Anonymous
12/06/2017 20:15
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
Huh? You still have to pay even if you extend. You need to estimate.
Anonymous
12/06/2017 20:06
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
Maybe if MoCo didn't spend so damn much money in the first place, they wouldn't have a short fall.
Anonymous
12/06/2017 11:31
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
The headline on this thread is wrong. Tax revenue did not fall due to taxpayers filing extensions. You still have to pay estimated taxes when you file an extension. Tax revenue fell because income was not as high as expected.
Anonymous
12/06/2017 11:26
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
I mean, the WTOP story didn't make sense. The Washington Post story does make sense.
This is also not shocking.
Anonymous
12/06/2017 11:17
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:Anonymous wrote:It's probably only 1% filing extensions, but they're the high earners who pay 30% of the taxes
This, right here.
I'll bet less than 1000 filers in Montgomery pay 50% (or more) of all the taxes in the county.
But they're not paying their fair share, dontchaknow.
Read the Washington Post story. The point is not that people were filing extensions, but rather that MoCo didn't predict the revenue from those filing extensions very well (overly optimistic projections.)
Anonymous
12/06/2017 10:42
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:It's probably only 1% filing extensions, but they're the high earners who pay 30% of the taxes
This, right here.
I'll bet less than 1000 filers in Montgomery pay 50% (or more) of all the taxes in the county.
But they're not paying their fair share, dontchaknow.
Anonymous
12/06/2017 10:30
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This doesn’t ring true. When you file an extension it’s to file your tax forms, not make the payments. You pay penalties if you haven’t paid your taxes before the actual deadline. You are supposed to estimate your tax obligation and make that payment by 4/15.
Interesting. What’s a more likely explanation?
Bad reporting. Here’s the Post’s explanation:
“In a Nov. 30 memo, chief administrative officer Timothy Firestine said the shortfall was driven primarily by a nearly 30 percent decline in income tax revenue from taxpayers filing extensions for tax year 2016.”
Which I read to mean that people who filed extensions owed less than the county expected.
+1 That story doesn't make sense.
I mean, the WTOP story didn't make sense. The Washington Post story does make sense. MoCo projected higher revenues than actually came in. I.e. it's not the fault of people filing extensions, but is the fault of poor forecasting by MoCo. This should not shock anyone. MoCo is terrible at planning in all areas.
https://www.washingtonpost.com/local/md-politics/montgomery-faces-budget-shortfall-of-120-million/2017/12/04/4883a7fa-d929-11e7-a841-2066faf731ef_story.html?utm_term=.eb671ef7a4cc
Anonymous
12/06/2017 10:26
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:Anonymous wrote:Anonymous wrote:This doesn’t ring true. When you file an extension it’s to file your tax forms, not make the payments. You pay penalties if you haven’t paid your taxes before the actual deadline. You are supposed to estimate your tax obligation and make that payment by 4/15.
Interesting. What’s a more likely explanation?
Bad reporting. Here’s the Post’s explanation:
“In a Nov. 30 memo, chief administrative officer Timothy Firestine said the shortfall was driven primarily by a nearly 30 percent decline in income tax revenue from taxpayers filing extensions for tax year 2016.”
Which I read to mean that people who filed extensions owed less than the county expected.
+1 That story doesn't make sense.
Anonymous
12/06/2017 09:46
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:Anonymous wrote:This doesn’t ring true. When you file an extension it’s to file your tax forms, not make the payments. You pay penalties if you haven’t paid your taxes before the actual deadline. You are supposed to estimate your tax obligation and make that payment by 4/15.
Interesting. What’s a more likely explanation?
Bad reporting. Here’s the Post’s explanation:
“In a Nov. 30 memo, chief administrative officer Timothy Firestine said the shortfall was driven primarily by a nearly 30 percent decline in income tax revenue from taxpayers filing extensions for tax year 2016.”
Which I read to mean that people who filed extensions owed less than the county expected.
Anonymous
12/06/2017 09:18
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
Anonymous wrote:This doesn’t ring true. When you file an extension it’s to file your tax forms, not make the payments. You pay penalties if you haven’t paid your taxes before the actual deadline. You are supposed to estimate your tax obligation and make that payment by 4/15.
Interesting. What’s a more likely explanation?
Anonymous
12/06/2017 09:04
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
This doesn’t ring true. When you file an extension it’s to file your tax forms, not make the payments. You pay penalties if you haven’t paid your taxes before the actual deadline. You are supposed to estimate your tax obligation and make that payment by 4/15.
Anonymous
12/06/2017 09:01
Subject: Re:MoCo tax revenue fell 30% due to taxpayers filing extensions
I have to get an extension almost every year. Always have K-1's not arriving until April 5th or so. One year I filed and amended, it turned into a cluster fuck with the IRS, so now I just extend. I don't want my CPA to be rushed while doing my taxes.
Anonymous
12/06/2017 08:59
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
My K1s are delayed every year, and sometimes I need the extra extension as well. However I'm still paying estimated taxes, as you must do when filing extensions, so something about this doesn't scan...
Anonymous
12/06/2017 08:51
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
It's probably only 1% filing extensions, but they're the high earners who pay 30% of the taxes
Anonymous
12/06/2017 08:47
Subject: MoCo tax revenue fell 30% due to taxpayers filing extensions
This is crazy. Why would 30% of the county need extensions on their taxes?! https://www.google.com/amp/s/wtop.com/montgomery-county/2017/12/shocked-montgomery-co-scrambles-cut-budget-amid-revenue-shortfall/amp/