Wednesday, October 27, 2010


* Check out my post "The DFBs!" about the New York Department of Taxation and Finance over at the NJ TAX PRACTICE BLOG. And my article "Tax Day Gets 2011 Change" at MAINSTREET.COM.
* Here is something I never thought of. Hey, if they can have drive-thru wedding chapels why not drive-thru tax preparation offices? Check out “Drive-Thru Tax Advice?” from TAX PROF Paul Caron.

* 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.


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