Parliamentary Finance: Washington is unable to take economic sanctions against Iraq, 21 DEC
Parliamentary Finance - Washington is unable to take economic sanctions against IraqInformation / Baghdad…
Former member of the Parliamentary Finance Committee, Muhammad Ibrahim, confirmed on Wednesday that any American move or imposition of American economic sanctions on Iraq will affect the entire region, especially with regard to the dollar, pointing out that America is aware of the repercussions and will not be able to move against Iraq on the economic side.
Ibrahim told Al-Maalouma, “Some American agents inside Iraq are trying to raise fears and spread rumors among society to intimidate it from further attempts by American forces from Iraq.”
He added, “The rumors are intended to keep American forces in Iraq and ensure that they do not leave the country, by spreading ideas about the possibility of imposing economic sanctions and stopping the export of the dollar to Iraq, all to serve American projects.”
He stated, “The American side is unable to take economic measures against Iraq because it is aware of the extent of the repercussions that the region is exposed to, especially in Syria, Lebanon, Palestine, Iran, and Turkey.”
Ibrahim pointed out that “any American action against Iraq will greatly affect the economic situation of the region with regard to the dollar.”
In a surprising twist, the IRS is playing at being Santa, announcing a generous move to forgive penalties on back taxes for 2020 and 2021. If your tax evasion sins amount to less than $100,000 per year, rejoice – the IRS is here to sprinkle its benevolence upon you.
IRS to waive $1 billion in penalties for back taxes under $100,000 for 2020-2021.
Nearly 5 million Americans eligible.
The reprieve is being issued due to COVID-related issues with the IRS’s automatic notices.
The IRS’s Magnanimous Gesture: Wiping the Slate Clean
The IRS, more often seen as the financial boogeyman, especially if you’re the crypto industry, is putting on a softer face this Christmas season, declaring that it will waive penalty fees for those who haven’t paid up to $100,000 in back taxes for the tax years 2020 or 2021. Cue the collective sighs of relief from nearly 5 million eligible individuals, businesses, and tax-exempt organizations, particularly those scraping by on less than $400,000 annually. All this is despite a whopping $688 billion tax gap being discovered for 2021.
HERE’S WHO QUALIFIES:
IRS to waive $1 billion in penalties for millions of taxpayers. Here’s who qualifies https://t.co/puovuaFaaR — CBS MoneyWatch (@CBSMoneyWatch) December 19, 2023
Pandemic Reprieve: The Unseen Culprit
Blame it on the pandemic! The IRS points fingers at the COVID-19 chaos, revealing they temporarily halted their robot-like reminders for outstanding tax bills from February 2022. Now, those automated nudges are back in action, but the IRS is feeling generous, ready to let bygones be bygones, and pardoning approximately $1 billion in penalties.
In a magnanimous move, IRS Commissioner Daniel Werfel stated that this unique act of forgiveness doesn’t require citizens to jump through bureaucratic hoops – it’s an automatic reprieve for those who qualify. If your financial sins fit the criteria – less than $100,000 owed for 2020 or 2021 – and you filed the right tax return forms, consider the IRS your newfound ally.
So, here’s a friendly PSA from the IRS: “People need to know the IRS is on their side,” says Werfel. If you’ve felt the sting of their financial whip, this might be your chance for redemption.
Read the official notice:
IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause
IR-2023-244, Dec. 19, 2023
WASHINGTON — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.
The IRS will be providing about $1 billion in penalty relief. Most of those receiving the penalty relief make under $400,000 a year.
Due to the unprecedented effects of the COVID-19 pandemic, the IRS temporarily suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued as a follow up after the initial notice. Although these reminder notices were suspended, the failure-to-pay penalty continues to accrue for taxpayers who did not fully pay their bills in response to the initial balance due notice.
Given this unusual situation, the IRS is taking several steps in advance of resuming normal collection notices for tax years 2020 and 2021 to help taxpayers with unpaid tax bills, including some people who have not received a notice from the IRS in more than a year.
To help taxpayers as the normal processes resume, the IRS will be issuing a special reminder letter starting next month. The letter will alert the taxpayer of their liability, easy ways to pay and the amount of penalty relief, if applied. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their bill.
