Wednesday, November 30, 2011
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENIN’ – WEDNESDAY EDITION
+ The DECEMBER issue of LOIS is here!
+ TAX PROF Paul Caron quotes “The Tax Mess Deepens” by Laura Saunders in his post “WSJ: Year-End Tax Planning Amidst Political Chaos”.
Laura correctly observes –
“Now tax experts don't expect action on the most important issues—income-tax rates, capital-gains rates, estate-tax exemptions and rates, and the alternative minimum tax—until after next year's election.”
For a change tax year 2011 is actually clear – but tax law for 2012 will be up in the air until probably the end of next year, thanks to the idiots in Congress.
+ KANSAS CITY.COM reports that “Tax Refund Loans Land H&R Block In Court Again”
“A lawsuit in U.S. District Court in Los Angeles accuses the Kansas City-based tax preparation firm and others of targeting ‘minorities and the working poor’ with products that ‘provide little to no value’ while charging “predatory interest rates and fees.”
Nothing new. Certainly not the first suit, and probably not the last, even though Henry and Richard no longer offer RALS.
As I point out frequently – one of the reason why H+R overcharge their clients for minimal service is because they need money to pay off all of their legal settlements and judgments.
+ CCH tells us “Senate Democrats Roll Out Payroll Tax Cut Legislation”. The proposed would extend and expand the current 2% payroll tax reduction, which expires December 31, 2011.
+ Over at FORBES.COM Kelly Phillips Erb, aka TAX GIRL, explains that “Form 5471 Email Is Bogus”.
“Yes, it’s another spammy email purporting to be from the IRS. This one has, as its subject, “IRS-SUBJ1″ and claims to be from the IRS Tax Notification Department (email@example.com) though the IP address appears to actually be located in the Republic of Korea.”
I have said it many times before, and I will say it again – the IRS will NEVER send an unsolicited email to ANYONE.