Saturday, August 11, 2007


* Mitchell A Port of the CALIFORNIA TAX ATTORNEY BLOG discusses how to settle tax debts with the IRS online in his post “What You Can Do If You Owe Tax Of $25,000 Or Less”. According to the post - “The Online Payment Agreement (OPA) allows eligible individuals to apply for an installment agreement to pay off their tax liability. To qualify, you must have your bill from the IRS and have filed all required tax returns. You must owe less than $25,000 and be able to pay the entire liability within 60 months.” Thanks to Joe Kristan of ROTH AND COMPANY TAX UPDATES for bringing this post to my attention.

* Speaking of
ROTH AND COMPANY UPDATES, Joe provides the latest word on the status of tax credits for purchasing a hybrid automobile in his August 08, 2007 post “Hybrid Update”.

* Kerry M. Kerstetter, the internet’s self-proclaimed
TAX GURU, offers an interesting thought on our Social Security system - “The best way to explain how Social Security works is to describe a typical Ponzi Scheme.”

* Rasmussen Reports reports that “
Democrats and Republicans Have Different Understanding of Fair Tax System”. The article states that “Overall, 41% of voters currently trust Democrats more than Republicans on the tax issue. Thirty-seven percent (37%) have more trust in the GOP while 22% don’t have a preference.”

* The Friday edition of
CCH’s TAX NEWS HEADLINES reported that “President Bush said that he is open to cutting corporate tax rates if the current tax structure puts the United States at a competitive disadvantage, but he stressed that any proposal must be revenue neutral. At an August 9 news conference, the president said that the underlying issue is simplification of the tax code.”


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