Talking Stone Film

Film Reviews & Headlines

Creepy Guys In White Suits.
Sean Connery talking to dead guys. And baby carriages in the middle of a gun
fight. I’m Peter Bielagus and this, is Money In The
Movies. Hello and welcome to Money In The Movies,
where we review films based on their financial accuracy. Today’s movie is The Untouchables,
directed by Brian Depalma and starring Kevin Costner, Sean Connery, and Robert Deniro as
the notorious gangster, Al Capone. The film chronicles the famous Treasury agent
Elliot Ness, who, along with his gang of crime fighters, brings down one of the most famous
gangsters in American history. It was Elliot Ness’s job to enforce the Volstead
Act, which from 1920 to 1933 banned the “manufacture, sale, or transportation of intoxicating liquors”
Ness was sent to Chicago to: NESS
Deal with the flow of illegal liquor and the violence it creates. Now historically this film is way off. There
were not 4 untouchables there were actually 10. The creepy guy in the white suit Frank
Nitty was actually never thrown off a roof and Elliot Ness ummm wasn�t really even
the guy who brought down Al Capone. Elliot Ness mainly targeted illegal breweries.
The credit of apprehending Capone goes to a man named Frank Wilson, whose life appears
to be loosely portrayed by this character, in the film Oscar Wallace. In the film, Wallace is the person who comes
up with the idea that the way to get one of the most violent criminals in history is on
a charge of… OSCAR:
Income tax evasion. Anyone who has income is supposed to file
a tax return with the Internal Revenue Service or IRS. A tax return is nothing more than
a summary of how much you earned, what you owe in taxes, and what you already paid in.
If you have already paid more than you owe, then you get a tax refund. If you haven�t
paid enough, then you have a tax liability. The 16th amendment to the United States Constitution
says: “The Congress shall have power to lay and collect taxes on incomes, from whatever
source derived.” If money is coming into your pocket, then
the government is owed their share of it EVEN if that is illegal income. Sooo Peter what
you’re saying is a drug dealer is supposed to file a tax return? And yes that is exactly
what I am saying. Now how the heck does that happen? Well a drug dealer is self employed so they
would file a form called Schedule C, which is where self employed people declare their
income and subtract business expenses to state their taxable profit. Now I know what you’re thinking. Whoa whoa
whoa Peter. BUSINESS Expenses? You mean a drug dealer, on their tax return, can deduct
business operating expenses? Like the cost of firearms? Yep Body guards? Yep. Those cost
of bribing police officers? Wait a minute, the electric bill of the crack house is tax
deductible? YES! A famous case, that came after the time of
Al Capone was Commissioner v. Tellier. This case revealed illegal income is taxable and
you may deduct business expenses. The IRS is not in the business of enforcing WHERE
your income comes from. That is the problem of the DEA, FBI or local police. The IRS only
cares that you report what you got. In the film Ness, and his crew are eventually
able to prove that Al Capone has “Vast undeclared monies” and they are eventually able to get
him on income tax evasion. Al Capone was sentenced to 11 years in the then new Alcatraz Prison.
He died in 1947. So what can we learn from the Untouchables?
Well if you are involved in an illegal enterprise you need to declare that income. And thanks
for watching my show Mr. Drug Dealer. But for the rest of you, you probably do not
have illegal income. But there probably is some money you didn’t declare. Remember when
you helped your uncle for a day with his painting business and he paid you in cash? Or maybe
a collection agent forgave some of the debt you owed. Both of those are taxable income.
In short, declare everything. While the film is historically inaccurate,
financially it’s right on the money. Not declaring income IS illegal and you can get fined, and even sent to jail for doing that. Therefore, I give it 3 out of 3 dollar signs. I’m Peter
Bielagus and this, is Money In The Movies. Hey everyone Peter Bielagus here, thanks for
watching Money In The Movies. I hope you enjoyed my review of the Untouchables. Remember this
week is tax week, and earlier in the week, I reviewed the Devil Wears Prada where I discussed
completely LEGAL ways to avoid taxes. To see that review, just click right here. And remember, some Money In The Movies episodes
warrant further explanation, so we dive deeper in our follow up show, Money In The Movies
Second Reel. If you are interested in learning a bit more about taxes in a fun way, I know
sounds impossible but trust me, just click here to watch Money In The Movies Second Reel
on the Untouchables. Finally if you are interested in taking serious
action to change your financial life, consider joining the Getting Loaded project, a 60 day
journey to financial freedom that takes just 8 minutes a day. To join that click right
here. Again thanks for watching Money In The Movies.

One thought on “Kevin Costner Teaches Us Taxes! Money In The Movies Reviews The Untouchables

Leave a Reply

Your email address will not be published. Required fields are marked *