the irs is not. have significantly increased the amount of resources we've devoted to identity theft, which is a heinous crime. >> just one week after our interview, the irs sent a team to meet with tampa and north miami beach police officials. law enforcement tells us there's a simple solution to curbing much of the fraud. don't allow the refunds to be put on debit cards. why hasn't the irs stopped that? >> not every taxpayer has a bank account. and so, the debit cards that are issued by a third-party provider are a legitimate way for taxpayers to get their refund. >> the irs does not verify information entered on the return before issuing the refund. how much of this has to do with a speedy return? i know you want to get the return to the taxpayers as early as possible. is that part of the problem? >> the balancing act is something that we're constantly aware of. i mean, the american taxpayer that's worked hard all yearlong and is depending on that legitimate refund, they have a right to get that r

(cheers and applause) >> stephen: well, trevor what about the irs. t they get to know everything? >> well, the nice thing about the agency letter is the legal fiction here is that the c-4 never received the money and never spent it. so your new secret nameless c-4 will send a postcard to the irs with its tax return on it. >> stephen: but there is no money indicated on this. >> that's right there are no numbers because it never had any money even though it went right through it. >> stephen: so what do i have to tell even the irs about what happened with this money? >> nothing. >> stephen: well, trevor-- thanks for nothing. trevor potter, everybody. (cheers and applause) ,x e cheerses plaus. >> stephen: hey, welcome back, everybody. thank you so. nation, christmas may be 43 days away but it is never too early to get your shopping done. in fact, i did mine in 1986. kids you're going to love your new tandy 102 portable computer now with spring loaded key. it's like your words are shouting at you. but with christmas right around the corner the secular scro

disaster relief from the irs.omeone you know suffered damages to a home as a result of hurricane sandy, you or they could be eligible for a tax break. for more on a catastrophic tax deduction and joined by managing director of wealth held financial planning. all right. i have heard a big tax deduction for health reasons. if you have a ig hospital bill, i mean big. i have never heard of this. what is it into is eligible? >> hi. nice to see you. it's a casualty loss. something that under the irs code, specifically 165 allows you to take an itemized deduction for losses that are incurred as a result of damage or destruction from an event like hurricane sandy. there is a rule, though, that you have to meet with respect to the loss itself. it's only for itemized deductions, those who itemize, not people who take the standard deduction. and so that is one of the limits of. gerri: how big is your loss have to be? i assume they will let me claim it for some small amount. >> it has to be in excess of 10 percent of your adj

gerri: the irs doesn't care. they're not running the computer programs to do it. >> why would you make to programs and switch from one anher? gerri: thanks so much, doug. a lot more to come. including the blackout on long island. 225 weeks after hurricane sandy. the power company is controlled by the government. i will break it down. plus, an all-star panel weighs for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-rated bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. gerri: in washington, the debate over the fiscal cliff between republicans and democrats. it is really about the role of government. how big should it be? how much of our lives should it control? if you have any questions about the effectiveness of government, look no further than the long island power authority. the authority authority i

fire officials are still worring to determine what caused the ire. the family of a teenager who died... while reportedly u-s airways.16-year-old nstt - - delvonte tisdale died in november 2010... after falliig from the wheel well of a plane. his family claims u-s airwayss.. along with the city of charlotte, north carolina and charlotte-douglas international airport... should have stopped the teen from getting onto he plane. tisdale ran away from his father's home in northh carooina.his family believes home in balttmore. 3&the officiaa numbers re out this year's altimoreegrand prix... and it's a not- finish.the report shhws attendance this year was down &pby 30-thousand... and the rac aren't surprised by the y they &ppumbers... given the short time they had to put the event togetter. 4924 it's like tte ravens in only ran thrre pages, thrre - yards, kick a field goal , we wanted tt win tte game. this year we can expand the playbook 37 race organizers &phope to increase attendance.. by lowering ticket prices for starttselling tickets next - month... in h

compensation system to make it like the irs. the people say oh, my god that's horrible.u file your tax return someone will get a $2,000 refund. and the irs will sent it to you. and then they'll audit you and if you cheat you'll face significant penalties. most of us get our refund. we don't have to wait for months or years to have the irs check. >> jennifer: and it should default in favor of the veterans instead of making them wait for all the investigation to happen for them to get treatment. >> or compensation. >> jennifer: or compensation. has this just been politicized too much. >> i think people want to say good things about veterans. george bush said good things about veterans and obama said good things about veterans. the problem is focus. he has given this additional money, but where is the focus in the reform that he talks about in his speeches actually happens. >> jennifer: do you have confidence in the leadership that it will happen? >> as we've talked about the things that happened in the last four years under president obama has not been entirely positive. >

