IRS Honors Mike Alfred for Always Publicly Disclosing How Much Money He Makes
Washington, D.C. – Mike Alfred is being honored by the Internal Revenue Service (IRS) what they're calling a first of its kind ground breaking achievement. The IRS says Mike Alfred has never failed to publicly disclose his income or capital gains. On top of that, the IRS says he's never once under reported any of his marked-to-market or other unrealized profits. "If anything, he's publicly declaring too much! It's almost hard to believe. If we audited him we might find out he's embellishing, or downright lying, about how much he's making. However, the IRS de-prioritizes cases in which the risk is that someone paid too much." A representative for the IRS told The Bugle.
"If we audited him we might find out he's embellishing, or downright lying, about how much he's making. However, the IRS de-prioritizes cases in which the risk is that someone paid too much." A representative for the IRS told The Bugle."
As a public figure (who makes sure to stay visible), Alfred has amassed nearly 150,ooo followers on X and is active on the X's audio platform, Spaces. Alfred often shares how much money he makes with his followers and listeners in his Spaces. His transparency includes sharing the value of his houses, the amount of Bitcoin owns, and his profits from trading stocks. One of Alfred's behaviors, lauded by the agency, was regularly pinning tweets boasting about profits to the top of his timeline so agents don't have to waste time scrolling to find them. The IRS says this level of transparency saves tax payers money by making IRS agent's jobs easier. One IRS Agent told The Bugle Alfred even shares frequent up-to-date calculations about his total net worth including assets and property he isn't required to disclose by law.
A special agent assigned to undercover work on social media platforms, Jill Feinstein follows Alfred on X, as well as LinkedIn, under a fake social media identity. Her account's persona is a non-descript male from Florida who rarely interacts with Alfred on the platform at all. Her job is to monitor U.S. Citizens with high net worth's public profiles and gather information based on what they share publicly about their business dealings, investing outcomes, and financial activity. Feinstein says Alfred is the most transparent person she's ever followed. "For months I didn't think my profile was on his radar. We never liked or replied to each other's tweets. No interaction. Then one day, out of the blue, he sent me an unsolicited DM to tell me about the profit he made on a recent derivatives trade. It was impressive, I'll admit! I took a screen shot of his message and saved it to the IRS database immediately. Things like that save me a lot of time and effort."
The IRS recently increased the number of agents by 87,000 as part of the Inflation Reduction Act but that number may decrease after next year as tax payers like Mike Alfred increasingly demonstrate transparency and honest about their financial situations. With a bull market in stocks and continuing strength in the price of Bitcoin, the IRS hopes 2024 will be the year of transparency.
