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

The idiots in Congress have, through laziness and procrastination, missed an excellent opportunity to do something constructive.  October is almost here and it appears that they have forgotten all about reforming our convoluted Tax Code. 

I agree with the headline in a recent promotional issue of THE KIPLINGER TAX LETTER – “Thus, Congress isn’t likely to tackle serious tax reform anytime soon.”  Certainly  nothing of any consequence will be accomplished this year. 

+ Have you checked out the September issue of LOIS yet?   

+ NJ preparers should check out my post on the “NJ-NATP Annual Meeting” on my NJ TAX PRACTICE BLOG.  Read down to the end and you will discover that – “they like me, they really like me”!

+ I do not find David Letterman funny at all.  The only occasional funny moment on his late night show is the TOP TEN LIST.

Kay Bell recounts the “Top 10 Highlights of Obama’s Deficit Reduction Plan” at DON’T MESS WITH TAXES.

+ And Kay Bell summarizes what is currently happening “As the Congress Turns” in “Tax Juggling on Capitol Hill". 

It seems the idiots have a lot of balls in the air.  Let’s hope they can get something accomplished (not holding my breath). 

+ Finishing out a trifecta Kay reviews “4 Roth Recharacterization Considerations” at her BANKRATE.COM blog.

+ The IRS has a good basic starting point for “Deducting Business Expenses”.

+ Over at FORBES.COM Deborah Jacobs tells us the good news that there are “No More Patents For Cute Tax Tricks”.

“Under a provision in the far-reaching patent reform bill, it’s no longer possible to get a patent on a strategy for reducing, avoiding or postponing taxes.”

+ Bill Bischoff, SMARTMONEY.COM’s “The Tax Guy”, discusses a 2010 tax court decision in “Free Lunch: Deducting Expenses You Never Paid”.

The moral of his story –

“When it comes to deductions for certain expenditures, the question of who actually paid for them may not decide who is entitled to deduct them. Do not automatically assume you can't deduct expenses that were actually paid by someone else. Sometimes there is such a thing as a free lunch. Contact your friendly tax pro when you have questions about who is allowed to claim write-offs in various circumstances. You may be surprised by what you hear.”

+ The Wall Street Journal warns us of “The Buffett Alternative Tax”.

"Washington has repeated nearly every economic policy mistake of the 1930s in recent years, so why not repeat one of the bigger blunders of the 1960s too? We refer to President Obama's proposal yesterday for a new 'Buffett Rule' to raise taxes on Americans earning more than $1 million a year. This may sound familiar to readers of a certain age, because it is how the current, and much-hated, Alternative Minimum Tax was born."

+ Russ Fox gives us the word that "California Leads the Way: Worst State for Business" over at TAXABLE TALK

The post also points out that New Jersey is Number 47 on the list – the 4th worst state for business. Actually this is an improvement for my home state. Perhaps Christie is making some progress.

+ Trish McIntire explains the new IRS program for “Voluntary Worker Re-Classification” at OUR TAXING TIMES.

+ William Perez explains that “Estate Tax Deadline Extended Again” at ABOUT.COM TAX PLANNING: US.

TTFN