The IRS is also taking steps to waive the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021. The IRS estimates 5 million tax returns — filed by 4.7 million individuals, businesses, trusts, estates and tax-exempt organizations — are eligible for the penalty relief. This represents $1 billion in savings to taxpayers, or about $206 per return.
As a first step, the IRS has adjusted eligible individual accounts and will follow with adjustments to business accounts in late December to early January, and then trusts, estates and tax-exempt organizations in late February to early March 2024. Nearly 70 percent of the individual taxpayers receiving penalty relief have income under $100,000 per year.
The IRS is releasing Notice 2024-7 PDF, which explains how the agency is providing failure-to-pay penalty relief to eligible taxpayers affected by the COVID-19 pandemic to help them meet their federal tax obligations.
“As the IRS has been preparing to return to normal collection mailings, we have been concerned about taxpayers who haven’t heard from us in a while suddenly getting a larger tax bill. The IRS should be looking out for taxpayers, and this penalty relief is a common-sense approach to help people in this situation,” said IRS Commissioner Danny Werfel. “We are taking other steps to help taxpayers with past-due bills, and we have options to help people struggling to pay.”
This penalty relief is automatic. Eligible taxpayers don’t need to take any action to get it. Eligible taxpayers who already paid their full balance will benefit from the relief, too; if a taxpayer already paid failure-to-pay penalties related to their 2020 and 2021 tax years, the IRS will issue a refund or credit the payment toward another outstanding tax liability.
The penalty relief only applies to eligible taxpayers with assessed tax under $100,000. Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that filed certain Forms 1040, 1120, 1041 and 990-T income tax returns for tax years 2020 or 2021, with an assessed tax of less than $100,000, and that were in the IRS collection notice process — or were issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023. The IRS notes the $100,000 limit applies separately to each return and each entity. The failure-to-pay penalty will resume on April 1, 2024, for taxpayers eligible for relief.
Taxpayers who are not eligible for this automatic relief also have options. They may use existing penalty relief procedures, such as applying for relief under the reasonable cause criteria or the First-Time Abate program. Visit IRS.gov/penaltyrelief for details.
If the automatic relief results in a refund or credit, individual and business taxpayers will be able to see it by viewing their tax transcript. The IRS will send the first round of refunds starting now through January 2024. If a taxpayer does not receive a refund, a special reminder notice may be sent with their updated balance beginning in early 2024. Taxpayers with questions on penalty relief can contact the IRS after March 31, 2024.
Help for taxpayers needing assistance
The IRS reminds taxpayers that there are a number of payment options and online tools that can help taxpayers with unpaid tax debts, whether it’s a new tax bill or a long-standing tax debt for an unfiled return.
“The IRS wants to help taxpayers and provide them easy options to deal with unpaid tax bills and avoid additional interest and penalties,” said Werfel. “People receiving these notices should remember that there are frequently overlooked options that can help them set up an automatic payment plan or catch up with their tax filings. Making additional improvements in the collection area will be an important focus for the IRS going forward as we continue and accelerate our transformation work.”
Following funding from the Inflation Reduction Act, it’s now easier for taxpayers to get assistance with tax bills with new self-help tools, like the IRS Document Upload Tool, improved phone service with callback features and the addition of bots that can answer simple questions, set up or modify a payment plan and request a transcript. The IRS also encourages taxpayers to get an IRS Online Account, where they can see information about an unpaid tax bill or apply for an online payment plan.
Resumption of collection notices begins in 2024
In January, the IRS will begin sending automated collection notices and letters to individuals with tax debts prior to tax year 2022, and businesses, tax exempt organizations, trusts and estates with tax debts prior to 2023, with exceptions for those with existing debt in multiple years.
These notices and letters were previously paused due to the pandemic and high inventories at the IRS but will gradually resume during the next several months. Current tax year 2022 individual and third quarter 2023 business taxpayers began receiving automated collection notices this fall as the IRS took steps to return to business as usual.
The pause in collection mailings affected only follow-up reminder mailings. The IRS did not suspend the mailing of the first, or initial, balance due notices for taxpayers such as the CP14 and CP161 notices.
