It's a 'Taxable Moment'

The Tax Guys, hosts of the call-in show “Hey, Tax Guys” on OBAMA 1260 have added none other than President Obama’s Director of Health and Human Services nominee, Tom Daschle to its lineup that already includes Treasury Secretary Tim Geithner and House Ways and Means Committee Chairman, Charles Rangel (D-NY).

Today’s show features “Mail call”. Let’s dive right in shall we:

Dear Tax Guys:
I've had a lot on my mind lately, and when I was going through some old receipt boxes in my filing cabinet I suddenly realized I haven't paid my income taxes for the past 8 years. Am I in trouble? Please help!
Forgetful in Fort Worth

Dear Forgetful:
Here at the IRS, we realize that many well-meaning taxpayers like you can be distracted by various family illnesses, baseball pennant races, political campaigns, and so on. The rules for late filing can be surprisingly flexible if you have the right qualifying circumstances. According to IRS guidelines, you are eligible for the 306(b)(19) "I Forgot" amnesty if the following applies:
(1) Your total adjusted gross income in the "I Forgot" years was equal to or greater than $8,528,000; and
(2) You are a nominee to head a cabinet-level federal agency.
If you answered "yes" to (2), or both (1) and (2), then you are in the clear. If you answered "yes" to (1) but "no" to (2), mail 10% of the total to the Democratic National Committee and request a cabinet appointment. If you answered "no" to both, then I'm afraid you are shit out of luck. Turn yourself into your local IRS authorities, who will assist you in computing appropriate penalties, interest, and parole terms.
Tim
PS - If you have any money left, buy a few jars of that 'Ginkgo Biloba' supplement from Walgreens. I hear it really helps with memory problems!

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… and tune in next week when special guest Senator Chris Dodd of Connecticut will be sharing some tips on how to find that killer mortgage deal that is just right for you.