Seinfeld's 10 Enduring Lessons---About The IRS

July 5, 2014 1:38 PM

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Seinfeld's 10 Enduring Lessons---About The IRS

1. IRS Has Power. In “The Truth,” aired September 25, 1991, the IRS asks Jerry about a $50 charitable contribution to rescue the people of Krakatoa. When the charity turned out to be fake, Jerry says the IRS is “like the mafia. They can take anything they want.” That may seem overstated, but it’s true that the IRS has a lot of power. Never forget it.

2. Timing Matters. Sure, the IRS has power, but there are limits too. Jerry’s audit was for 1986, and the show aired in 1991. If Jerry filed his 1986 tax return in 1987, this audit was beyond the three year statute of limitations. There are plenty of procedural safeguards as long as you file on tim...

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