Saturday, November 12, 2011

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

If there is one thing I have learned from my jury experience so far it is that I would never go back to working 9 to 5 for a company.  It’s not the work – it’s the commute.  My current “commute” is about 20 steps – and I have no required starting time.  Anyway – one more week to go.

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

+ Trish McIntire responds to Commissioner Shulman’s comments at the AICPA gathering (as I did at THE TAX PROFESSIONAL) IN “That's What I Would Say” at OUR TAXING TIMES.

I had just come from reading a tax forum where a collogue was complaining about a regional car dealership that was already advertising about bringing in pay stubs to figure the customer’s refund as a down payment on a car. Since no return can be filed for a couple more months, I assume the dealer is just getting an idea of the potential refund for a loan. But I know that many non-tax businesses have prepared and/or filed tax returns for clients and I wonder if Commissioner Shulman is talking to the wrong groups. Maybe his time would be better served talking at car dealership and pawn shop meetings instead of CPA meetings.”

Trish lists the many bad things these uneducated and unethical “ghost preparers” have done in the past –

You know, things like filing with paystubs, filing a married couple as two Head of Households, not disclosing all the terms of the loans, not keeping required paperwork, holding the taxpayer’s original documents hostage if they tried to change their mind, not signing the return (all bad).

This is why I hope the IRS will not limit its enforcement to expected unethical preparers and actively pursue and penalize taxpayers who use unregistered preparers to submit “self-prepared” returns.

+ As yesterday was Veteran’s Day I also bring your attention to another post by Trish – “Tax Treatments for Military Taxpayers”.

I belatedly echo Trish’s final statement –

My thanks to all who served or are serving in any branch of the military.”

+ TAX PROF Paul Caron explains “Tax Connection in Herman Cain's Sexual Harassment Scandal” -

One of the four women to charge Herman Cain with sexual harassment (one of the two anonymous women in the original Politico story) is Karen Kraushaar, Communications Director for the Treasury Inspector General for Tax Administration.”

+ Diane Kennedy talks about “two tax trends that we’re watching closely” - “Form 1099-A, Form 1099-C and IRS Audits of Real Estate Professionals” – at her US TAX AID blog.

The first one is a bit disturbing –

Lenders continue to send out nonsensical Form 1099-As and Form 1099-Cs, or send none at all, or send them years after the foreclosure. And if you fail to report the information correctly, you get a penalty.”

+ No surprise here – TAX GIRL Kelly Phillips Erb tells us “New W-2 Reporting Requirements for Health Care Confusing Taxpayers (Already)”.  The highlight below is mine -

It is true that for the calendar and tax year 2011 employers must report employer-provided health care benefits for employees. The amount of benefits paid on your behalf will appear on your W-2 in 2012 as a report. It will not affect your taxable income for the calendar and tax year 2011.”

+ Professor Annette Nellen, CPA, who writes the blog 21st CENTURY TAXATION, has written a piece for the AICPA Tax Insider titled “Pushing for Specifics on Tax Reform Proposals”.

The Professor rightfully observes that, as with any other campaign issue -

With the 2012 presidential campaign underway, tax reform ideas and sound bites abound, but details are usually scarce.”

As her article begins she “lists and briefly summarizes some of the proposals” from the Republican candidates as well as BO’s presumed tax plan.  She then goes on to, similar to my TWTP post “Questions” about Perry’s tax plan, discuss specific questions that need to be answered regarding the various proposals.

THE LAST WORD:

In my free monthly newsletter LOIS I always leave ‘em laughing.  Here at the BUZZ I will have the last word.  And not always about taxes – like today.

Unfortunately there is a sexist double standard in America.  Women who are aggressively promiscuous are considered sluts, skanks and ho’s and are looked down on.  Men who are aggressively promiscuous are considered to be “players” and admired.

Trust me – all of the “participants” (I refuse to use the term “stars”), both male and female, on THE JERSEY SHORE and other so-called reality shows on MTV, VH-1 and E!, as well as ABC’s BACHELOR AND BACHELORETTE, are truly sluts, skanks and ho’s!

TTFN

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