Saturday, May 15, 2010


* Have you seen my latest tax tips at – “Open A ROTH IRA for Your Child” and “Plan a Deductible Summer Vacation”?

* It seems that many of my tax columns from also showed up at – where I am referred to as “Tax Cat’s Smarter Cousin”.

* Over at the CAFETAX blog Joseph Arsenault talks about the penalty for early withdrawal from annuity and retirement distributions issued before the age of 59 1/2 “Myth Busted 10% Penalty”.

His bottom line is the best advice that anyone can give regarding not just retirement distributions but any tax issue –

Of course never make any assumptions before taking retirement distributions. Always consult with a professional about your unique situation.”

* COMPLETE PAYROLL INC reports that “President’s Budget Proposal Calls for Quarterly W-2 Reporting”.

Everything old is new again! I seem to recall that when I first began doing payroll back in the mid-1970s we had to list the name and earnings for each employee on the quarterly Form 941, with the total needing to reconcile to gross wages for the quarter reported on the form.

* The IRS tells us that “Kentucky Severe Storm and Flooding Victims Have Until June 30 to File Their Tax Returns” – similar to the recent relief for certain NJ residents that gave me some extra time to timely file federal and state returns.

* Roni Deutch reports on what to do if “you attended jury duty last year {or this year – rdf} and had an employer who continued to pay your salary but required you to forfeit fees that the court would have paid you for serving on the jury” in her post “Tax Deduction of the Week: Jury Pay Paid to an Employer” at her TAX HELP BLOG.

* Kay Bell discusses something else Congress is thinking about taxing in “Tax Proposed on Carry-on Bag Fees” at DON’T MESS WITH TAXES. The post also provides some insight as to why the airlines are charging for individual items like carry-ons, food, blankets and pillows instead of just raising the price of the ticket.

* Happy 3rd Birthday to the 21st CENTURY TAXATION blog. Here’s to many more!