* He's back! Bruce, the taxguy, that is - "Taking up this blogging thing again as before; Monday, Wednesday, Friday, with a recap of the past week on Sundays".
.
Be sure to check out Bruce's post on "No Sure Way to Avoid an Audit".
.
* Kay Bell brings us some disturbing news on the retirement savings front in her post "Fading 401(k) Company Matches" at DON'T MESS WITH TAXES.
.
Kay tells us, "As the economy has worsened, many employers have reduced or eliminated the matching money they used to put into workers' 401(k) accounts".
.
* Kay also reports that unfaithful Nevada Senator Ensign effectively used gift tax law in making pay-offs to his mistress and her husband in the post "Ensign, His Mistress and Gift Taxes".
.
What is unique about this situation is not the infidelity or the pay-off, commonplace among Congresspersons, but that a member of Congress actually understood, and properly applied, tax law!
.
* The Treasury Department has issued a report titled "Update on Reducing the Federal Tax Gap and Improving Voluntary Compliance". According to the report, "the IRS estimated this gross tax gap to be approximately $345 Billion".
.
I think I will write a post on the Tax Gap and this report for Monday.
.
* TAXVOX provides more details on "Who Pays No Income Tax?".
.
* I wholeheartedly agree 100% with the attorney for the City of Los Angeles on the issue discussed by TAXGIRL Kelly Phillips Erb in her post "LA City Attorney Says Taxpayers Should Not Pay for Michael Jackson Funeral".
.
"City Attorney Carmen Trutanich believes that taxpayers should not have to pay for the service. Noting that is was essentially a private event, Trutanich's spokesman said that the city should not foot the bill".
.
It is estimated that the cost to the City of LA is $1.4 Million!
.
There is mention that the City should not have to foot the bill because of the state of the economy and the fact that LA is "cash-strapped". The economy has nothing to do with it. Even if LA was flush with cash it should not have to incur this cost. And, while it is especially ridiculous that the service was for possible child molester Michael Jackson, the City should not have to foot such a bill regardless of the "deceased". If the service was for Michael Douglas it would be similarly inappropriate.
.
* Fellow tax preparers - "A Word to the Wise" over at my NJ TAX PRACTICE BLOG.
.
* Guest-poster Jeff Rose explains "Why Naming Beneficiaries Is Important" over at BARGAINEERING (the blog formerly known as Blueprint for Financial Prosperity).
.
It is very important to periodically review and, if situations change amend, the beneficiaries on your various bank, brokerage, investment, retirement, and annuity accounts. Jeff points out that listing "contingent" beneficiaries is also a good idea.
.
If I could add a somewhat related comment to the post - also be sure to periodically review and, again if situations change revise, the Executor/Executrix named in your will, and also identify a "contingency" person.
.
TTFN
No comments:
Post a Comment