My motel on LBI has wifi – so I
can BUZZ!
* Have you seen Bruce McFarland’s
latest “McTax Hangout” episode?
*
Joe Kristan, of THE ROTH AND COMPANY TAX UPDATE BLOG, also shares his wisdom at
IOWABIZ.COM, where he correctly tells us “To Deduct Business Expenses, StartWith a Business”.
*
Scott Hodge of the Tax Foundation is rightfully confused to learn that “Record 58 Million Off the Tax Rolls, Yet Outrage Over 1 in 189 Wealthy Nonpayers?” at
the Foundation’s TAX POLICY BLOG.
As
Scott points out in his post (highlights are mine) -
“Despite the fact that the number of
non-paying high-earners amounted to just 1 in 189, or 0.53 percent, of the 3.9 million taxpayers over $200,000 in 2009,
there has been a general lack of perspective in the reporting and commentary on
this issue . . .
The fact is . . .
2009 had the largest percentage of Americans paying no income taxes since 1940
– 42 percent of all filers, or 58.6
million. In other words, 1 in 2.4
taxpayers in the general public paid no U.S. income tax in 2009 because of
the generosity of the credits and deductions in the tax code.”
*
I hope my clients read “If You Hide Stuff From Your CPA, Don’t Start Pointing Fingers When the IRS Comes Calling” (despite the faulty title – “Your CPA”
should read “Your Tax Preparer”) from the DOUBLE TAXATION: A TAKE ON ALL THINGS
TAXES blog.
In
discussing a recent Tax Court case the author reminds us (highlights are mine)
-
“There was just one small hole in Garcia’s
argument: you cannot rely on the fact
that a CPA prepared your returns if you concealed the information necessary for
your accountant to prepare an accurate tax return. In fact, the purposeful
suppression of relevant tax information works the other way; it is evidence of
a taxpayer’s intent to conceal and deceive, one of the major indicia of fraud.
The lesson? Be
honest with your tax preparer. Give them all of the information necessary to
file a complete return, and if they screw up or do something unethical,
while an increased tax liability may be coming your way, at least you won’t be
stuck with a 75% fraud penalty, like poor Gary Garcia.”
* I remembered to
submit an item to Kay Bell’s “Tax Carnival #103: June Tax Swoon” at DON’T MESS
WITH TAXES – my post “It Ain't Necessarily So”.
I especially liked
the advice in “A Business Is Not Your Personal Piggy Bank” BY Eric J. Nisal of
DOLLARVERSITY.
* Jason Dinesen
posts “More on Last Week’s DOMA Ruling” at DINESEN TAX TIMES.
*
Kim Kislak reports that “Weekly Tax Tidbits Are Back” at KISLAK TAX AND NOTARY
SERVICE’S BLOG. This week’s tidbit
concerns SIMPLES and SEPS.
*
Click here for a comparison of BO’s and MR’s dueling tax proposals, compliments
of WithumSmith + Brown, PC. For me, I
tend to favor Mitt’s. I will discuss the
two plans in more detail in a future TWTP post.
TTFN
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