Taxable Talk

From Russ Fox, E.A., of Clayton Financial and Tax of Irvine, CA
All items below are for information only and are not meant as tax advice.
Please consult your own tax advisor to see how each item impacts your own situation.
Pimp Tax
Senator Charles Grassley (R-Iowa) has proposed making some tax crimes felonies if the underlying issue is a pimp or sex trafficker who fails to file employment tax forms. The penalties would be a 10-year prison sentence and a $50,000 fine for each offense. Senator Grassley commented to the Associated Press, "The thugs who run these trafficking rings are exploiting society's poorest girls and women for personal gain. The IRS goes after drug traffickers. It can go after sex traffickers."

Grassley plans on introducing the legislation in his committee tomorrow.

News Story: USA Today (from AP)