Saturday, November 6, 2010

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’

* Did you catch my article on “IRS Makes Few Changes to Retirement Rules” in the MAINSTREET.COM Tax Center?

* Just before leaving for Atlantic City I discovered Kay Bell’s “Tax Carnival #76: Election Day 2010” at DON’T MESS WITH TAXES.

OOPS! I forgot to send Kay a post to be included. Well just because I am not represented doesn’t mean you shouldn’t check it out.

And while you are there be sure to check out the entry “Why You Should Try to Maximize Your ‘Above-the-Line’ Deduction If You Can” from SPRUCE UP YOUR FINANCES – a variation on my discussion of the most important number on your tax return.
.
* Also from Kay, a budget cut that I can get behind 110% - “Suggested First Republican Budget Cut: Congressional Salaries”!
.
* Have you been following Jean Murray’s “10 for ‘10” series of year-end tax tips for businesses at JEAN’S BUSINESS LAW/TAXES BLOG? The latest was “Buy Equipment, Vehicles for Increased Depreciation Deductions".

* The weekly NATP TAXPRO Weekly email newsletter, which was in my inbox when I returned from the NATP year-end update, reports –

Taxpayers who took the {First-Time Homebuyer’s} credit in 2008, which must be paid back, will receive a CP03a reminding them that repayment starts in 2010. A CP03b will be sent to taxpayers claiming the credit in 2009 as a reminder that if they disposed of the home or changed its use, then the credit may need to be recaptured. A CP03c will be sent to taxpayers when IRS’ records indicate a change in their property’s use - such as a sale. This may require a repayment of the credit."

The “CP” number refers to a pro-forma IRS notice.

So if you were one of the poor souls whose timing was off, and purchased a new home and got the First-Time Homebuyer’s credit (of up to $7,500) when it was an interest-free loan and not a total gift from the government, you have to start repaying the loan on your 2010 Form 1040. Your 2010 payment is 6 2/3% (or 1/15th) of the credit you received.

* I received this email from NATP asking me to publicize their $150.00 give-away. Check it out -

The purpose of my e-mail today is to bring to your attention the giveaway that the National Association of Tax Professionals (NATP) is holding. I thought you and/or your readers would be interested in this. We would love if you posted this on your blog. We appreciate all you post about us on your blog!

Thank-you for your time and have a great weekend.

Connect & Win! The National Association of Tax Professionals (NATP) is giving away a $150 gift card! The drawing will be held now until November 15. If you’re the lucky winner, you can apply this prize to any of our products or services, including membership, live education, e-education, textbooks, client folders, client newsletters, reference books, and so much more.

Visit us on Facebook to win!


I think you can also enter at the NATP’s Twitter page.

If you are a professional tax preparer and you are not a member of NATP you should be! Especially now with the new testing and CPE requirements for preparers. If you would like to receive information on NATP membership please email me at rdftaxpro@yahoo.com.

* The Tax Foundation’s TAX POLICY BLOG tells us that “Washington Voters Again Reject State Income Tax” this past Tuesday. That is good news for my sole Washington state client (former NJ resident who moved west many, many years ago) – and good news for me (I don’t have to either learn a new state or say good-bye to a long-time client).

* Be sure to check out “The Week In Perspective” at THE MISSOURI TAX GUY tomorrow (Sunday) morning.

* If I may be allowed to close on a non-tax item – Robert Bianco, tv critic for the Newark Star Ledger, seems to share my disdain for reality tv. Here is what he says about Friday’s piece of excrement called SUPERNANNY on ABC –

Let’s agree there are well-meaning people who have no idea how to parent their out-of-control children and who long for guidance. Let’s also agree there might be people out there like Supernanny who could help them. The question remains whether it’s in the child’s or society’s best interest to televise that lesson cross-country, emphasizing the kids’ worst traits for dramatic effect and turning them into objects of national ridicule. And its hard not to think the answer to that question is no.”

TTFN

2 comments:

Riles said...

Instead of watching Reality TV, I read tax court summary opnions. They are ever funnier.

Robert D Flach said...

Riles-

Watching paint dry is "more better" and more entertaining than watching Reality TV!

TWTP