Wednesday, May 25, 2011

WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

* Over at KIPLINGER.COM Jane Bennett Clark explains that defaulting on your student loans can ruin your financial life and shows how to repair the damage in “The Dark Side of Student Debt”.

* As a result of a “tweet” I discovered the American Society of Tax Problem Solvers (ASTPS), a national, not-for-profit organization of Attorneys, CPA's, and Enrolled Agents specializing in representing taxpayers before the IRS. Non-licensed professionals hold an associate membership with the society. Taxpayers can use the ASTPS website to locate a qualified tax resolution specialist in their area, and tax professionals can take advantage of the Society’s education program.

ASTPS is a member of the newly created Tax Problem Resolution Services Coalition (TPRSC), which was formed to promote and ensure the protection of taxpayers from unfair and deceptive advertising claims by unscrupulous delinquent tax debt representation providers (i.e. “pennies on the dollar” claims). They seek the enactment of legislation to rein in questionable practices, create more disclosure, cause greater transparency of services, and provide redress for taxpayers.

While I certainly assist my clients in audits of returns I have prepared I do not offer “problem resolution” services to the public.

* The ASTPS site has a good monthly newsletter of general tax information for taxpayers under the “Public Area” section. The May issue includes an item on 2011 tax info titled “
Check Out Exemptions and Deductions for 2011”.

* This week’s Monday Map at the Tax Foundation’s TAX POLICY BLOG compared “State Corporate Income Tax Rates”.

The map shows the top marginal state corporate income tax rate in each state. Topping the list with the highest tax rates is Iowa at 12.25%. Of course New Jersey is up there at 9%. For some states, like Nevada, the rate is “None”.

* At BLOOMBERG.COM Sara Forden and Jeff Bliss report that “H&R Block Sued by U.S to Stop TaxAct Deal”.

The (US Justice) department claimed in an antitrust complaint filed today in federal court in Washington that the deal would eliminate a company that has competed aggressively with H&R Block and ‘disrupted’ the U.S. digital do-it-yourself tax- preparation market through low pricing and product innovation.”

The Justice Department believes, I expect rightfully so, that “the principal purpose of the transaction was to eliminate a competitor”.

* Kay Bell shows us “How To Help Minneapolis, Joplin (and other) Tornado Victims” at DON’T MESS WITH TAXES.

* Beancounter Dona Bordeaux proves that “brevity is the soul of wit” with her post “
Hate Tracking Mileage? There’s An App For That”. The post basically links to a page that lists and describes mileage tracking “apps” for your iphone.

TTFN

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