=>The pause meant that some taxpayers who have long-standing tax debt have not received a formal letter or notice from the IRS in more than a year while some of this older collection work has been paused. To help the taxpayers in this category as the normal processes resume, the IRS will be issuing a special reminder letter to them starting next month.
This reminder letter will alert the taxpayer of the liability and will direct them to contact the IRS or make alternative arrangements to resolve the bill. Tax professionals and taxpayers will see these reminder letters in the form of letter LT38, Reminder, Notice Resumption.
This letter will remind taxpayers about their tax liability, giving them an opportunity to address the tax issue before the next round of letters are issued. After receiving the reminder mailing, these taxpayers with long-standing unresolved tax issues will receive the next notice, informing them of a more serious step in the tax collection process.
The IRS urges taxpayers to carefully read any letter or notice they receive before calling the IRS. There are also important resources available to get help for tax debt on IRS.gov.
The IRS will issue these balance due notices and letters in gradual stages next year to ensure taxpayers who have questions or need help are able to reach an IRS assistor. This will also provide additional time for tax professionals assisting taxpayers.
Here’s what taxpayers should know about possible penalties and interest
Taxpayers who owe tax and don’t file on time may be charged a failure-to-file penalty. This penalty is usually 5 percent of the tax owed for each month or part of a month that the tax return is late, up to 25 percent.
The failure-to-pay penalty applies if a taxpayer doesn’t pay the taxes they report on their tax return by the due date or if the taxpayer doesn’t pay the amount required to be shown on their return within 21 calendar days of receiving a notice demanding payment (or 10 business days if the amount is greater than $100,000).
The IRS is required by law to charge interest when a tax balance is not paid on time. Interest cannot be reduced due to reasonable cause. Interest is based on the amount of tax owed for each day it’s not paid in full. The interest is compounded daily, so it is assessed on the previous day’s balance plus the interest. Interest rates are determined every three months and can vary based on type of tax; for example, individual or business tax liabilities. More information is available on the interest page of IRS.gov.
Judy Note:What We Think We Know as of Wed. 20 Dec. 2023:
NESARA began in the US on Sat. 11 Nov. 2023 at 11:00 am EST (11-11-11) and was slowly rolling out.
The Global Currency Reset of 209 nations began on Fri. night 8 Dec.
The new Global Financial System will go public on the new Star Link Satellite System on Mon. 1 Jan. 2024.
If you were reading this Updateon, or from Operation Disclosure Official, be aware that the information has been redacted. For a complete un-redacted version, see a PDF copy at the end of the Update on Operation Disclosure Official, or read an un-redacted version on the Rumor Mill Website.
Global Currency Reset:
Judy Note: We know that on Fri. night 8 Dec. the GCR started to roll out when the Admiral in Reno gave the Green Light; Zurich went liquid on Sun. 10 Dec and Whales were being paid; the IMF released the GCR funds to all countries a week later on Sun. 17 Dec; the Iraqi Dinar was on the back screens of the Forex and was tradable; as of this week US banks had live rates on their bank screens; sources say Tier4b will begin to exchange before Christmas.
Fri. 22 Dec. was a Big Event Day according to hints on the Internet.
Five days after RV begins the public will have access to Med Beds. Treatments are free, with children having critical medical conditions going first.
On Mon. 1 Jan. 2024 the new Quantum Financial System (QFS) and Global Currency Reset will officially launch on the new Star Link Satellite System for the general public of BRICS participating nation’s gold/asset-backed currencies.
On that same Mon. 1 Jan. 2024 the BRICS Gold/Asset-backed XRP Digital Currency would officially be considered the Global Standard for international trade, with all participating nations’ currencies trading at a 1:1 with each other.
Social Security increases of $2,000-$3,000 per month will begin in Jan. 2024. The R&R lump sum payments will begin for those 62 and older on 5 Jan. 2024 and beyond to the end of the month. Ages 30-50, 50-61 will have their R&R paid out monthly over two years time with the requisite that they keep their job, or get a job.
