Saturday, December 4, 2010


* I have always advised clients and readers to think carefully before deciding to go into business with family members. The results can be disastrous.

Jean Murray provides “5 Ways to Prevent Trouble in the Family Business” at JEAN’S BUSINESS LAW/TAXES: US BLOG.

You may also want to read her posts on “Going Into Business with Family” and “Tell Your Family Business Horror Story”, which are linked at the end of the 5 Ways post.

* Bruce, the tax guy from Missouri, discusses “Misconceptions Business Owners Have About Their Returns”.

* It looks like good news from the IRS regarding the e-file mandate. Joe Kristan has read the proposed regulations and concludes that it contains “A Loophole Big Enough to Drive Robert D Flach Through”!

From Joe’s “mouth” to the IRS’ “ears”!

* YAHOO NEWS brought us the word –

Veteran Rep. Charles Rangel, the raspy-voiced, backslapping former chairman of one of Congress' most powerful committees, was censured by his House colleagues for financial misconduct Thursday in a solemn moment of humiliation in the sunset of his career.

After the 333-79 vote, the Democrat from New York's Harlem stood at the front of the House and faced Speaker Nancy Pelosi as she read him the formal resolution of censure

Chuck breaks the law and has to stand up in front of the class while the teacher says he was a bad boy.

The message to America – If you attempt to defraud the government and cheat on your taxes you can go to jail, even if you are a television (idiot Richard Hatch) or movie (Wesley Snipes) star. The only people who are exempt from punishment and penalty are members of Congress.

So if you are thinking about cheating on your taxes you should run for Congress first – or maybe try to get appointed as Secretary of the Treasury

* Over at TAX GIRL Kelly Phillips Erb’s question for Fix the Tax Code Friday is “How Rich is Rich?”.

* Beancounter Donna Bordeaux rambles on with some good guidance on “Independent Contractors – How to Classify Workers”.

* CNN.MONEY tells us that “Tax Squabbling Earns Congress Failing Grade”. The article makes one very important point (highlight is mine) -

Nearly all the big tax issues that were on the docket at the start of the year are still on the docket.”

These idiots have had a full year to act! They deserve more than just a failing grade. They should be expelled – especially the individual party leaders!
* The NJ Division of Taxation, not always know for its sensible decisions, makes a good one for a change, as outlined in my post "2010 NJ-1040 Due Date Extended To April 18, 2011" at the NJ TAX PRACTICE BLOG.
* I've been waiting for them Beans - and it was not in vain. Joe Arsenault gives us “BlogRoll Beans Early Snowfall Edition” over at CAFETAX. And wouldn't you know it - TWTP is included.
. .
* Be sure to check out Peter Reilly's compilation of "PAOO Greatest Hits" at PASSIVE ACTIVITIES AND OTHER OXYMORONS - and especially his "scoop" on "IRS To Stop Lousing Up Short Sales".

1 comment:

Peter Reilly said...

When I saw the notice about electronic filing I thought about you right away and sent you the text. I hope you received it. This is not the first time Joe Kristan has gotten ahead of me. I do have something on paid preparer abuses coming out on Monday.

Thank you for mentioning me.