the amount of money that the irs allows you to contribute into your 401k is a $17,000 per year. that will probably change. peter barnes joins us now with the details. >> hello, that's right. both republicans and the president is talking about putting all kinds of tax deductions as part of talks on tax reform and the fiscal clifff and, as you may recall, the president has already proposed doing this for higher income earners. he did it in his budget for 2013 that he released back in february. some retirement tax breaks are expected to be on the table in these fiscal cliff talks. each year, washington awards more than $100 billion in tax breaks to encourage americans to save more for retirement. 61 billion for 401k and similar plans. 46 billion for regular pension plans. 18 billion for other tax retirement plans and 12 billion for iras. probably, is there any any restrictions on these, limits in these kind of things, it would affect higher income earners. but there is a new twist on this today. some researchers argue that all these tax breaks don't make a fference in overall retire

gerri: well, the irs. ing a warning that if congress doesn't act soon to address the fiscal cliff and the alternative minimum tax hats, tens of millions of us could be hit with a very large tax bill. we also might not be able to file later. so expect major delays. my next guest is doug. i can't get over this whole story. we have a fiscal cliff. the amt is just a small part of that. but the irs is saying that we are going to change or computer programs because we really don't know what's going to happen. it could be chaos out there. >> they are expecting that they will find a patch. gerri: the past means they don't have to pay this. how many people would be on the hook, and what would it mean for them? >> there about 4 million people that are effective, that would go up to 30 some odd million people. about 20 million people would not be thrust into this. and if you remember, this is going back to 1959 and 1970 for 155 people, that's what they wanted wanted to get some of it working in a taxes. gerri: this wa

gerri: the irs doesn't care. they're not running the computer programs to do it.hat is for preventing insiders are selling the stock. on to more important news for online investor over 17 million investors are overpaying. more than $1.8 billion every year. joanna pratt, vice president of financial markets. thank you for coming on the show. this is important news come you guys have conducted a big study of all the online major brokerages. how is it that you believe so many of these investors are wasting their dell remapped. >> well, thank you for having me. weid a big study, and what we found is that people don't really do a lot of homework beforehoosing online for a purge. instead, they rely on the talking baby commercials. and really onthe recommendations of friends. what you end up with -- i'm soy? gerri: go ahead. >> will we end up with is people paying nine or $10 for basic equity trades when the reality is there are more than 70 different online brokerages out there. virtually all of which can do the same thing for only 1 dollar or $3. gerri: this is what iea

it claims its mission is to help sick and wounded warriors, but it is accused of misleading the irs ands of where its fund s actually go. >>> a "360" special report, "the battlefield at home" is a window into how some charities are cashing in by exploiting the plight of veterans and who wants to help them. the charity we talk about next does a great job running the charity and paying the people that run it. s as for actual ly helping the people they are claiming to h p help, the wounded warriors, well, that is another question. here's drew griffin. >> reporter: help hospitalized veterans say it's all about raising the morale of our sick and wounded troops by passing out these kits to help in their recovery. but now california authorities are seeking to make their own recovery. the civil penalties of more than $4 million for misrepresentations in soliciting. california says this charity paid excessive salaries, perks and conducted illegal deals with donated money, all for the benefit of some board members and officers. >> it is a shell game. and i think what we've seen at the end of the

dollars, 65 million in just the past two years, according to tax returns, the charity has misled the irsnd its donors about where the funds actually go. we know 44 million has gone to fund-raising. the charity says it spent 16 million on these kits for veterans. but the california attorney general's office questions the charity's accounting. >> there have been a number of misstatements to the irs and other regulators in order to suggest that the corporation is much more efficient than it in fact is. >> reporter: and it's not the first time the allegations have been made. california congressman henry waxman has been trying to sound the alarm on help hospitalized veterans since 2008. >> as far as i'm concerned, they ought to be put in jail. it's so terrible what they're doing, using the plight of our veterans to make themselves rich and preying upon the good, well-meaning americans who want to help veterans and are willing to contribute to that kind of cause. >> reporter: the state of california now wants all of the charity's board members fired, including the president mike lynch. hello!