The Federal US Dollar will no longer be used after Feb. 20 2024.
The Governor of the Central Bank, Ali Al-Alaq, announced on Wednesday that the non-oil deficit in the state’s resources is more than 80%, considering it a number that “threatens” the financial situation of the state, while noting that the employment of information technology in state institutions has become necessary.
Al-Alaq said in a speech during the conference of the Ministry of Finance within the Financial and Accounting Training Center, “Followed by “Economy News”, that “the fourth revolution of the Davos conference depends on the individual and the group, and to be close to reality what we are, no doubt we are far from the fourth revolution and we are on the ep of the third revolution.”
Al-Alaq added, “We are still seeking the way in digital wealth and in all fields, and we are still in the framework of simple digitization and drawing up steps and procedures is very necessary.”
Al-Alaq continued, “Puring state institutions of manifestations of corruption depends on digital technology by increasing electronic connectivity to reduce institutional confusion.” Al-Alaq pointed out that “the employment of information technology in state institutions has become necessary,” noting that “the cancel of the Ministry of Science and Technology was a measure that contradicts the possibility and development of the technological side, which is an incorrect procedure.” The governor of the central bank stressed that “the non-oil deficit number is more than 80% and it threatens the financial situation of the state,” noting that “the government cannot redistribute income within the existing instruments.” Al-Alaq pointed out that “in the framework of stimulating electronic payment, the Central Bank of Iraq is the most benefiting from modern technology,” pointing out that “despite the availability of all means in the electronic payment mechanism, we are facing complementary environmental conditions, including increased demand for the dollar.”
We know when we expect to start exchanges. We know it's going to be before Christmas, but that's what we've been told which is 6 days away. We probably will skip over Christmas Day as far as redemption centers. I would think they'll take that day off, and I think they'll probably stay open the 26 – 27 – 28 – 29 or 30th and possibly 31st of December until maybe six or eight o'clock in the night.
Probably won't be open to 10 o’clock. but probably stay open till five or six, seven o'clock.
And then if they need If they need to which some areas will not be that long. some demographics will only be about five or six days to the open and redemption center zone.
Some areas why like Houston, Dallas, I'm gonna throw in Fort Worth but I don't know. Houston, Dallas, Miami, Orlando, Florida will have redemption centers they'll be open 24/7 around the clock that many Zim holders in Florida, that many in Texas, that they want to make sure those guys get in there - ASAP
They really do want to get them in right away.
And that's going to be good.
Doesn't mean you have to go to those centers. Don't get me wrong. There are over 7000 redemption centers throughout the United States. And I'm meaning mainly continental US.
They'll have some in Alaska, they'll have some in Hawaii. Don't worry, they'll have something there for you to do
And then of course most of us are in the upper and lower 48 states and there are redemption centers about 12 or 1300 in Canada. Oh, don't worry Canada
Your lead bank in Canada, HSBC, our bank - Stay side here is Wells Fargo. They will be the top dog - in Canada it will be HSBC working with Scotia Bank to merge with Royal Bank of Canada.
In Mexico and Latin America. You have Banco Santander, (????? Spelling) which is a tier one bank. They are top bank and also HSBC if they apply if they're if they're there - generally speaking internationally HSBC is going to be your bank internationally
I cannot say that you guys that are in other parts of the world that are hearing this call are going to be using the 800 number.
Because you're going to need to use your redemption centers as they apply or HSBC, or the larger major currency banks who like ANZ Bank, Australia, New Zealand bank and Australia downunder just gonna have to tune into those.
I don't even think our 800 number call centers are going to know which banks to recommend outside of United States and Canada - I don't know that they would know that. And I don't know that except to say what I just told you. So we have to go with that.
The best rates are available only at bonafide redemption centers in the United States for United States citizens. Highest rates are on redemption center screens NOT on the bank screens – I have told you this two or three times already. Just have to tell you again so you would know - that I think we're ready for the most part.
Is this our last call question mark? I hope so. No offense - but I really hope we get these numbers. We get started on exchanges. tomorrow or Thursday. Hopefully tomorrow. afternoon. And we basically are getting ready for Christmas. And then to do to get ready.