Recap: 2002: My Reality, I OWE the IRS $2.7M.
My CPA: “It is not fair- it’s an imperfect tax law called AMT (Alternative Minimum Tax), but you owe the tax on the paper earnings (i.e.: $5) not the real earnings ($1). If its overpaid the IRS promises to pay you back over 20 years”
You don’t believe me, but you won’t spend more time or money trying to prove it wrong. It IS tax code today.
2004: They eventually lien’d everything I owned. ;-(
I truly expected that it wouldn’t be a big deal. How could they expect me to pay more than I earned? At one point an IRS agent said: It may NOT be fair but if you don’t like it change the law.
I then met Tim Carlson. An exceptional man who led an organization fighting for folks like us to get relief from Congress. At Tim’s guidance we wrote and eventually testified to our congressional leaders 2 3, 4, 5 years. In 2008, we passed relief. It was an amazing SIGH. “We” still paid our “fair” due.
Thank you, angry IRS agent, I took your advice, we got a law passed. However, the AMT code exists today exactly the same.
Never accept unfair. It’s the gateway to misery.
Thank you, Tim.
