Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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3 firms receiving federal bailout owe back taxes                                        
       
 
                                                                                                       
                                                                                                                       

WASHINGTON (AP) — At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

Rep. John Lewis, D-Ga., chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.

                                                                                               

"This is shameful. It is a disgrace," said Lewis. "We are going to get to the bottom of what is going on here."

The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue.

The committee said it could not legally release the names of the companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes.

http://www.poconorecord.com/apps/pbcs.dll/article?AID=/20090319/NEWS/90319021

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arkygirl
Quote:
At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.


This doesn't surprise me. Now the government has extorted money from the people so these businesses can now pay their taxes. No biggie, right? The guv gets theirs.

It seems that the "NEW" way to get ahead in America is to stop paying your bills and taxes. Then the government will extract money from all those worker drones who struggle to do the right thing and pay them for you. Everybody will be made equal or else.

The government is setting itself up to be the new Enron. It will be a black box where a small select group handles all things monetary. There will be no sunshine, no accountability. That group will decide what people in America will get to survive. If they think someone outside their select group is doing too well, they will simply tax it away from them.

This frightens me a lot. I don't know where I live anymore. This is not America, it is a gulag!
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srsd
These companies will probably never have to pay the taxes.  If it was an individual, the IRS would hunt them doiwn and take everything they have.  We are a perfect example.  10 Years ago, we got a letter from the IRS and found out that we owed some taxes on my husbands partial disability income which we was told by an accountant that it wasn`t taxable. He only collected it for a short time. With the interest and penalities on the taxes, we had to pay the IRS over $15,000 and it wasn`t even our fault but we had to pay it anyway.
I just don`t understand our government at all and what is happening in our country.
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arkygirl
Disability income is taxable now? Really? I thought disability payments were exempt since it is insurance.

That's crazy. Wait, I did hear that unemployment benefits are now taxed. Unemployment is also a type of insurance. Let's face it. Everything except postage stamps and beauty shops (here, anyway. Don't know how they missed them but they will surely snag them in the next round of services to be taxed) charge tax.

I wish I could follow one $1.00 bill from the printing press all the way through its life-cycle. It would boggle the mind how much tax revenue is generated on city, county, state and federal levels before that lowly bill is too far gone and must be burned. Every single time it is passed from one hand to another it gets taxed....and taxed...and taxed. That little old wrinkly bill generates far more than it's face value in taxes. What a lovely scam for the Federal Reserve and the governments at all levels.

I would hate to have the accountants jobs. Trying to keep up with the tax code would be a full time job in itself, let alone getting any work done. However, we must rely on them knowing about these things or WE would never get any work done.

Maybe that is why they goof around with the tax code so much, just to keep us confused. Penalty and interest racks up pretty fast when it is the IRS charging it. (Talk about loan sharks!) Confusion is their ally.

Now Geithner is the head tax man at the IRS and the tax code is now also a penal code if they deem you made too much money in a manner they don't like. This nonsense is almost enough to make a Fair Tax advocate out of me. I get exhausted with keeping up with the forms, paperwork, etc. What a relief it would be just to chunk all that and pay as you go, never to worry with it again.

Heaven help us all. Things are getting pretty bad here in the gulag.

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