WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ –

Lots of excellent BUZZ this week - be sure to check them all out.

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* Nothing to do with taxes exactly - but JibJab, who had so much fun with W's presidency, has a new parody on BO - "He's Barack Obama".

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* The tax pro licensing debate continued in the tax-blogosphere.

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Another one for my side! "Opinion - Certifying Tax Preparers" by G Christopher Wright, a CPA from Virginia who writes THE TAX LAW REPORT blog.

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And Joe Kristan responded to Pete Pappas in "Wasting Money: What's the Big Deal".

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* Roni Deutch reports "4th of July Tea Parties Planned" at her TAX LADY blog.

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* The Summer 2009 edition of the Tax Foundation's TAX WATCH newsletter is available to download. Click here.

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Included is an article which discusses a new poll that indicates 4 out of 5 adults feel the Tax Code is too complicated and needs to be completely overhauled.

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* Speaking of the Tax Foundation, the TAX POLICY BLOG tells us that "Oregon Senator Proposes Breastfeeding Tax Credits". The post makes an excellent point -

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"This is another example of why our tax code is so complex and difficult to navigate. No doubt breastfeeding has supporters who think its a good idea. But rather than relying on persuasion, or even direct spending programs that have to prove themselves each year, many special interests resort to using the tax code to encourage or discourage their vision of the world. Subject to less oversight and scrutiny, credits clutter up the tax code and distort decision-making."

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* Frankly there are few things about which I could care less than the marital problems of a reality show couple who decided to ruin their lives, and potentially that of their children, for money by filming their life for television.

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Any idiot who trades self-respect and privacy for cash and 15 minutes of fame to be on a so-called reality show deserves all the bad things that happen to him/her. It is unfortunate that, in this case, the innocent "eight" will also suffer because of their parents' selfishness.

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Perhaps the only good thing that has come from this reality show (a phrase that cannot be used for any other show of this genre) is that is "inspired" Kay Bell to write the post "Jon and Kate Plus 8 Divorce Tax Tips" at DON'T MESS WITH TAXES, a good compilation of tax planning tips for those in the process of divorcing. One of her tips includes a link to a TWTP post!

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* Peter Pappas of THE TAX LAWYER'S BLOG provides us with an interesting post titled "The Myth of the Evil Rich: I'll Believe in Winged Steeds First!".

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While I do admit that there are those among the rich who have amassed their fortune in a less than ethical or moral manner, and that there are those in the lower income brackets who have been faced with more than average disadvantages and obstacles, I do strongly agree with the bottom line of Pete's post -

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"People who fail to succeed in life - however they define success - do so largely because of their own prior bad choices and not because, as the collectivist left would have us believe, that the rich conspired to keep them down."

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Basically - we make our own beds. Each individual is responsible for his/her own current financial situation.

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And I also very much agree with Pete's comments on the dangers of the Myth of the Evil Rich.

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*Babyboomer provides some good advice for individuals who live in areas with potential for hurricane damage in the post "Safeguarding Tax Records for Hurricane Season" at TAX RESOLUTIONARIES.

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* Kathleen Webb discusses a timely topic in "Summer Nannies & the Nanny Tax" at her NANNY TAX AND PAYROLL UPDATES blog.

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* The National Association of Tax Professionals (NATP) weekly email newsletter reports that -

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"On July 24, 2009, the federal minimum wage for non-exempt employees increases from $6.55 per hour to $7.25 per hour. This is the final phase of the wage increase that was enacted under the "Fair Minimum Wage Act of 2007".

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Employers of tipped employees are still only required to pay $2.13 per hour if that amount plus tips received equals the federal minimum wage and:

• The employer informed the employee that the tip credit is being taken;
• The employee keeps all tips unless they participate in a tip sharing arrangement;
• The employee customarily and regularly receives more than $30 per month in tips.

The youth minimum wage also remains the same. Employees under 20 years of age may be paid $4.25 per hour during their first 90 consecutive days of employment."

* Another victory in the battle against usurious Refund Anticipation Loans (RALs) pushed on clients by fast food tax preparation chains! This time is wasn't against Henry and Richard. WebCPA reports that "Liberty Tax Services Loses Deceptive Ad Suit."

According to California Attorney General Jerry Brown-

"Liberty Tax Service lured cash-strapped Californians into paying for high-cost loans, when they could obtain tax refunds free from the IRS just weeks later. This ruling bars Liberty from deceptive advertising that blurs the line between IRS tax refunds and pricey loans."

The article states that -

"Liberty Tax Service's print and television ads misled customers by promising 'Most Refunds in 24 Hours', according to Brown. In reality, Liberty was selling refund anticipation loans, not a tax refund. Customers had to pay an upfront fee of about $30 plus interest, at a rate that could be as high as 395 percent annually. According to the IRS, refund anticipation loans target low-income taxpayers, especially those who receive the Earned Income Tax Credit. Approximately 70 percent of Liberty's refund anticipation loan customers in 2006 and 2007 received this credit."

The ruling requires Liberty to pay $1.16 Million in civil penalties, $135,886 in restitution, and the Attorney General's costs.

Brown had reached settlements with Jackson Hewitt in 2007 and with Henry and Richard in 2009 over RALS.

Right on, Jerry!

* A "tweet" from NATP "turned me on to" this website on the new Car Allowance Rebate System (CARS) - aka the Cash for Clunkers program - which was recently signed into law by BO.

TTFN