* Trish McIntire of OUR TAXING TIMES talks about a common problem among us tax preparers in “Sorry, Not a Fireman”. I feel your pain, sister. Believe me - I have had more than my share of fires to deal with over the past 35 years! Those wacky clients – can’t live with them, can’t stay in business without them.
* Accounting Web reports that “Treasury Conferees Agree Corporate Tax Must Be Overhauled”. Attendees at the Treasury Department-sponsored conference held last week agreed that the current U.S. tax system is hurting America's ability to compete against other nations with lower corporate tax rates. Treasury Secretary Paulson has promised to follow up the conference with suggested improvements, changes, and proposals in the coming months.
* The Wall Street Journal provides a “Tax Hike Scorecard” on the most notable tax increases proposed by various members of Congress and presidential hopefuls. They include raising the capital gains rate to 28%, or to the same rate as ordinary income, from the current 15% and a tax surcharge of 4.3 percentage points on income of more than $500,000, which would take the top marginal rate to 39.3%.
* Joe Kristan of ROTH AND COMPANY TAX UPDATES reported on Tuesday that THE WANDERING TAX PRO was mentioned in a commentary on state tax blogging by Billy Hamilton of Tax Analysts. You need to subscribe to the TAX ANALYSTS service to access the page, so I cannot provide a link here. Joe quotes the commentary as saying, “The Wandering Tax Pro site is maintained by a tax professional in New Jersey. It does have some interesting commentary on New Jersey income and property taxes that would be useful if you lived in New Jersey”. Thanks and a tip of the hat to Billy Hamilton for the mention and to Joe Kristan for pointing it out.
* The Market Watch Personal Finance Daily email newsletter included a reference to a tax Q+A from the Wall Street Journal. It was a good question – “If Susan makes a donation to a qualified charity ‘in Mary’s name’, who gets the deduction, Susan or Mary?” The answer quoted a lawyer specializing in charities with the correct answer, “the person who actually wrote the check is the one who made the gift and is the one who gets the receipt from the charity and can get a deduction”. Bottom line – Susan gets the deduction.