* Congrats to Peter
J Reilly of “Passive Activities” at FORBES.COM, “the Dave Barry of tax blogging” (I wonder what they call me), on
hitting 300 (posts that is) - which he celebrates in “Go Tell The Spartans -Passive Activities Makes It To 300 - Thanks To Jennifer Aniston Not In The Nude”.
* Kay Bell states
the obvious in discussing politicians in her post “No-Tax Lies and Shifts on No-Tax Pledge” at DON’T MESS WITH TAXES – “They're
all lying”.
*A press release
from PRWEB tells us “UK Tax Freedom Day 2012 to be the 29th May”
“The 29 May will mark ‘Tax Freedom Day’, a
notional time in the year when UK taxpayers will, as a whole, have earned
enough income to pay off their tax burden and start earning for their own
benefit. Calculated annually by the Adam Smith Institute, it will take the
average UK worker 149 days this year to pay off their debt to the state.”
Aren’t you glad to
be an American? The Tax Foundation put
the US “Tax Freedom Day” at April 17 this year – coincidently the initial
filing deadline for 1040s.
* Jean Murray is
correct when she says “’Limited Liability’ Doesn't Mean ‘NO Liability’" at
her ABOUT.COM BUSINESS LAW/TAXES blog.
She lists “some measures you and other owners of your
business can take to minimize liability:
• Keep excellent corporate and LLC records.
This includes LLCs too. Record all meetings and actions of the board and LLC membership.
• Don't mix business and personal funds. Mixing funds
destroys the "veil" between business and personal finances and can
leave owners at liability for other actions.
• Document transactions between owners and the
business. A loan to the business by an owner, for example, should be documented
just like any other transaction.”
* Joe Kristan talks
about a disastrous Tax Court decision (for the taxpayer involved) in “An $18 Million Foot-Fault” at THE ROTH AND COMPANY TAX UPDATE BLOG.
As usual Joe’s
bottom line tells it like it is -
“The
moral? Cheap tax help is often
the most expensive. By doing a return
with an $18 million deduction by himself, the taxpayer saved on tax prep fees
altogether, so he has that going for him, anyway.”
While
Joe states that the return in question was “self-prepared”, the post does not
indicate whether or not the poor soul used tax preparation software to assist
in incorrectly preparing the return.
* Howard Gleckman
reviews two different strategies for tax reform in “Tax Reform: Going Long v. Going Prudent” at the TAX VOX, the blog of the Tax Policy Center.
“And, of course, there is perhaps the most
likely option of all: Go home. As they have for decades now, policymakers will
talk about tax reform even as they add more targeted tax breaks to the code.”
Howard
ends the post by posing a question to readers – “What do you think: Should tax reformers go long, or go prudent?”
Go
long, Howard. Go long!
* Bill Bischoff,
“The Tax Guy”, lists “3 Tax-Smart Ways to Pay Grandkid's Tuition” at
SMARTMONEY.COM.
* Over at TAXABLE
TALK Russ Fox reports on “Another Survey, Another Bad Result for California”.
And, of course,
another bad result for New Jersey –
“Alvarez & Marsal Taxand, a consulting
and tax advisory firm, surveyed 800 financial executives (302 responded). Among
the questions asked was Which states do you view as most competitive from a tax perspective? The usual suspects finished on
the bottom: California, New York, and New Jersey.”
* Trish McIntire
critiques a new “Tax Preparer Fraud Bill” at OUR TAXING TIMES.
I guess Congress
does not think making preparers sit through 2 hours of ethics preaching each
and every year will automatically turn them all honest.
* Jason Dinesen
answers the question “What Does Thursday’s DOMA Ruling Mean for Taxes?” at the
DINESEN TAX TIMES.
As Jason explains –
“For now, nothing changes”.
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