there is now 220 billion in credits total paid out by the irs. half of those are paid to tax -- folks with no tax liability. it is directly causing the problem of what is termed the non-payer, folks who pay no income tax. many of them have a negative income tax rate. that is about half the population now. this was brought up in the last months of the presidential campaign. about half the population does not pay federal income tax. that is not unprecedented. the income tax was originally not decide to hit the majority of the population. -- designed to hit the majority of the population. it was designed for the millionaires. what we have now is the additional situation where we are turning the irs into spending agency. it is not the taxes are going to 04 have the population, they're going negative. -- to zero for half of the population, they're goign ing negative. host: seth hanlon, a quick chance to respond. guest: it is important to clarify some points about the so-called 47% as made famous by governor romney, who supposedly do not pay taxes. that

'cause they was like -- >> jimmy: oh, i -- oh. [ laughter ] the irs tour. >> the irs man. no. they don't -- >> they be back stage eating chicken and counting money, man. [ light laughter ] >> jimmy: we enjoyed the show -- yeah, exactly. they're just waiting for you. >> i said, "can't y'all wait until i bring it to you?" they said "no, we tried that. we tried that." [ laughter ] >> jimmy: we tried that. you didn't bring it to us. yeah, yeah, yeah. >> that's true. >> jimmy: and you're going to make a movie out of this tour? >> yeah, i just made a movie. i filmed a stand-up comedy movie in atlanta at the fox theater last weekend. >> jimmy: oh, beautiful there. >> it's my lifelong dream man. you know, like eddie murphy did "raw." richard pryor did "live in long beach." and i just did mine in my hometown atlanta. it's coming out early next year, stand-up comedy movie. go check it out. [ cheers and applause ] >> jimmy: that's a dream come true. >> yeah, it's a dream come true. it's a dream come true. >> jimmy: so those are two of your favorites? you love eddie and richard pryor?

and so, obama has put the irs, internal revenue service, in charge of enforcing obamacare. a statement that you had health insurance, not that you want it, that's not the question. but that the government approves, that they approve, that they decided was okay for you. not only once, but every month you've got to certify that you've got this. stuart: wait a minute, wait a second. every month? >> you've got to prove you were there every month paying for your health insurance. >> you've got to prove it. how would you-- how do you prove this? >> well, that's where the irs will require you to fill out a form and what americans for tax reform did, we took all the things that obama's law, this is the not speculation, this is not regulation, the law says you have to do this or you get whacked with $600 to $2400 tax which will grow over time and penalties and interest if you're a little bit late, in order to avoid this tax, you have to fill out a form and send it into the irs. in the form, what's your health i.d. number, and imagine, we just took the straight questions that the laws

dollars, $65 million in just the past two years, according to tax returns, the charity has misled the irs donors about where the funds actually go. we know $44 million has gone to fund-raising. the charity says it spent $16 million on these kits for veterans. but the california attorney general's office questions the charity's accounting. >> there have been a number of misstatements to the irs and other regulators in order to suggest that the corporation is much more efficient than it in fact is. >> reporter: and it's not the first time the allegations have been made. california congressman henry waxman has been trying to sound the alarm on help hospitalized veterans since 2008. >> as far as i'm concerned, they ought to be put in jail. it's so terrible what they're doing, using the plight of our veterans to make themselves rich and preying upon the good, well-meaning americans who want to help veterans and are willing to contribute to that kind of cause. >> reporter: the state of california now wants all of the charity's board members fired, including the president mike lynch. hello! mr.

i don't play. >> wise words the irs always does win. but we know dave ramsey spirited debate there between the lottery in iowa and somebody who things it is a curse on society. if i was to win tonight and i'm going to be purchasing tickets. should i take the lump sum or the other option the cash option? >> annuity right? you can take it over a number of years. which one should i do? >> i'm a side bar on a second and come back if i can. i think he sounds like a nice gentleman but we need to know that the lottery that are targeting the lower class and lower income zip codes. it is not right. again, the zip codes are next to the payday lender, the rent to own people. it is a targeting thing here. their market is not a rich man in town. if you are good with money, you would take the lump sum. you will avoid the increase in taxes because tax rates on the rich are going up. you would take it out of the annuity as if you were taking it out of a trust because you weren't capable of handling it. >> aren't you being a bit of a prechristmas scroog

