I begin my 11th year or blogging with the BUZZ – which has only been around for about 5 years.
* If you still haven’t done so, also check out the premiere issue of my new FREE monthly (except February and March) newsletter LOIS (Lots Of Interesting Stuff). It is full of, well, lots of interesting stuff. While it says it is dated 2010 this is a FU – it is really dated 2011.
* Trish McIntire discusses the hierarchy of “Tax Authority” tax professionals use to interpret tax law at OUR TAXING TIMES
Trish ends her post with –
“By the way, did you notice that the list of authorities did not include ‘this guy at work’, ‘my hairdresser’, ‘my realtor’, ‘my other preparer’ or other backdoor experts. Just sayn’.”
* The latest TAXPRO MONTHLY, one of the several print and online publications that the National Association of Tax Professionals sends its members, reported that, as per IRS Announcement 2011-14 –
“The IRS has concluded that breast pumps and supplies that assist in lactation are deductible as medical expenses under Section 213.”
If you are a tax preparer, or a future tax preparer, and you do not belong to NATP – you should. Email me at firstname.lastname@example.org and I will send you membership information.
* Thanks and a tip of the hat to Russ Fox of TAXABLE TALK for his recent help in educating me to the specific rules for keeping track of gambling wins and losses. Russ is the “go to guy” when it comes to the tax issues relating to gambling.
* Professor Annette Nellen, of 21st CENTURY TAXATION, talks about “What Tax Reform Should Really be Focused On” at FRANCHISE HELP.
Annette wisely points out –
“Discussions of tax reform today often include the need to reduce the deficit. However, if tax reform is focused solely on that purpose, we are unlikely to see real change. Tax reform should address structural and operational weaknesses in the tax system and ensure that the system supports rather than works against our economic and societal goals.”
* Kay Bell continues the saga of the First-Time Homebuyer’s Credit with “Homebuyer’s Credit’s Value? Not Much” at her BANKRATE.COM blog.
She does explain that –
“The first-time homebuyer tax credit did, however, achieve a few things.
The credit's many changes and requirements confused and infuriated taxpayers.
It also ticked off the Internal Revenue Service, which is still having trouble processing the credit, especially the original $7,500 loan version.
And it secured housing industry financial support for the representatives and senators who voted to create the tax credit and keep it on books for longer than it should have been.
Those first two accomplishments were unintended (I hope!), but that last one was probably the main reason for the legislation in the first place.”
* Bruce, our favorite MISSOURI TAX GUY, asks the question “Do You Need to Pay Estimated Tax?” and provides the answer.