Saturday, January 7, 2012


+ Check out the January issue of LOIS!

+ MISSOURI TAXGUY Bruce McFarland has a guest post by Shawn Ambrose that explains how to “Negotiate Your Debts With the IRS”.

+ While you are at the MISSOURI TAXGUY blog look for my page at the “Store”.

+ MARKETING SUPPORT FOR ACCCOUNTANTS goes into more detail than I did on the subject in its “IRS Forms Changes for 2011 Taxes” post.

+ With Rick Santorum’s almost win in Iowa let us join Howard Gleckman of TAXVOX, the blog of the Tax Policy Center, in taking a look at “Rick Santorum’s Tax Plan” -
Specifically, Santorum would:

•Replace the current individual rate structure with just two rates—10 and 28 percent

•Lower rates on capital gains and dividends to 12 percent

•Triple the personal exemption for dependent children and keep the refundable earned income and child tax credits

•Retain tax preferences for charitable giving, mortgage interest, health care, and retirement savings

•Repeal the Alternative Minimum Tax

Howard points out –

However, because it cuts rates significantly but does not eliminate tax preferences—and even expands a few—it would very likely add trillions of dollars to the federal deficit.”

And -

Interestingly, by using tax expenditures to support these families, Santorum would likely add significantly to the number of households that pay no income tax.”

+ TAX PROF Paul Caron tells us “Rick Santorum's Tax Plan Is Criticized From All Sides”.

+ George Saenz responds to the oft-asked question “Is Cash Surrender Value of Insurance Taxed?” at the Dear Tax Talk column at BANKRATE.COM.

Of course the answer is “It depends”.

+ Another "pennies on the dollar” advertiser bites the dust!  The IRS HITMAN brings us the good news in his post “JK Harris Bankruptcy: A Giant Tumbles”.    

Hitman tells us that JK Harris, which he correctly describes as a giant corporation  that make its money by deceiving those with a tax debt, suspended all operations as part of pursuing Chapter 7 bankruptcy, which would liquidate all of its assets.

+ We learn from ACCOUNTING TODAY that “Treasury Stops Selling Paper Savings Bonds”.

Instead of selling the savings bonds on paper at banks, the Treasury will instead sell electronic versions of Series EE and I bonds via, a Web-based system operated by the Bureau of Public Debt.

+ The daily CCH tax headlines email newsletter says “House Democrats Call for Immediate Work on Payroll Tax Holiday”.

The Democrats want to begin conference negotiations with GOP lawmakers and the Senate immediately, rather than waiting for Congress to resume its regular schedule in early February following its winter recess period, State of the Union address and party conferences.

Good luck with the idiots in Congress doing anything “immediately”.  I only hope they pass the extension before the end of February.

+ TAX GIRL Kelly Phillips Erb identifies “My Best Tax Advice Ever, Part I: Open Your Mail” at FORBES.COM.

While it is not my “best tax advice”, it is certainly up there on my list.  Never ignore correspondence from the IRS or a state tax authority.

But equally important - do not assume that a notice from the IRS or a state tax authority is correct.  More than half (maybe more than 2/3) of the time the notice is incorrect.

As soon as you receive such a notice give it to your tax preparer IMMEDIATELY!


The fascination that the great unwashed masses have for “undeserved” celebrity is nothing new.

The Cole Porter musical ANYTHING GOES, which was first produced in 1934, featured a sub-plot about the then current fad of making celebrities out of members of the FBI’s Most Wanted list. 

Today’s truly “undeserved” celebrities are reality tv idiots – like Trump, the Kardashians, the brain-dead “stars” of THE JERSEY SHORE and similar pieces of excrement, Paris Hilton, and the various bachelors and bachelorettes. 

While those on the FBI Most Wanted list of the 1930s at least had a talent for crime, today’s class of UCs have absolutely no talent at all!

Well, that is not completely true.  Trump has shown he has a talent for screwing his stockholders.  And Kim Kardashian has demonstrated a proficiency in performing “the Lewinsky”.  


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