but why let the irs hold on to it all ear long? coulddbe ssving or investing that money or earning some interest allng worthwhile adventures, such aa holiday gifts. it's as simple as filing a new w-4 form with your employer. the changes can take effect with your next &ppaycheck -- and could put almost 5500dollars n your bank account over the next two months.. for consumer watch, i'm karin caifa. coming up... a icious attack... in road dayyight. daylight.the serious beating in downtown baltimore... that sent a man to shock trauma. 3 bth - dereliction of duty [ female announcer ] there are lots of different ways to say get well to your loved ones. ♪ this came for you, mommy. [ female announcer ] but it takes the touch of kleenex® brand, america's softest tissue, to turn a gesture into a complete gift of care. [ barks ] send your own free kleenex® care pack... full of soothing essentials at kleenex.com. kleenex®. america's softest tissue. at kleenex.com. electiio day has arrived. the turnouu in marylann and down. ttnighh on fox 45 new

we know he owes a lot of unpaid taxes to the irs and the state. but a group of investors wants to know how he's getting away with everyone's money. >> and i have invested over $200,000. >> i have defrauded out of at least $25,000. >> they are all part of his money trail, willing investors joining a growing list of victims. >> i lost over $50,000. >> i invested more than $100,000. >> how many of you thought this was a good investment? they are also part of a group, 18 different bay area investors, a total of nearly $2 million. how many of you believe you're a victim of a crime? >> there's something wrong when all those people put up their money and got nothing back. >> harry osborne has an inside perspective. he worked as a saleman for the guy who has all their money. he watched the investment opportunity crumble. >> i think a lot of this was a scam, too. i think he was paying the interest from the people who were putting more money in. >> here's how it worked. investors were lured by advertisements in the san jose mercury and other newspapers prom

she owes $3.20 million in unpaid debt plus $53,000 he owes the irs. her twin, jill, has not commented publicly on the contents of the e-mail she received. >> be sure to stay tuned to tv 114 nightly news with brian williams who will have further details on the resignation of cia director david petraeus. new tonight, baltimore city police officer is suspended after a complaint of alleged sexual misconduct with an 18- year-old female. the commissioner tells us there is a criminal an internal investigation. stay tuned to wbal-tv 11 news tonight and keep an eye on wbaltv.com for updates. >> gunfire outside a howard county taco bell ended up with the manager hospitalized in critical condition. police are still searching for two suspects. lowell melser is live at police headquarters in ellicott city with the latest. >> police are not saying much, simply because the public information office here in ellicott city is closed because of the veterans day holiday. we did speak to a number of employees who identified the victim as 30-year-old gary graham. they say h

the irs goes after everything.en one of those areas that has been hands off and people are nervous and worried. they have $16 trillion worth of debt. you say that it's a big concern? >> it is not a fear that the irs will still money in your 401k. that is nonsense and reckless commentary by those are saying it. what congress is looking at is reducing the tax reduction you get. are contributing to an ira or 401k. you must not have as much of a tax incentive is to put money into the account and you do not have to worry that the government is going to steal money that is artier. gerri: all right, rick, thank you for coming on tonight. i am talking about the dollar bill. government report out this week doing away with the dollar version of the dollar bill, the paper version, saves tax haters $4 million of the next 4.5 years. but most of us generally don't like the idea. in the past five years, $2.51 billion coins. most are part of the federal reserve in production. it ended a year ago. according to the gal, the savings

. >>> i would say the irs always wins, they always get half, no matter what, they always win. >> what do you think your odds are? >> i don't know, i think it is one out of a million, but it will be less if i don't play. >> wise words, the irs always wins when you play powerball. and dave ramsey, has more on the money-make over. and a spirited debate, by somebody who thinks it is a ghastly curse on society. and if i was to win tonight, and i will purchase tickets. if i was going to win tonight, should i take the lump sum, or should i take the other option? the cash option? what would you do? it is the annual annuity, you could just take the lump sum, what should i do? >> well, i'm going to side bar for a second, i'll come back to you if i can. i think mr. rich sounds like a really nice gentleman. but we need to know that the lottery organizations, their advertising is targeting the lower class, and targeting the lower income zip codes. so to say it is not predatory is not accurate. because again, the zip codes are next to the payday lender, the rent-to-own people, they know who their m

agent orlander from the irs. >> agent orlander saw the movie, and from the accounts we read, he said, i wonder how this charlie guy maintains this lifestyle. who has the time and wherewithall to run across a continent? where is his income? >> i laugh at lithe lifestyle wd because i'm living in a rented apartment and driving an '86 suburban. >> reporter: agent orlander spent 1700 hours investigating charlie. he even went through charlie's trash looking for evidence. charlie was kept under surveillance here at his apartment building. still not satisfied, the irs brought in a secret weapon, a beautiful young agent, a runner, came knocking on charlie's door. >> i open the door and there's this very attractive brunette standing there, and she says that she's interested in the building, in buying a condo in this building. >> reporter: what engle didn't know was the attractive runner who introduced herself as ellen bradshaw was wearing a hidden microphone. >> do you want to go get a cup of coffee? >> reporter: so you started chatting, and did you find you had some interests in common? >> abs

