* Kay Bell winds up her DON’T MESS WITH TAXES series of Mid-Year Tax Moves with “Midyear Tax Tip #10: Get Organized”, telling us – “The road to tax hell is paved with unorganized filers”.
Once again – if you want to get organized click here.
* Another double-dose of the Yellow Rose of Taxes – Kay also tells us that “Hawaii Finally Issuing 2009 Tax Refunds ”.
Kay suggests –
“Meanwhile if it looks like you'll be getting a refund from Hawaii (or any state tax office or the IRS, for that matter) when you file your 2010 taxes, you might want to adjust your withholding now.
That way you'll get your tax money throughout this year and won't have to wait on any refund check in case Hawaii (or your state) has budget issues that again necessitate holding onto taxpayer refunds.”
* Bruce, the MISSOURI TAX GUY, provides an basic overview for taxpayers who must file state tax returns in “Two or More States”.
* BNA Software tells us that “IRS Flooded With Comments, Concerns on New Payment Reporting Rules”.
The IRS recently, in Notice 2010-51, called for comments on the new 1099 reporting rules. According to BNA – “scores of taxpayers and certified public accountants have called for the repeal of a law change that, beginning in 2012, will require businesses to report a wider range of payments to contractors, vendors, and others, usually on Form 1099”.
As I mentioned in Thursday’s post (NEW REPORT FROM THE NATIONAL TAXPAYER ADVOCATE), National Taxpayer Advocate Nina Olsen also had concerns about the added burden of the new reporting requirements, saying that the burdens “may turn out to be disproportionate as compared with any resulting improvement in tax compliance.”
* The Tax Foundation’s TAX POLICY BLOG reports on the appointment of Harvard Professor Dr. Donald M. Berwick to run Medicare and Medicaid, calling him “Obama's New Secretary of Redistribution”.
The post provides a disturbing quote from a speech Berwick made in England -
"Any healthcare funding plan that is just, equitable, civilized, and humane must, must redistribute wealth from the richer among us to the poorer and the less fortunate. Excellent healthcare is by definition redistributional."
The purpose of the Tax Code is not to redistribute wealth – it is to raise money to pay for the government!
* Oi vey. AUCTIONBYTES.COM warns us that “USPS Publishes Proposed Rate Increases for 2011”
The increases, which would take effect on January 2, 2011, include -
· “First-Class Mail stamp would increase two cents to 46 cents and would add less than 13 cents a month to the average American household's budget.
· Each additional ounce would cost 18 cents.
· Postcard stamp would increase to 30 cents.
· The first ounce of a large envelope (flat) would cost 92 cents.”
* Decades ago I worked for one of the then “Big Eight” international accounting firms in the Small Business Services Department as a “para-professional”. At the time it appeared to me that one essential criterion for employment with the firm was the ability to play either golf or tennis. I had never played either. The only reason I was hired, I guess, was because I knew my tax law and accounting, having been self-taught via prior on-the-job experience in both areas.
It seems that proficiency in golf is still an important part of the CPA workload. Or so I surmise from this post “Lessons from 1,000 Rounds: Tips On Playing Golf with Clients” by Carter Wilcoxson, which I found via a “tweet”.
* Expectant father Joe Arsenault answers the question “So Why Are Babies Called a Tax Deduction” at CAFETAX.
TTFN
Once again – if you want to get organized click here.
* Another double-dose of the Yellow Rose of Taxes – Kay also tells us that “Hawaii Finally Issuing 2009 Tax Refunds ”.
Kay suggests –
“Meanwhile if it looks like you'll be getting a refund from Hawaii (or any state tax office or the IRS, for that matter) when you file your 2010 taxes, you might want to adjust your withholding now.
That way you'll get your tax money throughout this year and won't have to wait on any refund check in case Hawaii (or your state) has budget issues that again necessitate holding onto taxpayer refunds.”
* Bruce, the MISSOURI TAX GUY, provides an basic overview for taxpayers who must file state tax returns in “Two or More States”.
* BNA Software tells us that “IRS Flooded With Comments, Concerns on New Payment Reporting Rules”.
The IRS recently, in Notice 2010-51, called for comments on the new 1099 reporting rules. According to BNA – “scores of taxpayers and certified public accountants have called for the repeal of a law change that, beginning in 2012, will require businesses to report a wider range of payments to contractors, vendors, and others, usually on Form 1099”.
As I mentioned in Thursday’s post (NEW REPORT FROM THE NATIONAL TAXPAYER ADVOCATE), National Taxpayer Advocate Nina Olsen also had concerns about the added burden of the new reporting requirements, saying that the burdens “may turn out to be disproportionate as compared with any resulting improvement in tax compliance.”
* The Tax Foundation’s TAX POLICY BLOG reports on the appointment of Harvard Professor Dr. Donald M. Berwick to run Medicare and Medicaid, calling him “Obama's New Secretary of Redistribution”.
The post provides a disturbing quote from a speech Berwick made in England -
"Any healthcare funding plan that is just, equitable, civilized, and humane must, must redistribute wealth from the richer among us to the poorer and the less fortunate. Excellent healthcare is by definition redistributional."
The purpose of the Tax Code is not to redistribute wealth – it is to raise money to pay for the government!
* Oi vey. AUCTIONBYTES.COM warns us that “USPS Publishes Proposed Rate Increases for 2011”
The increases, which would take effect on January 2, 2011, include -
· “First-Class Mail stamp would increase two cents to 46 cents and would add less than 13 cents a month to the average American household's budget.
· Each additional ounce would cost 18 cents.
· Postcard stamp would increase to 30 cents.
· The first ounce of a large envelope (flat) would cost 92 cents.”
* Decades ago I worked for one of the then “Big Eight” international accounting firms in the Small Business Services Department as a “para-professional”. At the time it appeared to me that one essential criterion for employment with the firm was the ability to play either golf or tennis. I had never played either. The only reason I was hired, I guess, was because I knew my tax law and accounting, having been self-taught via prior on-the-job experience in both areas.
It seems that proficiency in golf is still an important part of the CPA workload. Or so I surmise from this post “Lessons from 1,000 Rounds: Tips On Playing Golf with Clients” by Carter Wilcoxson, which I found via a “tweet”.
* Expectant father Joe Arsenault answers the question “So Why Are Babies Called a Tax Deduction” at CAFETAX.
TTFN
2 comments:
I didn't realize states could hold onto tax refunds if they had budget deficits. That is scary because I am counting on my refund this year!
GT-
I do believe that in some states if your refund is not delivered in a "reasonable" period of time (usually a defined period) the state is required to pay you interest on the late payment - as is the case with the IRS.
I wonder if the states that held up the payment of refunds are going to pay interest to the "victims"?
TWTP
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