* Paul quotes from a Wall Street Journal piece to report that “GOP to Target IRS Funding to Starve Health Care Law” –
“Funding for the IRS could become a battleground in the next Congress as Republicans seek to halt implementation of the new health-care law.
GOP candidates are running on a pledge to repeal that law. But some repeal advocates say a strategy of choking off funding to the IRS and federal health agencies is more politically viable.”
Reduced IRS funding could mean less audits – but also less taxpayer service and less upgrades for its computer systems. This is not the way to combat the health care “reform” bill.
* As I usually do in each Wednesday BUZZ installment, I suggest you visit Sunday’s “Week in Perspective” post by MISSOURI TAX GUY Bruce.
Be sure to check out the entry “What is a DRIP?” about a good investment option for the small investor.
* And Bruce talks about the issue of business vs hobby in “Are You Enjoying a Hobby – or Running a Business?” Hey – you could be enjoying running a business.
* ACCOUNTING WEB tells us that “Report Indicates Big Increase in State Sales Taxes”.
“State governments have boosted sales tax rates to the highest levels in 28 years, according to a new report by Vertex, an enterprise tax software company.”
* Jean Murray gives some good advice in her post “LLC or S Corporation - Too Complex To Call” at JEAN’S BUSINESS LAW/TAXES: US BLOG (the highlight is mine) -
“Before you select a business type, be sure you consider all the consequences of your decision and talk with many people; it's more complex than you might think.”
This is especially important when you are considering either organizing as or being taxed as a corporate entity. It is vital that you become aware of what will happen if you need to end the business and sell its assets. Like a marriage, a corporation may be cheap to form but very expensive to end.
And, while I certainly do not mean to imply that all professionals act and advise out of a solely selfish motivation, when soliciting advice from many people in different disciplines be aware that some may indeed have a hidden reason – usually the generation of more or higher fees – for recommending certain options and actions.
* TAX GIRL Kelly Phillips Erb continues her series of interviews with political candidates with “Tax Talk 2010: Carly Fiorina” and follows with “Tax Talk 2010: Randy Hultgren”. Ms Fiorina is a Republican candidate for the Senate from California and Randy Hultgren is the Republican candidate for Congress in the 14th Congressional District of Illinois.
* Kay Bell reports that “IRS Gives North Carolina Storm Victims More Time to File, Pay Taxes” at DON’T MESS WITH TAXES.