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

+ Don’t forget to check out the NOVEMBER issue of LOIS.

+ Have you seen my new blog for tax pros THE TAX PROFESSIONAL yet?

+ The Taxpayer Advocacy Panel has released its 2010 Annual Report, describing its activities and recommendations to improve IRS service and customer satisfaction. The report summarizes the Panel’s accomplishments in 2010, including 101 new recommendations the panel provided to the IRS.

+ PRO-TAX provides an explanation of “The Medicare Alphabet”.

+ Over at the Washington Post we are told “Perry Defends Tax Plan: ‘There’s Nothing Wrong with Lower Revenue”.

While I do support the concept of Perry’s flat tax plan, except, of course, for the option to continue to be taxed under the current system, I certainly do not support his candidacy for President.  The last Texas Governor we elected to the White House turned out to be the worst President in my lifetime!

Although providing the option to choose either the flat tax or the old system is totally ridiculous, Perry still supports it -

“As for criticisms of the complexity of the plan — taxpayers can choose either the old system or the new flat tax — Perry was dismissive. ‘I think most Americans know right off the top of their heads they’re going to take the 20 percent flat tax,’ he said. ‘If some Americans want to contact an accountant, that’s their business.’”

He did get one thing right -

“’Historically those who have money put more into their businesses, they hire more people,’ he said. ‘That’s what we need to focus on.’ He repeatedly responded to questions about growing income inequality by saying he was ‘not interested in class warfare’.”

+ The Tax Foundation’s TAX POLICY BLOG reports that “Voters to Consider Hundreds of Tax-Related Ballot Initiatives This November”.

+ And the Fall 2011 issue of the Tax Foundation’s TAX WATCH is available for download.  Click here to download a free copy.

The issue includes -

·   What Do U.S. Corporations Really Pay in Taxes

·   Warren Buffet’s Proposals Hide Telling Truths

·   Taxes – The Cure-All For Deficit and Debt Reduction

·   10 Reasons America Needs a Modern Corporate Tax System

In his editorial “What Does It Mean to Have a ‘Fair’ Tax Code?” President Scott Hodge makes a request -

“Over the next 12 months, let’s work together to make tax reform a defining issue in the presidential election and a top legislative issue in 2013.”

+ MARKET WATCH warns that "H&R Block To Offer Tax Services in 300 Wal-Marts”.

My first thought was that tons more lower income taxpayers will be taken advantage of and overpay for having their returns prepared – but the item pointed out that Jackson Hewitt, which sought Chapter 11 bankruptcy protection in May, had previously offered tax preparation services at Wal-Mart.

+ Howard Gleckman discusses the many problems with Perry’s offer of a “choice” in “The Problem with Perry’s Optional Tax” at the Tax Policy Center’s TAXVOX blog.

Basically -

“. . . picking between the two tax laws will a huge pain in the butt. The only way to get the right answer will be to do your taxes twice. And if you happen to be among the millions at risk for paying the dreaded Alternative Minimum Tax, you’ll have the pleasure of doing your returns three times each year.”

TTFN