I just received this memo from an attorney with I'm working as a co-author and co-seminar presenter. Vern Jacobs From: RICHARD LEVINE <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] Subject: When Will IRS Finish Y2K Fix? On December 11, Rep. Stephen Horn (R- Calif), chair of the House Government Reform and Oversight Subcommittee on Givernment Management, Information and technology stated that, in his view, at the rate it is going now the IRS will not finish its conversion of computer equipment to reflect the new millenium until 2004. Horn said Treasury is one of nearly a dozen federal departments and agencies running behind. Horn said the Treasury Department has finished about 8 percent of its conversion. ------------------------------------------------------- Moderator's Comment: Does anyone on this list have any thoughts about the implicatons and consequences of a failure by the IRS to get their systems fixed before the year 2000? In a worst case scenario, they would be unable to process income or other tax returns, employer tax payments or other tax payments. What are their options with respect to preventing a complete breakdown of the government tax collection system? Is it feasible that the government could institute an "emergancy sales tax system" as a substitute for the present system? If the government were to be unable to collect money from any kind of taxes, what would be the economic and social impact? How quickly could a society such as our adjust to a system without any federal government? What impact would that have on the states, counties and cities? Would it result in a massive unemployment of government workers? How would they react? How would such a breakdown affect the millions of people on social security, Medicare or Medicaid, the hospitals, medical providers, military, government contractors, etc, etc., etc.? What impact would it have on our relations with other countries? The questions go on and on. I'd welcome your thoughts. Gary North, (http://www.garynorth.com) has published an issue of his newsletter predicting that the IRS would simply disintegrate. For more details about the status of the IRS and the year 2000, go to Gary's web site, then go to the links on taxation. Vern Jacobs --------------------------------------------------------------------Vernon K. Jacobs, CPA, Editor of "The Jacobs Report on Asset Protection Strategies" and "Vern Jacobs' Tax Solutions". Co-author of "The Best Legal Ways to Avoid Capital Gains Taxes" and "The Best Legal Ways To Avoid Estate Taxes". <http://www.rpifs.com> * email [EMAIL PROTECTED] * Research Press, POB 8194, Prairie Village, KS 66208 (913) 362 - 9667