the irs lets these groups keep their donors secret because they're considered social welfare nonprofitss past friday when a montana judge ordered the release of one such group's bank roberts -- records. one group may have misled the irs about the extent of its political@ivities, and as citizens have a right to know where its campaign cash was coming from. the group is known for bringing all lost to the supreme court that successfully challenged montana's ban on corporate spending in elections, and the resulting ruling extended the court's citizens united decision to include all 50 states. friday's ruling marks the first time a court has ordered a dark money group's donors to be made public and some say the judge's move could serve as a warning to similar organizations. for more we're joined by the propublica reporter who helped write the story. kim barker is the author of an ongoing series of reports called, "campaign 2012: revealing dark money and big data." her latest piece is called, "dark money group's donors revealed." she recently collaborated with pbs frontline on a special, "big

charlie sheen wrote her a $100,000 check to cover some of the reportedly $230,000 she still owes the irsthe two became close while filming "scary movie 5." lohan has been working hard for her own paycheck. last night the biopic "liz & dick" premiered on lifetime. she looks like liz taylor. let's take a look at some of the best moments. >> all right. >> what are you looking at? huh? >> out. >> are you staring at my chest? >> why not? it's the very heart of you. >> i love you. elizabeth wants to play. ♪ you know you can never leave them. you were playing. i was just another knot. what's me? is that me? is that me? >> mistake lore. may we speak with you a moment? mistake lore, please. >> that's the worst. >> close to home. >> you know, she'd better hope that charlie sheen has a lot more money to pay her. >> that looked like my thanksgiving weekend. >> what do you mean, your thanksgiving weekend? every morning you're down on the office. >> we have to get to this story because this is very important as well. something not to do while vacationing in florida, your home state, joe. this manatee

the irs. they'll have roger's work address. let's get it.ords reflect this address. i don't know a roger lansing. i rent this out to a guy named trent faber. guess he's got some kind of sublet situation going on. yeah, or maybe a business partner. either way, he owes me some money. tripp: shareholder reports. looks like trent faber bought and sold 300 shares of hayton electronics on friday alone. and a thousand of flintport, incorporated. sounds like day trading. looks like roger and this guy, uh, trent keep very busy calendars. you know, i'm gonna go out on a limb and say this doesn't look like the home office of a spy. why would you lie to your family about your job? i don't know. let's ask the partner. (car doors opening and closing) ma'am... we're looking for trent faber. he's not here. can i help you? delko: we have some questions about his business partner, roger lansing. trent doesn't have a business partner. is something wrong? mr. lansing was found murdered this morning. oh. well, trent left very early this morning for work. and tha

and the irs devotes significant resources to trying to track down people in paying their tax. have devoted a lot of resources in recent years to auditing the high-income people, which one of our callers says they tried to take everything they can to make sure they are paying the right amount of tax. you can always do more, but i think the irs has done quite a bit in recent years to try to accommodate that. host: let's go to anti- from clarksville, tenn. on the republican line. caller: good morning, and thank you for taking my call. i have two questions and then i will let you answer. my first one is, when the congress and the president made this deal a little over a year ago, we still pretty much have the same people in there. why did they make this deal if they thought they could not stand up to it when it was suppose to be at the end of the time frame? host: we've got about a minute left to give -- let you answer the question. guest: i assume you are talking about the budget deal with respect to the gamut -- and debt limit and the fact that it is set up to the automatic spen

because we really -- >> in terms of the irs. >> we have to have some sort of certainty as to what the tax rates are going to be next year with respect to the -- next to the alternative minimum tax, that actually becomes an immediate problem in january since we're actually having to fix that for the year that we're in right now. so, certainly there are parts of this discussion that can be done in the first three weeks of march but we have to settle something as to what the tax rate is beginning january 1st. and so that part of it is very difficult to postpone and if you postpone it there's a risk you're kicking everything down -- the can down the road and that would not send a good signal. >> in fact, congressman, you make a very important point because the irs has said that if you don't deal with it by december 31st, they can't program the alternative minimum tax and other taxes so people would get their refunds in time on time in april. -- march and april. >> that's right. there are a lot of the republicans would like to delay that whole conversation for a couple months to begin to t