tyranny and harassment.

Retroactive theft. A new trick, for the IRS.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

House of Representatives may subpoena Hillary Clinton's personal e-mail server Watch

Image of Asked to evaluate Clinton's chances of being elected the next president of the United States, Boehner said Hillary Clinton could be a

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives may subpoena Hillary Clinton's personal e-mail server if she does not voluntarily surrender it for examination by an independent party, John Boehner revealed this week. LOS ANGELES, CA (Catholic Online) - "I've not made any decisions ... continue reading


Eating at the government's table: 353,000 refugees on food stamps, 55,000 receiving SSI Watch

Image of They come from faraway lands to the United States in search of a better life - all on the taxpayer's dime.

By Catholic Online (NEWS CONSORTIUM)

They come from faraway lands to the United States in search of a better life - all on the taxpayer's dime. It has been learned that at least 350,000 refugees in the U.S. are on food stamps, according the Congressional Research Service, or CRS. LOS ANGELES, CA ... continue reading


Bill and Hillary Clinton have been 'disorganized and greedy,' analyst says Watch

Image of Regardless of Bill Clinton's personal feelings about Obama, it did not take him long to see the advantages of an Obama Presidency. More than anyone, he pushed Hillary to take the job of Secretary of State.

By Catholic Online (NEWS CONSORTIUM)

Former U.S. President Bill Clinton, along with his wife Hillary - who has her eyes on the presidential seat come 2016, reportedly have a "web of connections between Bill's private work, Hillary Clinton's public role as secretary of State, the Clintons' ... continue reading


Loretta Lynch makes history as the first African-American female U.S. attorney general Watch

Image of Loretta Lynch is the first African American female attorney general in the history of the United States.

By Talia Ramos (NEWS CONSORTIUM)

Loretta Lynch has been confirmed as the new U.S. attorney general last Thursday. History is made as she became the first African-American woman to occupy such a crucial and distinct government position. Lynch was not present during the Senate confirmation, however, her ... continue reading


Have they found their man? Koch brothers offer audition to Jeb Bush Watch

Image of Jeb Bush, former governor of Florida, may be the candidate likely to receive support from the Koch brothers and their network of extensive political contacts.

By Matt Waterson (NEWS CONSORTIUM)

The Koch brothers, Charles and David, the wealthy political donors who have dipped their hands and massive fortunes into U.S. politics for years, may have upped their involvement, considering for the first time whether to lend their wealth and organizational ... continue reading


Will one book ruin Hillary Clinton's entire presidential campaign? Watch

Image of Hillary Clinton's campaign takes a big hit with new book.

By Abigail James (NEWS CONSORTIUM)

A controversial "tell all" book about the Clinton Foundation's funding habits, titled "Clinton Cash: The Untold Story of How and Why Foreign Governments and Businesses Helped Make Bill and Hillary Rich," is set to enter stores and rock Hillary's campaign next month. ... continue reading


Social Security numbers issued to more than half a million illegal immigrants in U.S. Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The cornerstone to lawful employment to labor in the United States, it has been recently revealed that more than half a million illegal immigrants - or 541,000 illegal aliens. This disheartening statistic has been revealed by Carolyn Colvin, acting commissioner ... continue reading


Hillary Clinton caught in shameful lie on family's history Watch

Image of

By Abigail James (NEWS CONSORTIUM)

As Hillary Clinton continues to shape her platform for presidency, she is reported as boasting her family's immigration history. During one of her first speeches as an official candidate, Clinton said that "all her grandparents had immigrated to the United States," ... continue reading


Federal government sets all-time record for tax revenue Watch

Image of We will not know how much additional tax revenue the Treasury pulled in until it releases its next daily statement tomorrow afternoon. Every dollar of it will add to the new record.

By Catholic Online (NEWS CONSORTIUM)

Tax day has arrived - and with the close of business on April 14, the Treasury brought in a record $1,477,901,000,000 since fiscal 2015. Began on October 1, 2014, these figures are courtesy of the Daily Treasury Statement. Despite this record tax revenue, the ... continue reading


INSANE: U.S. federal tax code is 74,608 pages long! Watch

Image of If the tax code continues to grow at the same pace it did over the last century, it will pass 100,000 pages in 2050.

By Catholic Online (NEWS CONSORTIUM)

If you had your taxes professionally prepared this year, you may now fully appreciate what your accountant or cleric did for you this year. The U.S. federal tax code is a whopping 74,608 pages long! Try to imagine trying to digest all the nuances that go along ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 4:8-12
8 Then Peter, filled with the Holy Spirit, addressed ... Read More

Psalm, Psalms 118:1, 8-9, 21-23, 26, 21, 29
1 Alleluia! Give thanks to Yahweh for he is good, for ... Read More

Gospel, John 10:11-18
11 I am the good shepherd: the good shepherd lays ... Read More

Reading 2, First John 3:1-2
1 You must see what great love the Father has ... Read More

Saint of the Day

Saint of the Day for April 26th, 2015 Image

St. Cletus
April 26: St. Cletus was the third bishop of Rome, and succeeded St. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter