Wealthy Taxpayers Beware Uncle Sam is Coming After Your Bubba Gump Shrimp Money!

Like a Box of Chocolates You Never Know What You're Gonna Get... Unless It's Taxes!

Mama always said life is like a box of chocolates you never know what you're gonna get. Well the Treasury and the IRS just opened up a big ol' box and it looks like some folks are gonna get a tax bill! They're fixin' to close a loophole that big fancy partnerships been usin'. Seems like they're shifting prices around like a ping pong ball at a Forrest Gump tournament and Uncle Sam ain't too happy about it. They say it could bring in over $50 billion in the next 10 years. That's a lotta shrimp y'all.

Related Party Basis Shifting? Sounds Like Something Bubba Would've Invented!

Now I ain't no expert on this 'related party basis shifting,' but it sounds like some kinda fancy dance. They're saying businesses are tradin' prices to get more deductions. It's like when Bubba and me tried to split our shrimp business profits but he kept wantin' more 'cause he knew all the shrimp names. Commissioner Danny Werfel said these tax shelters let wealthy folks avoid payin' what they owe. I always thought you should pay what you owe just like you should always tip your waitress.

The IRS is on the Hunt!

After studyin' this mess for a whole year the IRS is ready to lay down the law. They're makin' new rules and lookin' at deals that don't make no sense. Seems like they're buildin' on their work to audit rich folks and big companies. Secretary Yellen said they're focused on high end tax abuse. It's like when I focused on runnin' – just gotta keep your eye on the prize and that prize is fair taxes for everyone.

Pass Through Business Filings? More Like Pass Around the Tax Bill!

I heard somethin' 'bout pass through business filings goin' up but audits goin' down. It's like havin' a whole bunch of shrimp boats and nobody checkin' the nets! They figure this has led to a $160 billion a year tax gap which is the difference between what's owed and what's collected. That's a lot of money missin' like when I lost my shrimpin' money to that hurricane. That money could be used to pay for somethin' like better benches in parks or maybe a lifetime supply of Dr. Pepper.

IRS Funding: It's Like Giving Me a New Pair of Running Shoes!

Now some folks are fightin' over IRS funding. Seems like President Biden wants to keep investin' in it so they can catch more tax dodgers. But some Republicans are sayin' it's too much. It's like when I got new runnin' shoes – some folks said I didn't need 'em but they sure helped me run across the country! I think if we give the IRS the tools they need they can catch these folks and everyone pays their fair share. Life is so much easier when you just follow the rules I learned that playin' Ping Pong.

That's All I Have to Say About That...

So there you have it. The IRS is crackin' down on tax loopholes. Like Bubba always said about shrimp there are endless ways to try and trick the system. And like Jenny always said 'Run Forrest Run!' but this time it's the IRS running after them! I hope they catch 'em. I think Mama would be proud if everyone just paid what they owe. Now if you'll excuse me I think I'll go have a box of chocolates. You never know what you're gonna get!